Beer Warehouses Trade For $44 Million

Reyes Holdings LLC acquired all the assets of Gold Coast Beverage Distributors Inc. on Jan. 16. The company paid $35 million for a 341,124-square-foot facility at 10055 NW 12th St. in Doral, or about $102 per square foot for the 2001 building on 17.5 acres. That property last sold for $32.3 million in June 2008.
Reyes Holdings also acquired 1000 Park of Commerce Blvd. in Homestead for $9 million. That works out at $71 per foot for the 126,479-square-foot facility on 10.6 acres.
In a statement, Rosemont, Ill.-based Reyes Holdings said its acquisition added 27 million cases to its capacity and allows it to cover South Florida.
 

“My brothers and I are very excited to expand Reyes Beverage Group into South Florida,” Jimmy Reyes, part owner of the private food and beer distributorship who handles the company’s real estate portfolio, said in a statement. “We love the area, and we are adding a great company with fantastic people to Reyes Beverage Group.”

Reyes Holdings is one of the largest private companies in the United States with annual sales of $23 billion. About $2 billion comes directly from beer sales. The company recently opened a regional headquarters in West Palm Beach. Other divisions include McDonald’s distributor Martin-Brower and food-service company Reinhart FoodService.
The firm being acquired, Gold Coast Beverage LLC, was the largest standalone distributor in Florida, supplying 10,600 locations with beverages produced by MillerCoors, Constellation Brands, Heineken USA, Diageo-Guinness USA, Pabst Brewing, Lagunitas Brewing, New Belgium and Sierra Nevada Brewing.
In a separate transaction, a company tied to the former management team of Gold Coast Beverage bought a 7,957-square-foot office at 129 Sevilla Ave. in Coral Gables for $4.8 million. While the purpose of the acquisition is not known, Coral Gables is considered a regional hub for the spirits distribution industry, with companies including Bacardi and Diageo having headquarters close to one another there.
 
Source: DBR
 

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