Nuveen Closes $58.7M NREX I DST Backed by Minneapolis Light Industrial Portfolio

NEW YORK, July 8, 2026 — Nuveen, a global investment manager, has closed the Nuveen Real Estate Exchange I DST (NREX I), a $58.7 million Delaware Statutory Trust (DST) that allows investors to exchange appreciated real estate holdings for a tax-deferred interest in a portfolio of institutional-quality properties, the firm announced Tuesday.

The vehicle is sponsored by Nuveen Real Estate Exchange LLC, a subsidiary of Nuveen Global Cities REIT, Inc. (GCREIT), a non-listed real estate investment trust focused on commercial real estate properties in major global cities.

Minneapolis Light Industrial Portfolio Anchors the DST

The NREX I trust is backed by three recently built, Class A light industrial buildings located across two Minneapolis submarkets. The portfolio totals 405,756 square feet on 28.33 acres and is fully leased to five tenants, with a weighted average lease term of approximately four years, according to Nuveen.

Nuveen described the properties as featuring efficient ingress and egress, strong highway visibility, and functional layouts designed to support operational efficiencies while minimizing near-term capital expenditures. Individual building addresses, per-building square footage, and asset-level pricing details were not disclosed in the announcement.

Nuveen characterized light industrial as "an attractive investment opportunity" in its announcement.

Tax-Efficient Structure Targets Investors Looking to Sell Real Estate

NREX I is structured as a Delaware Statutory Trust, enabling investors who sell real estate to complete a tax-deferred exchange into beneficial interests in the DST. Nuveen noted that it invests across tax-efficient asset classes and vehicles in real estate, municipal bonds, and taxable fixed income, with the goal of maximizing after-tax outcomes for investors.

"At a time when investors are navigating significant market uncertainty, the strong demand for NREX I reflects a clear appetite for the stability and diversification that institutionally managed real estate can provide," said Jeff Carlin, Global Head of Wealth and Retirement Advisory Services at Nuveen. "The light-industrial sector in particular remains an attractive investment opportunity, and we're proud to help advisors guide their clients toward greater tax efficiency and stronger long-term wealth and estate planning outcomes."

GCREIT and Nuveen Real Estate's Broader Platform

GCREIT is a non-listed REIT that focuses on commercial real estate in what Nuveen describes as the world's most dynamic cities, targeting income and growth for investors. Nuveen Real Estate Exchange LLC, the DST sponsor, operates as a subsidiary of GCREIT.

Nuveen Real Estate employs more than 600 dedicated professionals across more than 37 cities in the United States, Europe, and Asia Pacific. Nuveen, the parent firm, manages $1.4 trillion in public and private assets as of March 31, 2026.

Nuveen cautioned that neither the firm nor its affiliates provide legal or tax advice, and that tax rates and IRS regulations are subject to change. The firm also noted that the NREX I announcement does not constitute an offer of securities or investment advice.

Sources

Nuveen Closes NREX I Delaware Statutory Trust — PR Newswire, July 8, 2026