The West Point Trade Center distribution facility occupied by Dr Pepper Snapple Group Inc. on Jacksonville’s Westside has sold to new ownership for $29 million.
Hillwood Investment Properties, the developer of the 600,000-square-foot facility on Pickettville Road, sold the property under the name of HW Pickettville LP to RT West Point Jax LLC care of CB Richard Ellis Realty Trust Dec. 30, according to public records.
Dallas-based Hillwood spent an estimated $17.1 million developing the facility in 2008 and beverage maker Dr Pepper Snapple Group (NYSE: DPS), based in Plano, Texas, started leasing the entire space when it was completed in 2009.
Hillwood, a full-service office and industrial development company with properties in the Southeast, Texas, California and Pennsylvania, is also the developer of a 361,000-square-foot industrial building on Faye Road and a 400,000-square-foot build-to-suit facility called Hillwood Westlake.
Neither party involved could be reached immediately for comment.