About 609 Real Estate
609 Real Estate was founded in 2024 to acquire and operate industrial real estate in Minneapolis–St. Paul. The firm sources its own transactions, co-invests in each of them, and manages its properties directly.
- Founded
- 2024
- Properties
- 2
- Square feet
- 57,653
- Market
- Minneapolis–St. PaulMSP
Overview
Owner and operator
The firm identifies acquisition opportunities through a long-standing network of owners and brokers, underwrites them internally, structures each transaction with the capital partners best suited to it, and oversees leasing, capital planning and asset management after closing.
Deliberate scale
The firm's scale is deliberate. It allows 609 to pursue well-located buildings that larger investors often overlook, and to give each asset the attention its business plan requires.
One market
Minneapolis–St. Paul is the firm's sole market. The metro combines a deep base of small and mid-sized businesses with tight industrial vacancy and an older, fragmented stock of multi-tenant buildings. That combination rewards owners with detailed submarket knowledge and an active approach to management. The firm's founder was raised in Minneapolis, and the majority of his family remains in the area.
Investment criteria
- Property type
- Multi-tenant and single-tenant industrial and flex buildings.
- Building size
- 10,000 to 500,000 square feet, as single assets or small portfolios.
- Transaction size
- $2 million to $50 million.
- Market
- Infill submarkets across the Minneapolis–St. Paul metropolitan area.
- Profile
- Value-add and stabilized assets, including properties with below-market rents, near-term lease rollover, deferred capital needs or ownership transitions.
- Occupancy
- Stabilized to substantially vacant.
- Basis
- Acquisition at or below replacement cost, underwritten to durable, risk-adjusted returns.
- Process
- Off-market and lightly marketed transactions, direct from owners or through brokers. The firm underwrites promptly.
Capital partners
Each acquisition is capitalized for the transaction at hand. The firm invests alongside institutional sponsors, private investors and family offices, and finances its properties with lenders experienced in multi-tenant and single-tenant industrial product.
Investors interested in future opportunities, and lenders and brokers active in this segment, are welcome to contact the firm.
jacob@609re.com