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VICTORVILLE, CALIF. — Dr Pepper Snapple Group has finalized an agreement to open a $120 million production and distribution facility in Victorville. The facility will consist of an 850,000-square-foot building on 57 acres, including 550,000 square feet of warehouse space, and a 300,000-square-foot manufacturing plant with up to six manufacturing lines. It will be constructed at Southern California Logistics Airport, an 8,500-acre master- planned multimodal freight transportation hub that is supported by air, ground and rail connections. The facility will serve as the company’s Western hub and produce a wide range of soft drinks, juices, juice drinks, ready-to-drink teas, energy drinks and other premium beverages. It is expected to employ 200 people. Larry Young, president and CEO of Dr Pepper Snapple Group, said Victorville’s location will serve the company well. “This is an important step toward strengthening our production, distribution and overall route to market on the West Coast,” Young said. “The Victorville plant will enable us to get both our carbonated and non-carbonated brands to our customers and consumers more efficiently than ever before and will lay the foundation for future growth I that region,” he said. Construction is scheduled to begin in October 2008. When the project is …

ROCKVILLE, MD. — Scheer Partners and The JBG Companies have formed a $100 million equity fund with the goal of developing and acquiring life sciences real estate in the Washington DC area. The fund, called the Greater Washington Life Sciences Fund, will provide a strong arm to pursue $300 million in life sciences real estate investments over the next three years. Robert Scheer, president and founder of Scheer Partners, will serve as the fund’s managing member. “The creation of Greater Washington Life Sciences Fund is a natural platform for us to utilize our vast knowledge of life sciences facilities to capitalize on key investment and development opportunities,” Scheer said. The area’s biotech industry is nestled along Maryland’s Interstate 270 corridor. Scheer also said the partnership with JBG will position them for the future. “We are thrilled to have a firm like The JBG Companies join us in this endeavor. JBG’s track record in securing superior commercial real estate investment returns is widely recognized,” Scheer said. The JBG Companies, based in Chevy Chase, Md., is a developer, owner and operator of office, residential, hotel, and retail properties. Scheer Partners, based in Rockville, Md., provides landlord and tenant representation, facilities and property …

DALLAS — DCT Industrial Trust has sold three industrial buildings in Dallas to Hines REIT for $64.5 million. The properties total 1.1 million square feet of industrial space and represent a first for Hines REIT in the Dallas/Fort Worth market. The first two buildings are located in the Dallas/Fort Worth Airport submarket at 4050 and 4055 Corporate Dr. and combined total 643,429 square feet. The third building is located in Pinnacle Park, near the Dallas Central Business District. All three buildings were 100 percent leased at the time of sale and tenants include Verizon Wireless, Kay Chemical and Harland Clarke. “We are extremely pleased with the level of interest our Dallas assets received,” said Teresa Corral, senior vice president of Fund Management and Dispositions with DCT. “The strategic sale of these three operating properties further strengthens the company’s financial position for redeployment into growth opportunities.” CB Richard Ellis’ Dallas office of Jack Fraker, vice chairman; Josh McArtor, vice president; and Conor Feeney, associate, represented the seller. The buyer was represented in-house. “These Class A assets were very well-received by the market,” said Fraker. “This sale demonstrates the strength of the DFW Metroplex as an industrial investment market. Even during a …

DALLAS — DCT Industrial Trust has sold three industrial buildings in Dallas to Hines REIT for $64.5 million. The properties total 1.1 million square feet of industrial space and represent a first for Hines REIT in the Dallas/Fort Worth market. The first two buildings are located in the Dallas/Fort Worth Airport submarket at 4050 and 4055 Corporate Dr. and combined total 643,429 square feet. The third building is located in Pinnacle Park, near the Dallas Central Business District. All three buildings were 100 percent leased at the time of sale and tenants include Verizon Wireless, Kay Chemical and Harland Clarke. “We are extremely pleased with the level of interest our Dallas assets received,” said Teresa Corral, senior vice president of Fund Management and Dispositions with DCT. “The strategic sale of these three operating properties further strengthens the company’s financial position for redeployment into growth opportunities.” CB Richard Ellis’ Dallas office of Jack Fraker, vice chairman; Josh McArtor, vice president; and Conor Feeney, associate, represented the seller. The buyer was represented in-house. “These Class A assets were very well-received by the market,” said Fraker. “This sale demonstrates the strength of the DFW Metroplex as an industrial investment market. Even during a …

DALLAS — Jones Lang LaSalle and The Staubach Co. have reached a $613 million agreement to merge operations and will operate under the Jones Lang LaSalle brand. Under the terms of the agreement, Jones Lang LaSalle will pay $613 million, with $123 million in cash and $100 million in stock paid at the transaction close and the balance paid out in cash over five years. The deal also calls for potential earn out payments of up to $114 million that are subject to the achievement of certain performance metrics measured over a period of up to approximately four and one-half years after the closing. Jim Yoder, managing director and market director for Dallas with Jones Lang LaSalle, said Staubach’s tenant representation was a big draw when discussing a possible merger. “Where we saw some weakness was in our tenant representation practice, and clearly Staubach has been a leader in Texas and around the country as a tenant representation practice. It was an excellent fit to join forces. Their strengths and our strengths matched up beautifully,” Yoder said. Paul Whitman, president of Southwest corporate services for the Staubach Co., agreed with Yoder citing continuous growth as the goal. “JLL has incredible …

BAL HARBOUR, FLA. — St. Regis Resort & Residences, Bal Harbour has secured the building permit necessary to allow Starwood Hotels & Resorts to begin vertical construction on its 2-million-square-foot oceanfront property across from Bal Harbour Shops. The three all-glass towers will include 268 residences, 37 condo-hotel suites, 183 hotel rooms and 24 St. Regis Residence Club residences. Guests will have access to 1,000 feet of beachfront property and approximately 9 acres of landscaped gardens. Sergio Rivera, president/managing director of real estate development with Starwood Vacation Ownership said, “We are thrilled to reach yet another important milestone in one of the largest mixed-use development projects in Florida. The St. Regis Resort & Residences, Bal Harbour is the preeminent address in South Florida and will redefine luxury living and personalize services.” Amenities at the resort will include a fitness center, Reméde Spa, fine-dining restaurants, childcare, swimming pools, cabanas/beach services, and the services of the St. Regis Butler. Residential units will feature European-style kitchens, pre-wiring for smart technology, top-of-the-line bathrooms, and all-glass balconies with ocean and bay views. Condo-hotel suites will feature expansive balconies, WiFi access and flat panel TVs. The Residence Towers will feature private lobby entrances, security and covered valet …

HAZELWOOD, MO. — Ford Motor Co. has sold its 155-acre St. Louis Assembly Plant in Hazelwood to Panattoni Development Co. The buyer plans to demolish the existing structure at North Lindbergh Boulevard and add new buildings totaling approximately 2.6 million square feet of warehouse, distribution and light industrial space. The Dearborn, Mich.-based automotive giant did not disclose the terms of the transaction but worked closely with the City of Hazelwood and the state of Missouri to find a buyer who would benefit the community. “We are pleased that the sale of the property to Panattoni will result in a new development that will serve the community and preserve a positive legacy for Ford Motor Co.,” said Jay Gardner, director, Real Estate Services, Ford Land. Sacramento, Calif.-based Panattoni has developed more that 2.8 million square feet in St. Louis over the past three years with a total value in excess of $135 million. “This is a unique site, and we are delighted to be involved in its redevelopment,” said Mark Branstetter, senior vice president for Panattoni. “Through a shared vision and strong cooperation by all parties we were able to accomplish this acquisition. We are very excited to be building again …