Author

Cody Leivas

Principal & Managing Partner, Bluebird CRE

Cody Leivas is Principal & Managing Partner at Bluebird CRE, the syndication platform acquiring value-add Midwest industrial real estate — small-bay, IOS, and single-tenant net-lease assets — for accredited investors and family offices. He underwrites every acquisition, leads the capital raise, and oversees asset management alongside Summit Real Estate Services.

He began his career underwriting commercial loans at Partners Bank of California before founding Leivas Real Estate Company in 2021 to invest as a principal. He has been involved in $750M+ of commercial real estate transactions, the majority in Midwest industrial.

Cody holds a Master of Science in Real Estate from Chapman University, a Master of Investment Management & Financial Analysis from Creighton University, and a B.S. in Finance from Azusa Pacific University.

His writing here is educational market commentary, not investment advice or an offer to sell securities.

Articles by Cody

Chicago Industrial Real Estate: Market Report

Chicago industrial market data: vacancy, rents, absorption, and why functional small-bay product under $10M in the I-55 and I-80 corridors stays mispriced.

Aug 10, 2026 Passive Investing

What Is Industrial Outdoor Storage (IOS)?

What industrial outdoor storage (IOS) is, why the land is supply-constrained, its demand drivers, and how passive accredited investors evaluate it.

Aug 7, 2026 Tax & Structure

Triple-Net (NNN) Industrial Leases, Explained

How an absolute NNN industrial lease shifts operating-expense risk to the tenant, how rent escalations work, and why it produces durable cash flow.

Jul 31, 2026 Deal Anatomy

How to Evaluate a Real Estate Syndication Sponsor

A diligence checklist for accredited investors vetting a syndication sponsor: track record, co-investment, fees, underwriting conservatism, and communication.

Jul 28, 2026 Passive Investing

Understanding the Equity Waterfall and Preferred Return

How the preferred return and promote split a deal's cash flow between LPs and the GP — a worked waterfall example and why sponsor alignment matters.

Jul 28, 2026 Market Reports

Minneapolis Industrial Real Estate: Market Report

Minneapolis–St. Paul industrial: 4.3% vacancy, $9.57 rents, and why a 17-Fortune-500 economy keeps small-bay demand durable through the cycle.

Jul 24, 2026 Market Reports

Indianapolis Industrial Real Estate: Market Report

Indianapolis industrial real estate by the numbers — vacancy, rents, absorption, and why infill small-bay sits below replacement cost.

Jul 21, 2026 Market Reports

Columbus Industrial Real Estate: Market Report

Columbus industrial real estate by the numbers — 6.5% vacancy, 5.7% rent growth, and why functional small-bay under $10M is mispriced.

Jul 17, 2026 Passive Investing

Why Midwest Industrial Real Estate, and Why Now

The macro case for Midwest industrial: reshoring, logistics corridors, supply-constrained small-bay, and cap rates that price wider than coastal gateways.

Jul 14, 2026 Deal Anatomy

Below Replacement Cost, Explained

What replacement cost means in industrial real estate, how we estimate it, and why buying under it caps downside — a St. Louis example.

Jul 13, 2026 Market Reports

St. Louis Industrial Real Estate: Market Report

St. Louis industrial market: vacancy, rents, absorption, and why below-replacement small-bay product in the Earth City corridor stays mispriced.

Jul 10, 2026 Market Reports

Midwest Industrial Outlook — Q3 2026 Market Report

Midwest industrial outlook for Q3 2026: vacancy, rents, absorption, and cap rates across our five core metros, read through a below-replacement lens.

Jul 7, 2026 Passive Investing

Accredited Investor Requirements for Private Real Estate

Who qualifies as an accredited investor — the income and net-worth tests, why Reg D 506 deals require it, and what the subscription process involves.

Jun 25, 2026 Tax & Structure

Cost Segregation & Bonus Depreciation for Industrial Investors

How cost segregation and bonus depreciation can shelter passive income for limited partners in industrial real estate deals — the mechanics, explained.

Jun 15, 2026 Deal Anatomy

Anatomy of a Small-Bay Industrial Deal

How Bluebird underwrites a sub-$10M small-bay industrial acquisition — basis, in-place vs. market rent, the value-add lever, and downside discipline.

Jun 13, 2026 Passive Investing

How Industrial Real Estate Syndications Work

A plain-English guide to how real estate syndications are structured — GP/LP roles, the PPM, distributions, and the capital event — for accredited investors.

Jun 11, 2026 Market Reports

Milwaukee Industrial Real Estate: Market Report

A data-driven look at the Milwaukee industrial market — vacancy, rents, submarkets, and why below-replacement small-bay product is mispriced.

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