Spotlight: Denholtz and Its Shallow-Bay Industrial DST Platform
The Red Bank firm spent seven decades operating small-tenant industrial space before opening it to 1031 exchange investors in December 2025.
September 8, 2026
Denholtz is a privately held commercial real estate investment manager in Red Bank, New Jersey, which the firm says was founded in 1953 and which operated as Denholtz Properties until January 2025. In December 2025 it entered the 1031 exchange market, launching its first Delaware statutory trust and an advisor-facing platform to distribute it.
The first offering, DX SB Industrial I DST, holds Sweetwater Business Center, a nine-building, 225,789-square-foot shallow-bay flex industrial property in Tampa. A Denholtz affiliate had owned the asset since 2019, so the DST recapitalized a property the firm already operated rather than funding a new acquisition. Denholtz reports the offering was fully reserved within six weeks. Orchard Securities acted as exclusive managing broker-dealer and is not affiliated with Denholtz. Trade press reporting on the offering materials put the recapitalization at roughly $42.5 million, with an expected hold of up to ten years.
Denholtz Wealth Exchange
The platform that launched with the DST is called Denholtz Wealth Exchange. Denholtz describes it as advisor-centered, supplying due diligence and compliance-ready materials to financial professionals, and says it partners with RIAs and broker-dealers and co-invests alongside client capital. Investor reporting runs through a Juniper Square portal. The platform page lists DX SB Industrial I at 87% occupancy with a diversified tenant base and monthly distribution targets, available to accredited investors completing Section 1031 exchanges.
What shallow bay looks like in practice
Denholtz targets multifamily and shallow-bay industrial in New York, New Jersey, Pennsylvania and the Southeast, and its February 2026 purchase of the Anchor Industrial Portfolio shows the shape of the industrial side. The five single-story buildings total 117,635 square feet in Casselberry, Florida, and were roughly 73% leased at closing to 13 tenants across 17 suites running from 3,768 to 16,883 square feet — an average unit of 6,796 square feet. They carry about 10% office buildout, 20-foot clear heights and 37 loading doors, 31 of them dock-high.
A tenant base of that many small users puts the return case on leasing and operations rather than on a single long-term lease. Denholtz runs acquisitions, asset management, development and property management in-house, so that work sits with the sponsor rather than a third-party operator.
Direct deals alongside the DST
Outside the DST platform, Denholtz raises equity deal by deal through Regulation D placements. As of early September 2026 its offerings page listed the Cornell Park Portfolio in Blue Ash, Ohio, a flex and industrial acquisition with an 8% preferred return and a $5,625,981 equity raise against a targeted close of August 21, 2026, and Clovis Crossing Preferred Equity in San Marcos, Texas, an industrial preferred equity position with a 16% preferred return and a $2.5 million raise targeted for the third quarter of 2026.
Portfolio and realized results
Denholtz reports realized performance of a 21.55% net internal rate of return and a 2.09x net equity multiple across 17 realized exits from 2010 through 2025. It reports a portfolio of more than 75 assets and 7.8 million square feet valued at about $2 billion across industrial, residential, retail, office and mixed-use holdings, a figure the site does not date.
The buying continued through 2026, with Park Elmwood Industrial Park in Indianapolis in January and the Anchor portfolio in February, following a $50 million refinancing of a mixed-use portfolio in Concord, North Carolina, in December 2025 and the completion of an industrial redevelopment in Bridgewater, New Jersey, in April 2026. Denholtz reports its Florida industrial flex and office holdings now exceed 1.7 million square feet, in the state where its first DST sits.
