Thompson CenterWaters

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

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JLL Senior Managing Director Michael Klein tells GlobeSt.comthat the tenant roster at the property is a mixed bag across manyindustries. These include real estate, medical lab space, specialtypharmacy, staffing and recruiting geotechnical construction. Thebuildings are 95.2% leased.

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

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Klein says the submarket has seen substantial growth in recentyears with significant improvements taking place at TampaInternational Airport, which is undergoing a 15-year master plan toincrease capacity and efficiency.

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"Vacancy rates in the submarket for flex product have compressedroughly 700 basis points since Q1 2015 while NNN rents have grownby approximately 45% in the same time frame."

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Completed between 1986 and 1990, Thompson Center Waters featuresnine one-story buildings with 12-foot clear heights, 25 grade-levelloading dock, ample parking ratio and high office finish of 87%.The buildings are situated on 19.97 acres. The property is in theWestshore/Airport Flex Industrial submarket, which has a vacancy ofjust 4.1%, and is approximately seven miles from TampaInternational Airport.

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