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Dr. Pepper Snapple Adds To CRE, Hires CBRE

PLANO, TX-In a triple real estate play, the spun-off company expands its local HQ, makes plans for a $120-million SoCal project and hires a strategist for the 13.5-million-sf portfolio.

By Connie Gore | Updated on June 19, 2008

[IMGCAP(1)]PLANO, TX-Dr. Pepper Snapple Group Inc. has made a triple real estate play as it gains footing from its May spin-off of London-based Cadbury Schweppes plc. The recent deal-making has resulted in a headquarters expansion, distribution center project in SoCal and the hiring of CB Richard Ellis as strategist and overseer for the 13.5-million-sf portfolio of inherited and new space.

The publicly traded company has taken 41,225 sf of class A space at 5360 Legacy Dr., one of three buildings in the retooled EDS campus, and across the street from its 300,000-sf headquarters building at 5301 Legacy Dr. in Legacy Business Park. In Victorville, CA, Dr. Pepper Snapple is going ahead with its former owner’s $120-million plan to build a combo 550,000-sf distribution center and 300,000-sf manufacturing plant on 57 acres at the Southern California Logistics Airport.

Both deals were in the works as Dr. Pepper Snapple’s executive team weighed candidates for the 13.5-million-sf corporate account, say CBRE senior vice president Seth Kelly and vice president Daniel Rudd, who pocketed the win. Rudd tells GlobeSt.com that roughly nine million sf of the portfolio is leased space, with Kelly noting it’s predominately industrial stretching from East to West Coast and some stopping points in between along the Gulf Coast and western inland states. In all, there are 200 locations in the US, Canada, Mexico and the Caribbean.

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