DENVER, March 2 /PRNewswire-FirstCall/ -- DCT Industrial Trust Inc. (NYSE: DCT), a leading industrial real estate investment trust, today announced the sale of 53 acres of land at Southern California Logistics Airport (SCLA), to Dr Pepper Snapple Group, Inc. (NYSE: DPS), a beverage producer that markets more than 50 products, including 7UP, Canada Dry, and Schweppes, among other well-known brands.
Dr Pepper Snapple Group reportedly plans to use the land to develop its 850,000 square foot Western hub where it will produce as many as 40 million cases of beverages each year to distribute throughout California and parts of the Southwest. Construction is expected to start in March 2009 and be completed during the second quarter of 2010.
Jim Cochran, President and Chief Investment Officer of DCT Industrial, commented, 'We are excited to welcome Dr Pepper Snapple Group to SCLA. The addition of such a high-quality company further validates the project as a strong regional distribution location.'
About DCT Industrial Trust
DCT Industrial Trust is a leading industrial real estate company that owns, operates and develops high-quality bulk distribution and light industrial properties in high-volume distribution markets in the U.S. and Mexico. As of December 31, 2008, the Company owned, managed or had under development 75.9 million square feet of assets leased to approximately 850 customers, including 14.6 million square feet managed on behalf of three institutional joint venture partners. Additional information is available at www.dctindustrial.com.
About Southern California Logistics Airport
Southern California Logistics Airport (SCLA) is the redevelopment of the former George Air Force Base in Victorville, Calif. into a multimodal freight transportation hub supported by air, ground and rail connections. The master developer of the project is Stirling Capital Investments, a joint venture between DCT Industrial and Stirling, a Foothill Ranch, Calif.-based development company specializing in master-planned communities and major land renovations. Part of the Inland Empire industrial submarket in Southern California, SCLA can support in excess of 60 million square feet of industrial development with approximately 2 million square feet currently in various stages of development.
SOURCE DCT Industrial Trust Inc.
