three recently built, Class A, light industrial buildings
Industrial in Minneapolis, Brooklyn Park, and Burnsville, MN — sponsored by Nuveen
100% occupied; $46.2M of $58.7M raised at 3/31/26; master lease gtd by GCREIT OP; UPREIT FMV option into GCREIT
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Minneapolis, Brooklyn Park, and Burnsville, MN · multiple property locationsMultiple property locations are on record. A single map would not represent this portfolio.
What is this, in one paragraph?
Nuveen Real Estate Exchange I DST is a Delaware statutory trust — fractional, passive property ownership structured to qualify as 1031 replacement property — holding three Class A light-industrial buildings in the Minneapolis metro. Nuveen reported on July 8, 2026 that the $58.7 million trust had closed, fully leased to five tenants.1 The Offering is recorded as fully subscribed and closed to new investors.
Minimum investment
$250k
Offering size
$58.7M
How much has sold
2.0%
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
Nuveen Global Cities REIT's own materials date the three Class A light-industrial buildings to 2021–2022 construction and state that the portfolio, marketed as UP Minneapolis, was acquired in June 2022 for $59 million — an affiliate-level figure, not a price stated as paid by the Trust.2 The buildings are the two 610 Junction properties in Minneapolis and Brooklyn Park plus the 35 South Business Center in Burnsville.
- Property address
- 8800 95th Ave N (610 Junction Bldg 1), MN
- Property size
- 3 buildings; 405,756 square feet; 28.33 acres
Who is the tenant, and what's the lease?
Nuveen reported the portfolio fully leased to five tenants at the July 8, 2026 close, with a weighted average lease term of approximately four years.1 The buildings are master-leased, with Nuveen Global Cities REIT's operating partnership guaranteeing that lease, so rent reaches investors through a master tenant rather than from the occupants directly.
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
2.0% reported sold
- Amount sold
- $1,068,650
- Reported unsold
- $57,641,027
- Investors reported
- 2
- Total offering
- $58,709,677
Not enough filings yet to show a trend.
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How is it financed, and what does it pay?
Neither the notice on record nor Nuveen's closing release states property-level mortgage debt or names a lender, so this record does not establish whether the buildings carry a loan. The PPM — the private placement memorandum, the offering's governing disclosure document — and the closing statement control.
Who's behind it?
Nuveen Real Estate Exchange LLC sponsors the Trust and is described as a subsidiary of Nuveen Global Cities REIT, the firm's nontraded REIT.1 Nuveen launched the 1031 exchange platform behind it on May 29, 2025, converting qualifying sale proceeds into DST interests that may later be exchanged for REIT operating-partnership units — a 721/UPREIT exit, which trades a property interest for REIT units and ends future 1031 eligibility for it. The program's second trust, NREX II, debuted in April 2026 at $116.6 million.
- Sponsor
- Nuveen
- May convert to a REIT
- Yes
- Offerings from this sponsor
- 2 active / 2 total offerings from Nuveen
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The notice on record reports a June 26, 2025 first sale — weeks before the filing date below — and a $250,000 minimum from any outside investor.3 Interests were sold privately to accredited investors, those meeting SEC income or net-worth tests, so that notice captures only the raise's opening weeks.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- Nuveen Real Estate Exchange I DST
- Filings on record
- 1
- How it may be offered
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
Is three recently built, Class A, light industrial buildings still raising money?
Sold out: the source record identifies this offering as Fully Subscribed. The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.
Where does Top1031 get the data for three recently built, Class A, light industrial buildings?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in NREX I?
No. Nuveen reported on July 8, 2026 that Nuveen Real Estate Exchange I DST had closed as a $58.7 million Delaware statutory trust, and the Offering is recorded as fully subscribed, so the Trust is closed to new investors. The program's second offering, NREX II, debuted in April 2026 at $116.6 million with a Georgia, Pennsylvania and Utah portfolio.
When were the buildings built, and what did the Trust pay for them?
Nuveen Global Cities REIT's presentation materials describe the three Class A light-industrial properties as built in 2021–2022 and state that the UP Minneapolis portfolio was acquired in June 2022 for $59 million. That acquisition figure is a sponsor-reported affiliate/underlying-portfolio number, not a stated purchase price paid by this Trust; the PPM is where a buyer confirms the Trust's own acquisition terms.
Where are the properties?
In the Minneapolis metro. Nuveen's closing release places three recently built Class A light-industrial buildings in two Minneapolis submarkets. The addresses on record are two 610 Junction buildings on 95th Avenue North in Minneapolis and Brooklyn Park, plus the 35 South Business Center in Burnsville; those street addresses are not confirmed by a primary public record in the research reviewed.
Who are the tenants?
Nuveen reported the portfolio fully leased to five tenants at the July 8, 2026 close, with a weighted average lease term of approximately four years. No filing or sponsor release reviewed names the individual tenants, their rents, or their lease expiration dates. The PPM and rent roll are where a buyer confirms the roster.
What does the master lease structure mean for me?
The Trust does not collect from the occupying tenants directly. The properties are master-leased, and Nuveen Global Cities REIT's operating partnership guarantees that master lease, so investor distributions depend on the master tenant and its guarantor rather than solely on payments from the five underlying tenants.
What is the 721/UPREIT option here?
The Trust carries a fair-market-value option to move investors' interests into Nuveen Global Cities REIT. A Section 721 contribution converts a real property interest into REIT operating-partnership units without triggering tax at that moment, but it ends the ability to do future 1031 exchanges with that interest. The PPM sets timing, pricing method, and whether the option must be offered.
Chapter 9Nuveen's $58.7M NREX I DST: The Real Deal BreakdownTrade-press analysis of Nuveen's NREX I DST closing, covering the three Minneapolis light-industrial buildings (405,756 sq ft on 28.33 acres, five tenants, ~4-year WALT) and the GCREIT/UPREIT optionality. Nuveen Closes $58.7M DST Backed by Minneapolis Industrial PropertiesReports Nuveen has closed the $58.7 million Nuveen Real Estate Exchange I (NREX I) Delaware Statutory Trust offering backed by three Class A light industrial buildings in Minneapolis. Nuveen Closes NREX I Delaware Statutory TrustNuveen announced the successful closing of Nuveen Real Estate Exchange I DST (NREX I), a $58.7 million Delaware Statutory Trust consisting of three recently built, Class A light industrial buildings strategically located in two Minneapolis submarkets and fully leased to five tenants for a weighted average lease term of approximately four years; the trust was sponsored by Nuveen Real Estate Exchange LLC, a subsidiary of Nuveen Global Cities REIT, Inc. (GCREIT).