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.
(Source) Read the full article: https://milehighcre.com/rare-small-bay-portfolio-sells-for-33-5m-in-englewood/