The Value Builder Podcast

Small Bay Industrial, Spec Suites & CRE Vertical Integration


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In this episode of the Value Builder Podcast, Saul sits down with Nick Terry, founder of Rifle CRE, a Houston-based commercial real estate platform that blends brokerage, investment, construction, and property management into one vertically integrated ecosystem.

Nick started his firm during the chaos of early 2020, pivoting from office tenant representation into small bay industrial investing just as the market began accelerating. What followed was the creation of a unique operating model where brokerage feeds acquisitions, acquisitions create management opportunities, and construction unlocks additional value.

Instead of building a traditional brokerage, Nick built a real estate flywheel—a platform where every service supports the same strategy: acquiring and repositioning small bay industrial properties.

Saul and Nick dive into how this model works in practice and discuss the operational strategies that drive returns.

They cover:

  • Why small bay industrial remains one of the most resilient asset classes
  • How spec suites and higher-end finishes can dramatically increase rents
  • The importance of staggering lease expirations to maximize exit value
  • Why brokerage can be the best sourcing engine for acquisitions
  • How vertical integration can create a competitive advantage for operators
  • The economics behind value-add industrial renovations
  • Why some office buildings may present opportunity again at the right basis
  • Nick also shares how his team recently raised capital for a multi-property industrial fund and why having committed capital allows them to move faster and win deals.

    This episode is packed with practical insights for commercial real estate investors, operators, developers, and brokers looking to build scalable real estate platforms.

    Connect with Nick Terry

    Rifle CRE

    Website: https://riflecre.com
    Instagram: @riflecre
    LinkedIn: Nick Terry

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    The Value Builder PodcastBy Saul Zenkevicius