JLL secures $18.6M financing for Tampa flex portfolio
Denholtz Properties used loan proceeds to acquire the 9-building Thompson Center Waters
MORRISTOWN, N.J., April 15, 2020 – JLL Capital Markets announced today that it has arranged $18.6 million in financing for the acquisition of Thompson Center Waters, a nine-building flex property with light industrial and office space totaling 225,651 square feet in Tampa, Florida.
JLL worked on behalf of the borrower, Denholtz Properties, to place the seven-year, fixed-rate loan with a regional bank.
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 at 5455, 5461, 5463, 5481, 5501, 5503, 5553, 5555 and 5557 W. Waters at the intersection between West Waters Avenue (State Route 584) and Anderson Road. 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.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula, Director Maxx Carney and Analyst Carlos Silva.
“JLL is pleased to have worked with Denholtz Properties once again and to have helped them add to their growing portfolio of industrial, office and light industrial properties in the Tampa region with this acquisition financing,” Klein said.
“The bank quickly recognized the Denholtz team’s expertise in managing properties with small and mid-sized businesses from a wide range of industries, understood the strength of the market and was able to provide attractive deal terms that best met the borrower’s needs,” Klein added. “The bank was also able to flawlessly close within a condensed closing time frame.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Denholtz Properties
Denholtz Properties is a leading privately held, fully integrated commercial real estate development and investment company. Powered by technology and driven by their deep experience, they are continually working to reimagine real estate, creating innovative living and working spaces. Their diversified portfolio of real estate investments spans industrial and office properties as well as transit-oriented mixed-use and value-add projects in urban cores aimed at enhancing and transforming the communities to deliver superior risk-adjusted returns to investors. Additional information for Denholtz Properties is available online at denholtz.com.