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TAMPA, FL-A Florida office/industrial/retail player for 15 years, Rahway, NJ-based Denholtz Associates has acquired two more office properties totaling 160,000 sf in the Tampa, FL and nearby Sarasota, FL markets.

The acquisitions grow the firm’s Tampa area portfolio to 340,000 sf and its Florida portfolio to one million sf out of a total eight million sf owned nationally.

The two buildings are part of Denholtz’s May $183.6 million purchase of 2.7 million sf of mixed properties from Chicago-based Banyan Strategic Realty Trust.

The acquired Tampa area properties are the 79,000-sf Colonial Penn building in the Westshore District submarket, three miles from Tampa International Airport; and the 81,000-sf Commerce Center in the Interstate 75 corridor submarket of Sarasota, eight miles from Sarasota International Airport. Both buildings are 100% leased.

Sarasota is 120 miles southwest of Downtown Orlando and 60 miles south of Downtown Tampa.

Denholtz wouldn’t break out separate cost numbers for the two buildings. But area brokers familiar with both submarkets tell GlobeSt.com on condition of anonymity that Colonial Penn was probably acquired at $75 per sf or $5.9 million, and Commerce Center at an estimated $80 per sf or $6.48 million.

Colonial Penn and Netwolves occupy Colonial Penn building. Commerce Center tenants are Arthur Anderson, State Farm and BlueCross/Blue Shield.

Earlier this year, Denholtz closed on the $16 million purchase ($88.88 per sf) of the landmark, 27-year-old, 10-story, 180,000-sf, class A Times Building in Downtown Tampa and a nearby 5.1-acre developable tract at Ashley Drive and Interstate 275.

In that Dec. 22, 2000 transaction, area brokers tell GlobeSt.com Denholtz managing partner Stewart F. Denholtz negotiated the deal of the year for his company with the seller, Archon Group, a majority-owned subsidiary of New York-based Goldman Sachs & Co.

Not only did Denholtz buy the most visible and best-known office structure in the Tampa Bay area for under $100 per sf, but also picked up the 5.1-acre tract in the same deal. Area brokers tell GlobeSt.com on condition of anonymity the dirt has a potential value of $1 million per acre ($2.30 per sf) when future office and retail properties are developed near it.

The Times Building is occupied by the St. Petersburg Times, a daily newspaper in nearby St. Petersburg, FL. The rent is $18 per sf, low when compared to average Downtown class A rent of $24 per sf. Denholtz plans a $250,000 renovation of the structure.

Denholtz has named Steve Hughes as property manager for the Tampa office. The firm also has a Florida office in Jupiter, Martin County, South Florida; a regional office in Fort Lauderdale, FL; and an office in Orlando.

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