Bluebird CRE
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Institutional partners

We work with family offices and institutional investors on Midwest industrial deals of $10–25 million. We source, buy and operate the buildings alongside a capital partner.

What we offer

Three ways to invest alongside us.

Programmatic joint venture
A buy box and a commitment
Agreed up front and drawn one building at a time.
Single-asset joint venture
One building or park
Underwritten and approved by both sides.
Recapitalization
Buildings we already own
A partner buys into occupied multi-tenant buildings that Summit already operates.

Deal profile

The same acquisition criteria we use at every deal size.

Read the full strategy
Deal size
$10–25 million
Product
Multi-tenant small-bay industrial
Units of 1,200–10,000 SF; flex with limited office
Occupancy
90%+ leased at closing
We do not buy vacant buildings
Basis
Below replacement cost
Markets
St. Louis, Indianapolis, Milwaukee
Kansas City and Minneapolis–St. Paul selectively
Debt
60–75% of purchase price
Fixed rate preferred
Hold
5–10 years
We prefer to refinance and keep owning
Read the full strategy

What we bring

A sourcing and operating platform that is already in these markets.

The operating platform
Sourcing
Summit buys 12–20 buildings a year for private clients in these metros. At least a third of what we buy comes to us off market, from brokers we have worked with for years.
Operations
Summit leases and manages 100+ industrial assets, 5M+ square feet and 200+ tenants. Leasing, maintenance and capital projects stay in-house.
Underwriting
We buy occupied buildings below replacement cost, with in-place rents 15–30% under market.
Alignment
The managing partners invest their own capital in each deal. On the buildings we own today, they have personally guaranteed the loans.
Speed
We can close in 30–45 days. Brokers get a response within days of sending a rent roll.
The operating platform

How a venture works

  1. Buy box

    Markets, product, deal size, leverage and approval rights are set in the venture agreement.

  2. Underwriting

    We bring each building with its rent roll, lease abstracts, inspection reports and a business plan.

  3. Approval and closing

    The partner approves each acquisition. We arrange the debt and close.

  4. Operations and reporting

    Summit runs the building. We report each quarter on leasing, capital projects and financial results, in the partner’s format.

Track record

What Bluebird has bought and what Summit manages, kept apart.

View the portfolio
Acquired by Bluebird
12 buildings, 493,184 square feet
Since December 2021. The portfolio is 95% occupied. 4 of the 12 buildings are multi-tenant.
Managed by Summit
100+ industrial assets, 5M+ square feet
Managed for private owners and for Bluebird. 200+ tenants.
Structure
One LLC per building
Quarterly reporting, an online investor portal and a K-1 for each entity each spring.

Figures as of September 2026, except Summit’s square footage, which is as of November 2026. Bluebird CRE and Summit Real Estate Services are affiliated but separately owned.

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Ask for the firm overview and deal-level history. We follow up within one business day.

Cody Leivas, Managing Partner

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This page describes how Bluebird works with capital partners. It is not an offer to sell securities. Any offering is made only to accredited investors through a confidential private placement memorandum.