When Dallas-based Hillwood Investment Properties first put its 600,000-square-foot industrial warehouse on the market in July 2009, it didn’t get many takers.
It wasn’t until after pulling the West Point Trade Center back off the market that the Dallas-based office and industrial development company found a suitable buyer in CB Richard Ellis Realty Trust, which bought the property Dec. 30 for $29 million.
“This property benefits from an excellent location in the most desirable and active submarket in the Jacksonville (area),” said Chuck Hessell, director of investments for Princeton, N.J.-based CBRE Realty Trust in a press release announcing the sale.
The property at 2300 Pickettville Road, which is 100 percent occupied by beverage maker Dr Pepper Snapple Group (NYSE: DPS), was actually one of three properties the trust bought at the same time for a total of about $70 million. The other two are fully leased office buildings totaling 222,600 square feet in Miramar.
Hillwood spent about $17.1 million developing the West Point Trade Center in 2008. Dr Pepper Snapple has leased out the space since it opened in 2009. The lease expires in 2019.
West Point Trade Center
Location: 2300 Pickettville Road
Value: $29 million
Size: 601,500 sq. ft
Date: December 2009
Buyer: RT West Point Jax LLC
Buyer’s agent: WND
Seller: Hillwood Investment Properties
Seller’s agent: Terry Quarterman, Jeff Nelson; CB Richard Ellis