Denholtz Associates Secures $3.975 Million Refinancing of Flamingo Commerce Center
Riviera Beach, Fla. (May 18, 2017) – Denholtz Associates has secured a five-year, $3.975 million refinancing on two of its flex properties totaling 69,094 square feet at 7655 Enterprise Drive and 7656 Byron Drive in the Flamingo Commerce Center in Riviera Beach, Florida. Zach Nimhauser and Michael Brown of Banyan Commercial Capital negotiated the terms of the refinance with Mercantil Commercebank.
Flamingo Commerce Center is a two building, single-story industrial complex offering front and rear load grade-level warehouse space with 24’ ceiling heights, ideally suited for office, warehouse, light assembly, showroom and light distribution requirements. Situated on 4.07-acres, the property is prominently located in the Sandlake Industrial Park between Northlake and Blue Heron Boulevard.
With frontage on Interstate 95, the property also offers easy access to the nearby Port of Palm Beach and Palm Beach Airport. Florida’s Turnpike is located two miles west of the property along the Bee Line Highway, which offers access to Miami to the south, and Orlando to the north.
Currently 100 percent leased, the Flamingo Commerce Center includes a wide range of tenants making it an important piece of the Denholtz multi-tenant investment strategy. Tenants include Fastenal, Red Cross, Avid Gear, Maine-ly Remodeling, Vinyl Doctor, Tormentor Products, and Florida Kickboxing Academy. A 6,050-square-foot lease was recently signed at the property by CTS3, an authorized Xerox partner.
“At the core of the Denholtz investment strategy is a long-term strategic vision with an emphasis on opportunistic financing and refinancing of our holdings while building and maintaining strong relationships with local capital partners, no matter the market or business cycle,” said Stephen Cassidy, President of Denholtz Associates. “With interest rates at their current historic lows we saw an opportunity to refinance this important property to lock in favorable long-term financing to ensure that we could continue to deliver the highest possible rates of returns for our investors. This refinancing showcases the advantages of this strategy and how we leverage our relationships with capital partners and understanding of local market conditions to ensure strong risk-adjusted returns throughout our portfolio.
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