Denholtz Properties Acquires Nine Building, 225,651-Square-Foot Tampa Office/Flex Portfolio

Acquisition continues firm’s robust expansion into central and south Florida

Denholtz Properties announces the acquisition of Thompson Center, a nine-building, 225,651-square-foot office/ flex portfolio located at 5455-5557 West Waters Avenue in Tampa, Fla.

Building upon Denholtz Properties’ expansion into the central and south Florida commercial real estate market, the Thompson Center portfolio marks a rare opportunity to own a stabilized office/flex park in one of the nation’s hottest real estate markets.  Located in Tampa’s in-demand Northwest office submarket, Thompson Center is less than two miles from Tampa International Airport, only 12 miles from downtown Tampa, and is ideally located with easy access to Tampa’s robust transportation infrastructure. The area is home to local distributors, manufacturers, defense contractors, and airport-related businesses making it one of the region’s fastest-growing submarkets.

Formerly owned by First Industrial Realty Trust, a publicly held company (NYSE: FR), Thompson Center has been well-maintained to the high standards expected of

institutional ownership and is currently 95% leased to 29 tenants. Notable tenants include Home Depot, Eckerd Youth Alternatives, BayCare, Keller and Terracon.  Leveraging their deep experience in managing office, industrial, and flex properties, Denholtz Properties’ will build upon the stability of the portfolio while enhancing yields through strategic leasing and renewals and executing a capital improvement strategy designed to bring the portfolio to modern office standards to continue to attract and retain premier tenants in the market.

“As part of our continued focus on one of the nation’s hottest real estate markets, we’re continuing to aggressively search for office and industrial/ flex acquisition opportunities throughout Florida like Thompson Center,” said Stephen Cassidy, President of Denholtz Properties. “In this market, rapid population and business growth have made these types of buildings important regional economic engines. This latest acquisition will enable us to leverage the strength of our time-tested, multi-tenant investment strategy to drive superior, risk adjusted returns for our investors and continue to build upon our significant success in Florida.”

Central and south Florida have seen tremendous growth in recent years driven by a deep talent pool, strategic infrastructure investments, and low business costs. Within this market, Tampa has been one of the nation’s fastest-growing markets over the last several years with strong job, population, and income growth. Capitalizing on the strength of this market, Denholtz Properties’ Florida portfolio currently spans over 1.5 million square feet with a variety of assets spread across central and south Florida. Additionally, Denholtz Properties opened a dedicated leasing property management office in Orlando late last year to enhance their management capabilities for their growing Orlando portfolio.  

“We continue to remain bullish about the central and south Florida real estate market as we are confident this market is well-positioned for strength in both the short and long terms,” added JP Josephson, Denholtz Properties’ Director of Florida Acquisitions. “Through our experience in the market and our comprehensive suite of operational capabilities, we are well-equipped to capitalize on emerging opportunities and continue to drive strong returns to our valued investors.”

Rick Brugge and Mike Davis of Cushman and Wakefield represented the seller in the transaction.