
Denholtz Properties Acquires Nine Building, 225,651-Square-Foot Tampa Office/Flex Portfolio
25 February 2020
Denholtz Properties Expands Florida Portfolio with Thompson Center Acquisition
Denholtz Properties is pleased to announce its acquisition of Thompson Center, a nine-building, 225,651-square-foot office and flex property located at 5455-5557 West Waters Avenue in Tampa, Florida. This strategic acquisition bolsters Denholtz’s expansion into central and south Florida’s rapidly growing commercial real estate market.
Located within Tampa’s high-demand Northwest office submarket, Thompson Center offers proximity to key regional infrastructure, just two miles from Tampa International Airport and 12 miles from downtown Tampa. This prime positioning in a thriving area of local distributors, defense contractors, and airport-related businesses has made it a sought-after destination for companies within the region. The property, previously owned by First Industrial Realty Trust (NYSE: FR), is currently 95% leased to a diverse group of 29 tenants, including notable names such as Home Depot, Eckerd Youth Alternatives, BayCare, Keller, and Terracon.
Building on its established strengths, Denholtz Properties will implement strategic leasing efforts and a capital improvement program to enhance Thompson Center, bringing it to modern office standards. This approach is aimed at securing and attracting high-caliber tenants, further stabilizing the portfolio, and generating robust yields for its investors.
“As we continue to prioritize one of the nation’s hottest real estate markets, we’re actively seeking more acquisition opportunities across Florida that align with our growth strategy,” said Stephen Cassidy, President of Denholtz Properties. “In a market characterized by rapid population and business expansion, properties like Thompson Center are becoming essential economic drivers. We are excited to apply our time-tested, multi-tenant investment strategy to further strengthen our presence in Florida.”
Denholtz Properties’ Florida portfolio now spans over 1.5 million square feet across central and south Florida, with a dedicated leasing and property management office established in Orlando to support its operations.
JP Josephson, Director of Florida Acquisitions, added, “Our deep experience and operational strengths in Florida position us to capitalize on new opportunities and continue delivering strong returns to our valued investors. We remain confident that central and south Florida will continue to thrive, making this market an integral part of our strategic growth plan.”
Rick Brugge and Mike Davis of Cushman and Wakefield represented the seller in the transaction.