Denholtz Properties announces the completion of a capital improvement plan and rebranding of its nine-building, 225,651-square-foot office/flex Thompson Center Waters portfolio. Renamed the Sweetwater Business Center, the completion of the capital improvement plan and rebranding is a key component in Denholtz Properties’ value creation strategy for the portfolio.
Located at 5453-5557 West Waters Avenue in Tampa, Fla. along the Sweetwater Creek, the Sweetwater Business Center is one of Denholtz Properties’ latest additions to its Tampa area portfolio, acquiring the asset in a deal with First Industrial Realty Trust (NYSE: FR) in 2020. Located in Tampa’s in-demand Northwest office submarket, Sweetwater Business Center is less than two miles from Tampa International Airport, only 12 miles from downtown Tampa, and boasts 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. Currently, the portfolio is leased to a wide variety of tenants including Home Depot, Eckerd Youth Alternatives, BayCare, Keller and Terracon.
Aimed at bringing the portfolio up to modern office/flex standards, Denholtz Properties’ capital improvement plan included repainting all nine buildings in the complex, new window filming and landscaping upgrades, as well as replacing façade and wayfinding signage and monuments to create a cohesive street level presence and modern branding throughout the property.
“No matter the property or location, our singular goal in every investment remains consistent: deploying capital to drive both short and long-term value creation on behalf of our investors,” said Jordan Wean, Director of Leasing & Business Development in Florida. “With the rebranding and execution of our capital improvement plan, we are confident this asset is now better positioned to continue to attract and retain premier tenants in the market while serving as a key piece of our growing portfolio across the Southeast.”
The central and south Florida markets have continued to show remarkable resiliency throughout the COVID-19 pandemic. Building upon their tremendous growth in recent years, the area’s deep talent pool, strategic infrastructure investments, and low business costs continue to make them highly attractive to companies. Capitalizing on the strength of this market, Denholtz Properties has strategically built a Florida portfolio of over 2 million square feet of assets spread across central and south Florida. With an eye toward continued expansion in the market, last year Denholtz Properties tapped Jordan Wean as the company’s Director of Leasing & Business Development in Florida. Wean is responsible for the execution of the company’s Florida market investment strategy while assisting in identifying strategic acquisition opportunities within Florida and the broader southeastern United States commercial real estate market.
“Amidst what looks like a period of economic uncertainty on the horizon, we remain deeply confident in the resiliency and stability of the southeastern United States’ commercial real estate market,” said Stephen Cassidy, President of Denholtz Properties. “With a high quality of life and lower costs of doing business, we expect these areas to continue to be highly attractive to new residents and businesses alike. Leveraging our expanded presence in the state and deep track record of value creation experience across asset classes, Denholtz Properties looks forward to continuing to aggressively pursue emerging acquisition opportunities throughout the region.”