Modern Brewery Age:
National Beverage Properties announced that it has closed on the purchase of the 250,000 square foot Crescent Crown Distributing warehouse in Phoenix, Arizona.
According to Bill Anderson, NBP chairman and CEO, this increases NBP’s portfolio to over one million square feet of beverage warehouse space and is its fourth acquisition this year.
Built by the Pearce family, the Phoenix property is currently occupied by Crescent Crown Distributing as a result of their 2004 purchase of Pearce Beverage Company.
“The Pearce family built a world-class facility in terms of its functionality, quality of construction, access to rail and overall location,” Mr. Anderson said. ”It’s one of the best sites in the beverage distribution world, and we’re very excited to start a relationship with Crescent Crown, one of the standout Miller/Coors/All Other houses in the beer industry.”
“Partnering with Bill and his team at National Beverage Properties is the best solution Crescent Crown could have asked for to address our real estate needs here in the Phoenix market,” said James R. Moffett, president of Crescent Crown Distributing. “As the Phoenix metro market continues to expand exponentially, Crescent Crown is going to need a real estate partner that not only understands the beer business but is flexible and well capitalized enough to provide our warehousing and office solutions over the next five to 10 years.”
“If you’re in the beverage distribution business and looking to free up capital to build brands or fund an acquisition strategy by tapping the value of your real estate assets, National Beverage Properties has both the real estate and beverage distribution know-how to be the logical choice as your real estate partner,” added Moffett.