Sweetwater Business Center
Industrial property in Tampa, FL
Sweetwater Business Center is a DST that owns 9 industrial buildings in Tampa, FL. Its latest Form D, filed Jul 13, 2026, lists a $18.5 million offering with a $100,000 minimum.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $18,539,860Equity offered, per the Form D
- Sold so far
- Form D, Jul 13, 2026; the % is our arithmetic56.4%
- Investors reported
- Form D, Jul 13, 202625
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,761,287 · 9.5% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
Can I still invest?
No new interests: the offering is reported fully subscribed.
By Top1031’s calculation from the latest Form D, filed Jul 13, 2026, 56.4% of the offering had sold.
Active industrial offerings in the directory →
Availability changes without a filing. The sponsor or a registered representative can confirm what is open.
Looking for an offering like this one? A licensed 1031 specialist from our affiliated partner can talk through what is on record.
Ask a 1031 specialist about this recordFree. About: Sweetwater Business Center. Top1031 is not a broker-dealer.No photo on record.
What does Sweetwater Business Center own?
Sweetwater Business Center stands at 5455–5557 West Waters Avenue in Tampa. 1 Business Observer reported that Denholtz bought the campus, then called Thompson Center, in March 2020 for $26.54 million, and that it was renamed Sweetwater Business Center after improvements. 3 Denholtz's own December 22, 2025 announcement instead dates an affiliate's original purchase to 2019, so the two accounts conflict. 2 The Trust wraps an asset the firm already owned.
- Reported location
- Tampa, FL
- Property size
- 9 buildings; 225,651 sq ft on the Denholtz property page; 225,789 RSF per the launch release
How have sales gone?
The Form D record has one sales figure so far, so there is no trend to chart. The figure is in Sales so far ↑.
How is it financed, and what did it cost to sell?
Investor equity sits behind mortgage debt, so the lender is repaid before equity in any sale or refinancing. Bank of Montreal originated the property's mortgage on September 17, 2025, and the loan was pooled into a BMO commercial mortgage securitization whose SEC-filed collateral disclosure names the Trust itself as borrower. 1
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $1,761,287 · 9.5% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $781,155 · 4.2% of offeringForm D Item 16· The filing’s note: “Item 16 is an estimate of offering expenses and acquisition/facilitation fees that may accrue to one or more Related Persons.”
- Broker-dealers named in the Form D
- 7 named in the Form D
Show the firms
- 1031 Securities Inc. · CRD 326590
- Ausdal Financial Partners, Inc. · CRD 7995
- Emerson Equity LLC · CRD 130032
- FNEX Capital, LLC · CRD 166316
- Great Point Capital LLC · CRD 114203
- Metric Financial, LLC · CRD 33324
- Realta Equities, Inc. · CRD 23769
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Nov 18, 2025
- Minimum investment
- $100,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind Sweetwater Business Center?
Denholtz Wealth Exchange is the tax-deferred exchange platform of Denholtz Properties, a New Jersey-based owner-operator, and the Trust's Form D names Denholtz Wealth Exchange LLC as sponsor. 5 Denholtz introduced the platform together with this, its first Delaware statutory trust, on December 22, 2025. 2 Because it is the firm's first DST, there is no earlier Denholtz 1031 program record for an investor to review. SQX Alts published a profile of the platform and its shallow-bay industrial strategy on September 8, 2026.
What does the SEC record show?
No amendment has followed the original Form D notice, which arrived roughly eight months after the December 2025 launch announcement and reports a first sale of securities on November 18, 2025. 5 Rule 506(c), the exemption that lets a sponsor advertise an offering publicly, requires the sponsor to verify each buyer's accredited status rather than accept a self-certification.
- Legal Trust name
- DX SB Industrial I DST
- SEC CIK
- 2144551
- First Form D
- Jul 13, 2026
- Latest Form D
- Jul 13, 2026
- Filings on record
- 1
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D | $18,539,860 | $10,463,897 | 25 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
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.
Common questions
- Can I still invest in Sweetwater Business Center?
- No new interests: Sweetwater Business Center is reported fully subscribed. Top1031 lists it as recently fully subscribed and does not count it as an active 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 buildings. Denholtz's property page states 225,651 square feet, while the offering materials and the SEC-filed mortgage collateral disclosure state 225,789 net rentable square feet. Space is leased to many tenants rather than one. There is no second property and no portfolio diversification inside the Trust.
- Who are the tenants, and how long are the leases?
- It is a multi-tenant flex park rather than a single-tenant net lease. The BMO Commercial Mortgage Securities 2025-C13 collateral term sheet filed with the SEC reports 28 unique tenants as of the September 1, 2025 rent roll, with no single tenant occupying more than 10.4% of net rentable area, and names Children's Network of Hillsborough, Unified Women's Healthcare, Home Depot and BayCare Health System among them. The Denholtz Wealth Exchange brochure reports a 3.69-year weighted-average remaining lease term and average in-place rent of $18.29 per square foot as of October 1, 2025, blending triple-net and modified-gross leases. The tenant-by-tenant expiration schedule sits in the offering documents.
- Why is this called a recapitalization, and what figures have been published for the property?
- A Denholtz affiliate already owned the property before the Trust was formed, so the December 2025 transaction placed a DST wrapper and new capital on an asset the firm operated rather than buying from a third party. Three published figures circulate. The Denholtz Wealth Exchange brochure presents $42,539,860 of total value, including $24,000,000 of loan proceeds, and states a 56.42% loan-to-total-value ratio; total value there is an offering metric, not an independently verified sale price. The SEC-filed BMO term sheet reports an as-is appraisal of $38,300,000 as of August 11, 2025, and net operating income of $2,515,354 for the twelve months ended July 31, 2025.
- What are the reported terms of the mortgage?
- The BMO Commercial Mortgage Securities 2025-C13 collateral term sheet filed with the SEC states that Bank of Montreal originated a $24,000,000 mortgage on September 17, 2025, secured by the borrower's fee-simple interest in Sweetwater Business Center, and names DX SB Industrial I DST as that borrower. The same disclosure reports a fixed 6.2% annual rate, interest-only payments for the full ten-year initial term, and a scheduled maturity of October 6, 2035. Debt service is paid before any cash reaches investors, and the actual loan documents summarized in the offering documents control.
- How occupied is the property, and why do the numbers differ?
- They differ because the as-of dates differ. The SEC-filed BMO term sheet reports 84.3% occupancy by 28 unique tenants as of September 1, 2025. The Denholtz Wealth Exchange brochure reports 87.35% using the October 1, 2025 rent roll, and the sponsor's Wealth Exchange page lists 87%. A flex park with vacant suites has space to lease, which is both the upside case and the leasing risk.
In the news
Sources
Show sources (6)Hide sources (6)
These links support the record as a whole; individual details may come from different sources.
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 offering documents before investing.