Beverage and food distributor buys big Richmond industrial center

RICHMOND — A beverage and food distribution titan with a global reach has bought a huge Richmond industrial center for more than $100 million in a real estate deal that could bring more jobs to the East Bay.

Illinois-based Reyes Holdings, acting through an affiliate, has bought a warehouse and logistics complex at 500 Pittsburg Avenue in Richmond, documents filed on March 3 with the Contra Costa County Recorder’s Office show.

The Reyes Holdings affiliate paid $140 million for the distribution center, the county records show.

At this price, the transaction would appear to be one of the largest property purchases by dollar amount in the East Bay so far in 2023.

The deal was arranged through brokers Todd Severson and Greig Lagomarsino of Colliers, a commercial real estate firm; and JLL, a commercial real estate firm.

Ares Management, a firm that invests in real estate and other assets on behalf of big clients, sold the distribution and warehouse center to the Reyes Holdings affiliate, according to the public records.

The building totals 481,500 square feet and is located at the corner of Pittsburg Avenue and Richmond Parkway, a marketing flyer distributed by Colliers shows.

Richmond Distribution Center 3 is a roughly 25-minute drive from the Port of Oakland.

Richmond has become something of a hotbed for real estate investors that are seeking large sites in prime locations to purchase, including the just-bought Richmond Distribution Center.

Among the other recent big acquisitions in Richmond:

• Ford Point was bought for $103.7 million in June 2022 by an alliance of investors from New York. The tech and creative space complex on the Richmond waterfront at 1414 Harbour Way South totals 517,000 square feet.
• About 20.7 acres of land at 177 Parr Boulevard in Richmond was bought for $115.2 million in February by San Rafael-based Pell Development. The site has been approved for the development of two warehouse and logistics buildings that together would total 325,000 square feet once complete.

With its purchase of the Richmond Distribution Center 3, Reyes Holdings owns a modern industrial center where potentially hundreds could work.

Reyes Holdings generates at present about $40 billion in revenue, according to a post on the website of the privately held company. The company employs about 34,000 people and operates in 209 facilities worldwide.