Juan Beckmann Vidal, the heir to the Jose Cuervo tequila fortune, has been amassing a portfolio of commercial real estate in the United States over the last 15 years, according to a new report from Yahoo/Bloomberg.
He's put together a portfolio that "that runs from Miami to Minneapolis", according to the report. He has purchased and developed at least 5 million square feet (464,515 square meters), Bloomberg wrote on Thursday.
The business - which is known as Agave Holdings - has been backed completely by the Beckmanns and has not taken on outside investors. Its buildings are now worth more than $1 billion.
The company's latest project is a mixed-use complex in Coral Gables, marking not only an ambitious purchase, but one that Bloomberg describes as "emblematic of the U.S. playbook of one of Mexico’s richest families".
The building has been able to sidestep the current CRE crisis since it was purchased out of foreclosure more than a decade ago. Property prices in South Florida remain on the rise and the building is fully leased, according to the report.
Beckmann is also moving into Chicago, buying real estate in the city at steep discounts and making a bet that its CRE market will eventually bounce back.
Agave lawyer Jose Antonio Perez said that Beckmann “wants to maximize the square footage as part of a long-term strategy for future generations”.
He added that: “In 15 years everything has been reinvested into Agave. He’s never taken a dime out of the company.”
At 84, Beckmann resides in Mexico, overseeing Becle, a publicly traded company run by his children. His cousin, Carlos Beckmann, manages Agave, which boasts a diverse U.S. real estate portfolio including the new Plaza Coral Gables and 396 Alhambra in Coral Gables, future FIFA headquarters for the 2026 World Cup.
Agave collaborates with White Bridge Capital to connect family offices with investments and is exploring partnerships beyond its current operations.
Beckmann previously diversified his investments from Mexico to the U.S. during the 2008 financial crisis, employing Perez for this expansion. The Beckmanns also engage in startup investments, guided by Gregory Schwartz and Perez. Historically, the Beckmann family has been involved in the liquor industry since 1758, with Beckmann taking over a distillery in 1970 and expanding its product line.
Agave maintains a small team, carefully selecting investment locations with direct flights from Miami, maintaining a cautious yet opportunistic investment strategy.
