News Article | 8/1/2008

Dr Pepper Leases in Fla.

The Dr Pepper Snapple Group leased 601,500 square feet at Hillwood Properties’ West Point Trade Center project in Jacksonville, Fla., to distribute the beverage maker’s Snapple and Mott’s brands in the southeastern United States.

The building is expected to be complete later this year. The operation will employ about 40 workers starting in early 2009.

T. Preston Herold, vice president of Hillwood Investment Properties, said, “The timing was fortunate for both parties.

“For Dr Pepper Snapple, catching us in the early stages of the building design allowed us to design in specific improvements to maximize the logistical efficiency of the facility for them,” Herold said. “For Hillwood, it means we can leverage off this success and immediately start on our next Jacksonville development, which we hope to announce shortly.”

Hillwood’s trade center, located on Jacksonville’s west side, is two miles from the CSX Intermodal rail facility and the Interstate 295-I-10 interchange. It is also close to Norfolk Southern’s intermodal facility and the Jaxport port terminals.

Hillwood has purchased or developed three buildings comprising 1.3 million square feet in the Jacksonville market over the past two years.