Sweetwater Business Center
Industrial (shallow-bay/flex industrial) property in Tampa, FL — sponsor not disclosed
Denholtz's property page lists Sweetwater Business Center at 5455-5557 West Waters Avenue, Tampa, FL as nine single-story flex buildings totaling 225,651 sq ft; the BusinessWire launch release reports 225,789 RSF and full reservation within six weeks; Tampa Bay Business & Wealth reports a $42.54M valuation, $18.54M equity, 87.35% occupancy, and a 2020 acquisition at $26.54M. The two publicly stated size figures are preserved.
Show sources (9)Hide sources (9)
These links support the public record as a whole; individual details may come from different sources.
What is this, in one paragraph?
DX SB Industrial I DST is a Delaware Statutory Trust — fractional, passive ownership of real estate that can qualify for 1031 exchange treatment — holding Sweetwater Business Center, a multi-tenant shallow-bay flex industrial campus in Tampa, Florida.1 It is Denholtz's first DST, announced December 22, 2025.1 Tampa Bay Business & Wealth described the December deal as a recapitalization of a property a Denholtz affiliate already owned.2
Minimum investment
$100k
Offering size
$18.5M
How much has sold
56.0%
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
The campus sits at 5455–5557 West Waters Avenue in Tampa.3 Business Observer reported that Denholtz bought the then-named Thompson Center in March 2020 from First Industrial Realty Trust for $26.54 million and later spent more than $1 million on windows, landscaping, façade, color schemes and signage.4 Denholtz announced the completed rebrand to Sweetwater Business Center on May 25, 2021.5 The sponsor's launch release instead dates the affiliate's original purchase to 2019.1
- Reported location
- Tampa, FL
- Property size
- 9 buildings; 225,651 sq ft on the Denholtz property page; 225,789 RSF per the launch release
Who is the tenant, and what's the lease?
This is a multi-tenant flex park rather than a single net-leased building, so income depends on many leases rolling at different times instead of one tenant's credit. Tampa Bay Business & Wealth named The Home Depot, BayCare Health System and Unified Women's Healthcare among tenants and reported the campus 87.35% occupied on December 23, 2025.2
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
56.0% reported sold
- Amount sold
- $10,463,897
- Reported unsold
- $8,075,963
- Investors reported
- 25
- Total offering
- $18,539,860
Not enough filings yet to show a trend.
See how much of this offering has soldSign in by email and confirm you’re an accredited investor.
How is it financed, and what does it pay?
Investor equity sits behind mortgage debt, so the lender is repaid before equity in any sale or refinancing. An SEC-filed collateral term sheet for the BMO 2025-C13 securitization records a $24 million mortgage on the property originated by Bank of Montreal on September 17, 2025, interest-only for its full term.6
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
Denholtz Wealth Exchange is the tax-deferred exchange arm of the Denholtz organization, which Tampa Bay Business & Wealth describes as the developer and owner-operator behind this property.2 The Form D names Denholtz Wealth Exchange LLC as sponsor, DX SB Industrial I Manager LLC as manager and signatory trustee, and DX SB Industrial I Depositor LLC as depositor.7 Denholtz said on December 22, 2025 that its first DST was fully reserved within six weeks, offered to accredited investors — those meeting SEC income or net-worth tests.1
- Sponsor
- Sponsor not disclosedThe filing does not identify a sponsor we can confirm.
- May convert to a REIT
- No
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The Form D on record is a new notice rather than an amendment, and it reports a date of first sale of November 18, 2025, about a month before the public launch announcement.7 The exemption claimed permits general advertising but requires the sponsor to verify each buyer's accredited status rather than accept a self-certification.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- DX SB Industrial I DST
- Filings on record
- 1
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
Is Sweetwater Business Center still raising money?
Sold out. Active means a filing within the past 15 months; it does not by itself establish current subscription availability.
Where does Top1031 get the data for Sweetwater Business Center?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
What does this DST actually own?
