Sweetwater Business Center
Industrial (shallow-bay/flex industrial) property in Tampa, FL — sponsor not disclosed
Files with the SEC as DX SB Industrial I DST
Sponsor not disclosed
Minimum investment
$100k
Offering size
$18.5M
How much has sold
56.0%
Asset type
Industrial (shallow-bay/flex industrial) property
Location
Tampa, FL
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited 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
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.
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These links support the public record as a whole; individual details may come from different 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, and the sponsor's brochure states that a Denholtz affiliate has owned and operated it since 2020.3 Tampa Bay Business & Wealth reported the affiliate paid $26.54 million that year, when the buildings were roughly 90% leased, using an $18.6 million Citizens Bank loan.2 Business Observer Florida reported in June 2021 that Denholtz had completed a $1 million improvement program covering windows, landscaping, façade, color scheme and signage.4
- 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
- Still available
- $8,075,963
- Investors reported
- 25
- Total offering
- $18,539,860
Not enough filings yet to show a trend.
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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. Tampa Bay Business & Wealth reported that the December 2025 recapitalization placed a new $24 million Bank of Montreal mortgage on the property.2
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
Denholtz Wealth Exchange is the tax-deferred real estate arm of the Denholtz organization, which already controlled this property. The sponsor's brochure names Denholtz Wealth Exchange LLC as sponsor, DX SB Industrial I Manager LLC as manager and signatory trustee, and Orchard Securities LLC — stated to be unaffiliated with Denholtz — as the offering's broker-dealer.3 Denholtz announced on December 22, 2025 that this first DST was fully reserved within six weeks and offered to accredited investors — those meeting SEC income or net-worth tests — completing 1031 exchanges.1
- Sponsor
- Sponsor not disclosedThe filing does not identify a sponsor we can confirm.
- Legal Trust name
- DX SB Industrial I DST
- 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.5 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.
- 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?
Top1031 lists Sweetwater Business Center as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
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?
A single 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. Space is leased to multiple 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. Tenant-by-tenant lease expirations are not 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 an amount still remaining to be sold. 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 — the sponsor's brochure says since 2020 — so the DST structure was placed onto an asset the sponsor had been operating, funded with new investor equity and a new $24 million Bank of Montreal mortgage, according to Tampa Bay Business & Wealth. That same December 23, 2025 report put a $42.54 million valuation on the recapitalization and $18.54 million of DST equity. The PPM is where the price the Trust paid the affiliate is disclosed.
What are the reported terms of the mortgage?
Tampa Bay Business & Wealth reported on December 23, 2025 that the recapitalization was financed with a new $24 million mortgage from Bank of Montreal carrying a 10-year term, interest-only payments and a 6.2% coupon. Debt service is paid before any cash reaches investors, and the loan documents summarized in the PPM control. Nothing in the SEC filings restates those terms, so confirm them against the PPM and loan summary.
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 and reports a $100,000 minimum investment.
What is the main property-level risk to read on?
Occupancy and lease rollover. Tampa Bay Business & Wealth reported the campus at 87.35% occupancy on December 23, 2025, with six of nine buildings fully leased and three ranging from 28% to 90%, and put the weighted average remaining lease term at 3.69 years with average in-place rent of $18.29 per square foot. Filling vacancy takes leasing time, tenant improvement dollars and broker commissions, all paid before cash reaches investors; the PPM sets out reserves and the manager's authority to fund those costs.
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.