Hillwood Leases 600,000-SF Spec Center

(Crystal Proenza is associate editor of Real Estate Florida.)

JACKSONVILLE, FL-Hillwood, a Dallas-based commercial real estate development firm, has leased its 601,500-sf West Point Trade Center to the Dallas-based Dr. Pepper Snapple Group. Foundations are about to be poured at the site of the future distribution center, which was built on spec, says T. Preston Herold, vice president of Hillwood.

“We were going to lease it to the market, but Dr. Pepper came along,” Herold tells GlobeSt.com. “It was beneficial in that we were able to design specific improvements to maximize the logistical efficiency of the facility for them.” The building is expected to be complete by the end of the year and fully operational by the first quarter of 2009.