fatal: Out of memory, malloc failed

I've been converting some existing websites into repos for ease of management but seem to be hitting a road block on a few sites. Here is the error message I'm receiving:

Counting objects: 24695, done.
Delta compression using up to 2 threads.
Compressing objects: 100% (22512/22512), done.
fatal: Out of memory, malloc failed
error: pack-objects died with strange error

Specs:
Rackspace Cloud Server
CentOS6
puppet
nginx
git