Investment strategy

Occupied industrial in major markets, with a preference for multi-tenant product. We buy below replacement cost and own for the long term.

Rent opportunity

15–30%

Supported market rents targeted 15–30% above in-place rents, in low-vacancy, supply-constrained submarkets where current rents do not support new construction economics. Targets are not guarantees.

Acquisition debt

60–75%

Typical acquisition debt is 60–75% of purchase price (loan divided by purchase price — not appraised or stabilized value), with cash reserved for capex and tenant turns.

How we invest

We evaluate the purchase basis, financing and leasing potential before we buy.

01

Buy well

We acquire occupied industrial real estate in major MSAs, with a preference for multi-tenant buildings and a basis below replacement cost. Our universe includes small-bay and flex industrial, industrial outdoor storage (IOS), distribution, and single-tenant assets serving local and regional operators.

Indianapolis, Minneapolis, Milwaukee, and St. Louis remain our four primary focus metros. Other Midwest investments are selective.

4061 Wedgeway Court in Earth City, Missouri
4061 Wedgeway Court: 43,426 square feet of multi-tenant industrial in Earth City, fully leased at acquisition, built in 1984 on 4.88 acres. View Wedgeway
3015 South 163rd Street industrial property in New Berlin, Wisconsin
3015 South 163rd Street is a 52,260-square-foot industrial property in New Berlin, Wisconsin. View the property

02

Reserve capital

Typical acquisition debt is 60–75% of purchase price — loan divided by purchase price, not appraised or stabilized value. Cash is reserved at acquisition for capital work and tenant turns rather than assuming every future cost can be funded from operations.

Reserves support the business plan, but they do not eliminate operating or financing risk.

03

Grow income

Where market evidence supports it, we target market rents 15–30% above in-place rents in low-vacancy, supply-constrained submarkets where current rents do not support new construction economics. That is an underwriting target, not a promise that rents or income will grow.

We prefer long-term ownership over a flip thesis. Multi-tenant income can reduce reliance on one lease, but it does not guarantee income, cover debt during vacancy, or assure a future sale.

Front facade film of 7834–7842 North Faulkner Road in Milwaukee, Wisconsin.

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7834–7842 N Faulkner Road is a 29,747-square-foot multi-tenant flex industrial property in Milwaukee. View Faulkner

Markets we know

Four focus metros: Milwaukee, Indianapolis, St. Louis, and Minneapolis, with selective activity across the broader Midwest.

Information on this site is for illustrative purposes only and does not constitute an offer to sell securities. Past performance does not guarantee future results; rent, income, debt repayment, growth, and exit targets are not guarantees.

Invest with Bluebird

Investments start at $25,000. Tell us about your goals. We’ll follow up within one business day.

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