One asset: Sweetwater Business Center, a shallow-bay flex industrial campus at 5455–5557 West Waters Avenue in Tampa, Florida, made up of nine single-story flex buildings, per Denholtz's property page. Space is leased to many tenants; Tampa Bay Business & Wealth named The Home Depot, BayCare Health System and Unified Women's Healthcare among them on December 23, 2025. There is no second property and no portfolio diversification inside the Trust, and no tenant-by-tenant lease expiration schedule appears in the public record — the PPM, the private placement memorandum that governs the offering, carries the rent roll.
Is the offering still open?
The public record is mixed. Denholtz announced on December 22, 2025 that the Trust was fully reserved within six weeks of launch, and CoStar News reported on January 22, 2026 that the offering sold out within six weeks. The Form D filed July 13, 2026 nonetheless reports sales below the stated total offering amount. A reservation is not a funded closing, and only the sponsor or your broker-dealer can confirm live availability.
Why is this called a recapitalization rather than an acquisition?
A Denholtz affiliate already owned the property before the Trust existed, so the DST structure was placed onto an asset the sponsor had been operating, funded with new investor equity and new mortgage debt. Tampa Bay Business & Wealth reported on December 23, 2025 that the deal carried a $42.54 million valuation, $18.54 million of DST equity and a new $24 million mortgage. Sources differ on when the affiliate first bought in: the sponsor's release says 2019, while Business Observer reported a March 2020 purchase for $26.54 million from First Industrial Realty Trust. The price the Trust paid the affiliate is disclosed in the PPM.
What are the reported terms of the mortgage?
The SEC-filed BMO 2025-C13 collateral term sheet records a $24,000,000 loan originated by Bank of Montreal on September 17, 2025 at a fixed 6.20000% rate, interest-only for a 10-year initial term, with scheduled maturity on October 6, 2035. Debt service is paid before any cash reaches investors, and the loan documents summarized in the PPM control. Nothing in the Trust's own SEC filing restates these terms.
How occupied is the property, and how do the numbers differ?
Reported occupancy varies by measurement date and source. The SEC-filed BMO 2025-C13 term sheet reports 84.3% as of September 1, 2025. Tampa Bay Business & Wealth reported 87.35% on December 23, 2025, with six of the nine buildings fully leased and the other three ranging from 28% to 90%. Denholtz's own offering page lists 87%. That same December report put the weighted average remaining lease term at 3.69 years and average annual rent at $18.29 per square foot.
What is Rule 506(c) and why does it matter here?
Rule 506(c) is a private-placement exemption that lets a sponsor advertise an offering publicly but requires it to take reasonable steps to verify each investor's accredited status rather than accept a self-certification. In practice you may be asked for tax returns, brokerage statements, or a CPA or attorney letter before subscribing. The Form D for this Trust claims the 506(c) exemption, identifies the securities as equity, and reports a $100,000 minimum investment accepted from an outside investor.
Chapter 9Denholtz Wealth Exchange - DX SB Industrial I DSTSponsor's own promotional page for the Denholtz Wealth Exchange platform listing DX SB Industrial I DST (9-building flex industrial park in Tampa, FL with 87% occupancy and monthly distribution targets) as an offering. Denholtz launches first DST offering touting strong demand from investorsDenholtz Properties has launched its very first Delaware Statutory Trust offering, with the DX SB Industrial I DST fully reserved. Denholtz Launches First Delaware Statutory Trust, Announces Full Reservation of DX SB Industrial IDenholtz announces its first DST and full reservation of DX SB Industrial I, which owns Sweetwater Business Center, a nine-building 225,789 RSF shallow-bay flex industrial property in Tampa, Florida. Denholtz Recapitalizes Tampa, Fla., Industrial Property, Launches DST OperationTrade-press article on the recapitalization of Sweetwater Business Center in Tampa, FL (nine-building, 225,789 RSF shallow-bay flex industrial campus) via DX SB Industrial I DST; 87.35% occupied; new $24M BMO mortgage; $42.54M valuation.