LOS ANGELES (July 8, 2008) – First Beverage Capital and Euclid Beverage have entered into an agreement for the development of a state-of-the-art distribution warehouse for Euclid Beverage. The facility will be built to suit the specific needs of Euclid, a Miller/Coors/All Other house that is actively growing.
This is the second transaction between First Beverage and Euclid Beverage. First Beverage purchased a facility owned by Euclid as part of a sale-leaseback transaction in 2007.
The new facility, which will have 32′ foot clear heights and seven dock-high bays, will be built on a 10-acre site about 90 miles southwest of Chicago. Groundbreaking is in mid-July, with occupancy expected in December. The new facility will have expansion capacity for another 50,000 square feet.
“First Beverage’s team has done an excellent job in helping us develop a state-of-the-art facility for our company’s growth and our company’s commitment to the Peru, Illinois community,” said Gene McEnery, President of Euclid Beverage. “During this time of intense change in the industry, our new facility will help us efficiently serve our retail customers and the Peru community, as well as deliver superior results for all of our suppliers. The First Beverage team added tremendous value to our new facility planning process.”
“We’re very excited to partner with Euclid Beverage’s superior management team,” said Bill Anderson, CEO of First Beverage. “This facility will provide an important and efficient platform for their future growth plans and their commitment to their local community and to their suppliers.”
“We expect that this transaction will be one of many new build-to-suits as leading Miller-Coors wholesalers improve their efficiencies and plan for future growth in this new environment,” added Anderson.
First Beverage provides flexible, long-term capital to the beverage industry through sale-leaseback and build-to-suit transactions. First Beverage enters into real estate transactions across the country with growing beverage operators who are interested in preserving their capital for core operations and higher-returning acquisitions. For more information on First Beverage, visit www.FirstBev.com.