Residents of Ohio may be familiar with the huge Heidelberg Distributing facility on I-75 near Moraine. Once a Cooper Tire and Rubber Co. warehouse, the expansive facility was bought by Heidelberg in 2013, and the company moved all of its operations there from Dayton that same year. Now, the company had sold the facility to a real estate investment company located in another state.
Details regarding transaction
Heidelberg Distributing, a company that distributes beer, wine and other alcoholic beverages throughout Ohio and Kentucky, spent around $20 million to renovate the building. The operation eventually grew to more than 1,600 employees and had 26,000 accounts serving some 717 suppliers across the region. Heidelberg was also listed in Wine & Vines Magazine as among the top 10 distributors in the United States.
A report dated Jan. 25 states that Redwood Capital Investments, a Maryland-based investment firm, bought the facility as well as an office facility off Dryden Road. Reportedly, Redwood purchased the property for $33.2 million, with a total of more than $33 million after fees. The report did not offer specifics regarding the transaction’s terms, but it did state that the company’s nonshareholder management team would continue to lead the business and all administrative, sales and operational personnel would remain. According to a beer-industry newsletter released in the fall of last year, the total valuation of Heidelberg was nearly $1 billion.
High-stakes real estate transactions
Whether looking to purchase large-scale real estate developments as an investment or simply purchasing or selling one’s personal home, all real estate transactions are complex with a number of moving parts. As such, those interested in buying or selling property in Ohio should work with an experienced real estate attorney from the start. A lawyer can review all terms of the contract and purchase/sell agreement and remain on hand to represent either the buyer or seller throughout the transaction.