Leivas Real Estate Company

Owner, operator, and advisor in commercial real estate.

A private real estate company · Led by Cody Leivas, Principal

We invest in and operate sub-$10M Midwest industrial real estate, and provide institutional-grade underwriting and capital-raise production to other principals — built on conservative underwriting, proprietary systems, and principal review on every deliverable.

Selectively partnering on sub-$10M Midwest industrial

Request a Conversation → How We Work

Cody Leivas · Principal · Orange County, CA

About the Company

The company behind the brands.

Leivas Real Estate Company is the platform behind a family of real estate businesses — the balance sheet, the systems, and the principal behind the names clients actually see.

The company runs on two tracks: principal investments — owning and operating sub-$10M Midwest industrial — and advisory & production — institutional underwriting and capital-raise materials for other principals. Both are built on conservative underwriting, proprietary systems, and principal review — institutional in judgment, delivered with the responsiveness of a private firm.

"The system reads. The principal signs."

The operating principle

Track 01 — Principal Investments

We own and operate.

Value-add Midwest industrial — small-bay, IOS, and single-tenant assets under $10M — acquired, financed, and operated through Bluebird CRE, with advisory and operations support from Summit Real Estate Services.

Track 02 — Advisory & Production

We underwrite and produce.

Institutional underwriting, lease abstracts, investment memos, and capital-raise materials for other principals — AI-leveraged, principal-reviewed, delivered through Capistrano Real Estate Advisors.

Advisory · How We Work

Four steps. No drift.

Every engagement runs the same disciplined path — confidential, scoped, and delivered on the cadence we promise.

STEP 01

Introductory Call

Thirty minutes, confidential. We learn the deal; you learn how we work. No pricing yet.

STEP 02

Scoped Plan

One page — deliverable, timeline, terms. Fixed fee, fixed cadence. No surprises.

STEP 03

Production

Schema-driven and principal-reviewed. The system reads, structures, and drafts; the principal reviews and signs every page.

STEP 04

Handoff

Delivered on the cadence promised, with a review call. The system stays with you.

Advisory · The Deal Chain

One input. Every artifact. Zero re-keying.

On the advisory track, a single document flows through the system into the deliverables a deal actually needs — each one principal-reviewed before it ships.

Input

Lease / OM

Artifact 1

Lease Abstract

Artifact 2

Underwriting Model

Artifact 3

IC / Deal Memo

Recipient

Buyer / LP

Each step is automated by a custom production system — read by the system, structured by the schema, reviewed by the principal before it ships.

Advisory · The Method

How the work gets done.

On the advisory track, proprietary systems do the first eighty percent and a principal does the last twenty. Every deliverable is reviewed and signed before it ships.

The first 80%

The system reads, structures, drafts.

Custom production systems — the same code the firm runs on its own deals — read the OM, abstract the lease against a 20-field schema, build the model, and draft the deal email. Every standard enforced automatically.

The last 20%

A principal reviews and signs.

Nothing leaves the building without the principal's review. Models get spot-checked at the assumptions that matter; abstracts get re-read against the lease; memos get rewritten in the sponsor's voice. The judgment is the part that counts.

The system reads. · The principal signs.

What We Do

Five disciplines.

The capabilities behind both tracks — acquisitions and asset management on the ownership side; capital raising, strategy, and underwriting on the advisory side.

Acquisitions

Sourcing and diligence through close — off-market notes, single-tenant, and multi-tenant industrial, underwritten before the offer.

Sourcing · Diligence · Close

Asset Management

Operating the hold — lease administration, CAM, vendor management, and business-plan execution that protects and grows NOI.

Lease admin · CAM · NOI

Capital Raising

Friends-and-family to institutional — offering materials, investor outreach, and the structure behind the raise.

OM · Outreach · Structure

Strategy

Hold-vs-sell, recapitalization, and repositioning decisions — grounded in the numbers and a multi-decade view.

Hold/sell · Recap · Reposition

Valuations & Underwriting

10-year proformas, sensitivities, debt sizing, and BOVs — the analytical core, principal-reviewed before it ships.

