Reyes Holdings pays $100M for North Richmond warehouse

Reyes Holdings has paid $100 million to buy a 481,500-square-foot distribution warehouse in North Richmond.

An affiliate of the Illinois-based food and beverage company bought the industrial building known as Richmond Distribution Center 3 at 500 Pittsburg Avenue, the San Jose Mercury News reported. The seller was Ares Management, based in Los Angeles.

The price for the Class-A building at Pittsburg and Richmond Parkway works out to $208 per square foot. It has parking for 520 cars and 55 truck trailers, according to a marketing brochure.

The warehouse property is a 25-minute drive to the Port of Oakland.

The deal was arranged by brokers Todd Severson and Greig Lagomarsino of Colliers, and JLL.

Reyes Holdings, the Chicago area’s second largest company and the largest beer distributor in the nation, generates $40 billion in revenue, according to its website. The privately held company employs 34,000 people and operates in 209 facilities.

The company’s subsidiaries include Reyes Beverage Group, the nation’s largest beer distributor; Martin Brower, McDonald’s largest global distributor; and Reyes Coca-Cola Bottling, a bottler and distributor that operates in the Midwest and on the West Coast. Reyes Beverage Group operates in South San Jose.

Reyes Holdings also distributes goods for other high-profile brands such as Modelo beer, Coors Light beer, Chipotle, Monster Energy, Corona Extra, and Chick-fil-A.

Richmond has become a hotbed for real estate investors seeking large sites in prime locations, according to the Mercury News.

Other recent acquisitions in the East Bay city include Ford Point, which was bought last June by a coalition of New York investors for $103.7 million. The tech and office complex on the Richmond waterfront at 1414 Harbour Way South totals 517,000 square feet.

In February, San Rafael-based Pell Development bought 20.7 acres of land at 177 Parr Boulevard in Richmond for $115.2 million. The site was approved for two warehouse and logistics buildings that together total 325,000 square feet.

— Dana Bartholomew