Unique Properties, Inc./TCN Worldwide has announced the portfolio sale of a 10-building, 255,510-square-foot small-bay portfolio located in both Sheridan and Englewood. This portfolio was sold for $33,450,000/$130.91/SF to a joint venture between ErvoSquare and Matrix Group, Inc.
Michael DeSantis and Brett MacDougall of Unique Properties successfully facilitated the transaction. The portfolio consisted of 10 buildings totaling 255,510 square feet situated on 13.98 acres. The assets feature highly desirable small-bay industrial units ranging from approximately 1,840 square feet to ±8,000 square feet, catering to a broad range of users and tenants. A significant majority of the units feature drive-in doors—a highly sought-after amenity in this size category.
“The fundamentals associated with the real estate were all there,” said Michael DeSantis. “The buildings were constructed at various points between 1976 and 1980 and have continued to benefit from strong user demand driven by functionality, flexibility, and limited competing supply in the immediate sub-market” – stated DeSantis.
At the time of closing, the portfolio was approximately 90% occupied, providing the buyer with immediate in-place cash flow alongside a clear value-add opportunity. The new ownership group plans to complete extensive capital improvements across the portfolio, including—but not limited to—roof replacements, mechanical system upgrades, interior renovations, parking lot improvements, and exterior paint, all of which will help to capitalize on a significant mark-to-market rent opportunity.
“The buyer plans to implement extensive renovations throughout the portfolio and capitalize on the significant mark-to-market opportunity within the existing rent roll,” said Michael DeSantis. “We are extremely eager to see what the new owner has in store for the portfolio as they work through these much-needed improvements,” DeSantis added. “We believe this project will be a win for every tenant within the complex. The new ownership group are veterans in this space, and we are confident they will execute their business plan in a way that both retains the current tenant base and attracts new users to the property.”
Opportunities of this scale and quality are exceedingly rare and often take years to materialize. In this case, the transaction was the culmination of more than a decade of relationship-building and persistence. Michael DeSantis & Brett MacDougall began cold-calling the owner shortly after entering the commercial real estate business in 2015 and maintained consistent contact, every three to four months over a ten-year period; ultimately developing a strong rapport and trusted relationship with the seller.
As the seller grew older, the prospect of monetizing the portfolio became increasingly realistic. After more than a decade of communication, the transaction ultimately moved forward once Michael DeSantis and Brett MacDougall successfully sourced the buyer and brought the parties together. The sale was ultimately completed as an estate transaction.
“We worked closely with the trustees of the seller’s estate, who were an absolute pleasure to transact with throughout the process,” said DeSantis.
Following contract execution, the transaction encountered a highly complex and strenuous due diligence process. “The extensive financing process and general breadth of due diligence required a lot of cooperation and patience from all sides of the transaction,” MacDougall added. “In the end, we were able to structure solutions that worked extremely well for both the Trust and the buyer, allowing the deal to successfully close at the end of 2025.”
Small-bay industrial product continues to be one of the most supply-constrained and in-demand asset classes across the Front Range and broader Colorado market. Buildings offering functional unit sizes below 10,000 square feet remain highly sought after by local and regional users, yet are increasingly difficult to source due to limited new construction, rising replacement costs, and long-term ownership profiles.
“Portfolios of this scale and quality rarely come to market, as many owners hold these assets for decades and benefit from strong occupancy and consistent cash flow. As a result, deals of this caliber are often the product of long-term relationships, as was the case here, and sometimes the desire to avoid a traditional marketing process, also the case here,” stated Brett MacDougall.
