Minimum investment
$250k
Offering size
$58.7M
How much has sold
2.0%
Asset type
Industrial
Location
Minneapolis, MN
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
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 recently built Class A light-industrial buildings in two Minneapolis-area submarkets. Nuveen announced on July 8, 2026 that the $58.7 million trust had successfully closed, fully leased to five tenants.2 The Offering is fully subscribed and closed to new investors.
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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These links support the public record as a whole; individual details may come from different 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's Global Cities REIT asset page for this Minneapolis light-industrial portfolio, UP Minneapolis, reports construction in 2021–2022 and an acquisition in June 2022, when it was 77% leased to four tenants.1 Two of the buildings carry the 610 Junction name in Minneapolis and Brooklyn Park; the third is the 35 South Business Center in Burnsville. Nuveen's closing release describes them as recently built and Class A.2
- Property address
- 8800 95th Ave N (610 Junction Bldg 1), Minneapolis, 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.2 The buildings are master-leased and Nuveen Global Cities REIT's operating partnership guarantees that master 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
- Still available
- $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?
No filing or sponsor release reviewed for this Trust states property-level mortgage debt or names a lender; the Form D reported equity securities only, which does not by itself establish that the buildings are unlevered.3 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 a subsidiary of Nuveen Global Cities REIT, the firm's nontraded REIT.2 Nuveen launched its 1031 exchange platform on May 29, 2025 to convert 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 units and ends future 1031 eligibility for it.4 NREX II, the program's second offering, debuted in April 2026 at $116.6 million.5
- Sponsor
- Nuveen
- Legal Trust name
- Nuveen Real Estate Exchange I DST
- 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 Form D on record — the brief notice an issuer files for a private placement — was never amended, and reported a $250,000 minimum outside investment and a June 26, 2025 first sale.3 Interests went privately to accredited investors, those meeting SEC income or net-worth tests, so that notice is a snapshot from the raise's first weeks.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- 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?
Top1031 lists three recently built, Class A, light industrial buildings as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
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 announced on July 8, 2026 that Nuveen Real Estate Exchange I DST had successfully closed, 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 with a Georgia, Pennsylvania and Utah portfolio, according to AltsWire.
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.
When were the buildings built, and when were they acquired?
Nuveen's Global Cities REIT page for this Minneapolis light-industrial portfolio, UP Minneapolis, reports that the buildings were constructed in 2021–2022 and acquired in June 2022, when the portfolio was 77% leased to four tenants with about 6.7 years of weighted average lease term remaining. Those 2022 figures describe the portfolio at acquisition and are not the same as its status at the DST's July 2026 close. Neither that page nor the filings reviewed states what the Trust itself paid; the PPM is where a buyer confirms the Trust's own acquisition terms.
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 expiration dates; Nuveen's asset page describes tenant industries at acquisition including food and beverage services, technology and fiber optics, furniture assembly and distribution, and storage. The PPM and rent roll are where a buyer confirms the current 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).