Denholtz Properties Secures Financing for Nine-Building Flex Complex

TAMPA, FL—Denholtz Properties has secured $18.6 million for the acquisition of Thompson Center Waters, a nine-building flex property with light industrial and office space totaling 225,651 square feet here. JLL Capital Markets placed the seven-year, fixed-rate loan with a regional bank.

JLL Senior Managing Director Michael Klein tells GlobeSt.com that the tenant roster at the property is a mixed bag across many industries. These include real estate, medical lab space, specialty pharmacy, staffing and recruiting geotechnical construction. The buildings are 95.2% leased.

The bank provided attractive deal terms, Klein says. The bank was also able to close within a condensed time frame, he adds.

Klein says the submarket has seen substantial growth in recent years with significant improvements taking place at Tampa International Airport, which is undergoing a 15-year master plan to increase capacity and efficiency.

“Vacancy rates in the submarket for flex product have compressed roughly 700 basis points since Q1 2015 while NNN rents have grown by approximately 45% in the same time frame.”

Completed between 1986 and 1990, Thompson Center Waters features nine one-story buildings with 12-foot clear heights, 25 grade-level loading dock, ample parking ratio and high office finish of 87%. The buildings are situated on 19.97 acres. The property is in the Westshore/Airport Flex Industrial submarket, which has a vacancy of just 4.1%, and is approximately seven miles from Tampa International Airport.