Midwest industrial.
Long-term ownership.
We buy occupied industrial buildings in the Midwest below replacement cost and own them long term. 10 of our 12 buildings are in St. Louis, Milwaukee and Indianapolis.
Pictured: 201–215 Stag Industrial Blvd, Lake St. Louis, MO. 33,817 SF, acquired 2025.
Pictured: 201–215 Stag Industrial Blvd, Lake St. Louis, MO. 33,817 SF, acquired 2025.
Figures as of September 2026.
Our buildings are leased and managed by Summit Real Estate Services, our affiliated operator, which manages 100+ industrial assets, 5M+ square feet and 200+ tenants across the Midwest. The operating platform
Investment thesis
We buy industrial buildings priced at $2–25 million. Deals under $10 million are too small for institutional funds and too complex for most local buyers. We buy those with private investors, and deals of $10–25 million with institutional partners.
Tenants are distributors, contractors and service companies. Little of the space they rent has been built since 2010, because market rents do not cover the cost of new construction. We buy existing buildings for less than that cost.
How we operate
We buy as principal, one building at a time. Summit Real Estate Services, our affiliated operator, leases and manages each one.
- Acquire
- We buy buildings that are at least 90% leased and priced below replacement cost.
- Operate
- Summit handles leasing, maintenance and capital projects. It does the same work for private owners across the Midwest: 100+ industrial assets, 5M+ square feet and 200+ tenants.
- Report
- Each building is held in its own LLC. Investors receive quarterly distributions and reports, access to an online portal, and a K-1 each spring.
Acquisition criteria
What we look for when we underwrite a building, at either deal size.
- Deal size
- $2–10 millionWith private investors. 15,000–75,000 SF per building or park
- Institutional deals
- $10–25 millionWith institutional partners. Typically multi-tenant small-bay industrial
- Product
- Multi-tenant small-bay preferredUnits of 1,200–10,000 SF; flex with limited office
- Occupancy
- 90%+ leased at closingWe do not buy vacant buildings
- Basis
- Below replacement costTypically $50–100 per SF, depending on the metro
- Rents
- Market 15–30% above in-placeWe move rents to market as leases renew
- Markets
- St. Louis, Indianapolis, MilwaukeeKansas City and Minneapolis–St. Paul selectively
- Debt
- 60–75% of purchase priceFixed-rate loans from local and regional banks
- Hold
- 5–10 yearsWe prefer to refinance and keep owning
Brokers and owners: if a building fits, send it to cleivas@bluebirdcre.co. We respond within days of receiving a rent roll.
Read the full strategyOur portfolio
12 buildings and 493,184 square feet in five Midwest metros.
| Metro | Buildings | Square feet |
|---|---|---|
| St. Louis | 5 | 141,599 |
| Milwaukee | 4 | 140,855 |
| Indianapolis | 1 | 179,725 |
| Other MidwestTopeka and Cincinnati | 2 | 31,005 |
| Total | 12 | 493,184 |
1285 West Terra Lane
O'Fallon, MO
18,858 SF, single-tenant, acquired 2025
7834–7842 N Faulkner Rd
Milwaukee, WI
29,747 SF, multi-tenant, acquired 2024
Invest with Bluebird
Bluebird offers two ways to invest. We follow up on every inquiry within one business day.
Individuals and families
Invest in one building at a time. You review the property, the leases and the underwriting before you commit.
- Deals of $2–10 million
- $25,000 minimum per investment
- Quarterly distributions and reporting
- Online investor portal and an annual K-1
Family offices and institutions
Joint ventures on larger acquisitions and recapitalizations of buildings we already own.
- Deals of $10–25 million, typically multi-tenant small-bay industrial
- Programmatic or single-asset joint ventures
- Recapitalizations of existing multi-tenant assets
- Leasing and management through affiliated Summit
Offerings are made only to accredited investors through a confidential private placement memorandum.
Our team
Two managing partners lead Bluebird. Summit Real Estate Services, an affiliated company, leases and manages the buildings.
Kevin McNeil
Managing Partner
More than 20 years in commercial real estate and 300+ sale transactions. Principal of Summit Real Estate Services; previously a Managing Director at Lincoln Property Company and at Studley.
Cody Leivas
Managing Partner
Leads Bluebird’s acquisitions. Involved in more than $750 million of commercial transactions, most of them Midwest industrial.