Proforma · Sensitivities · BOV

Track Record

Proof, not promises.

Real assets under ownership and real deliverables shipped — across the company's ventures.

~450K

SF owned

Industrial assets

Midwest metros

2021–25

Acquisition vintage

Bluebird CRE — Industrial Portfolio

Property	Market	Type	Size	Acq.
4333 W 71st StreetIndianapolis, IN	Indianapolis	Large-format	179,725 SF	2023
3015 South 163rd StreetNew Berlin, WI	Milwaukee	Industrial	52,260 SF	2023
W141 N9501 Fountain BlvdMenomonee Falls, WI	Milwaukee	Single-tenant	38,768 SF	2022
201–215 Stag Industrial BlvdLake St. Louis, MO	St. Louis	Multi-tenant	33,817 SF	2025
7834–7842 N Faulkner RdMilwaukee, WI	Milwaukee	Multi-tenant flex	29,747 SF	2024
9415 Dielman Rock Island DrSt. Louis, MO	St. Louis	Flex industrial	26,778 SF	2022
5161 Wolfpen-Pleasant Hill RdMilford, OH	Cincinnati	Single-tenant	20,925 SF	2022
N117 W18654 Fulton DriveGermantown, WI	Milwaukee	Industrial	20,080 SF	2022
1285 West Terra LaneO'Fallon, MO	St. Louis	Industrial / IOS	18,858 SF	2024
10605 Trenton AvenueSt. Louis, MO	St. Louis	Single-tenant	18,720 SF	2024
4115 SW Southgate DriveTopeka, KS	Topeka	Flex industrial	10,080 SF	2021

Selected holdings of Bluebird CRE, a line of business of Leivas Real Estate Company · sub-institutional Midwest industrial.

Capistrano Real Estate Advisors — Selected Engagements

Investment Memo

32-page IC memo & investor microsite

A sponsor under PSA on a $6.0M flex-storage acquisition — well below replacement cost — needed an IC-ready package fast.

Delivered inside the diligence window

Capital Raise

$2M friends-and-family raise

An institutional sponsor's first retail raise on an off-market note acquisition — full brand kit, preliminary underwriting, and SOPs.

Raise #2 ships in-house

Financial Review

26 findings across five years of statements

Five years of boutique-resort financials that didn't reconcile, rebuilt from the ground up with recap and exit scenarios.

$5.5M appraisal pressure-tested to $4.0–4.5M

Ventures & Quick Links

The Leivas family of businesses.

Four real estate businesses — two operating as lines of Leivas Real Estate Company, one consulting client, and one partner venture the principal helps run.

Principal

Bluebird CRE

DBA of Leivas RE · Line of business

Value-add Midwest industrial syndication — small-bay warehouses, industrial outdoor storage, and single-tenant assets under $10M for accredited investors and family offices.

Visit Bluebird →

bluebirdcre.co

Founder & Advisor

Capistrano Real Estate Advisors

DBA of Leivas RE · Line of business

Analyst-as-a-service for commercial real estate — underwriting, lease abstracts, investment memos, and capital-raise materials. AI-leveraged production, principal-reviewed on every deliverable.

Visit Capistrano →

capistranore.com

Strategic Advisor

Summit Real Estate Services

Consulting client of Leivas RE

Boutique industrial real estate advisory and operations for families, private investors, and private equity groups across the Midwest — institutional discipline with boutique service.

Visit Summit →

summit.bluebirdcre.co

Partner & COO

First Choice Home Sale

Partner venture · COO under consulting

Southern California residential wholesaling — fast, as-is cash offers to motivated sellers, on the seller's timeline. Cody Leivas serves as Chief Operating Officer under a consulting arrangement.

Visit First Choice →

fchomesale.com

The Principal

Cody Leivas, Principal.

Every workflow the company runs is one Cody runs on his own deals — the underwriting model, the IC-memo voice, the lease-abstract schema. The system makes the first 80% fast; the principal makes the last 20% right.

Education

M.S. — Real EstateChapman University
M.S. — Investment Management & Financial AnalysisCreighton University (IMFA)
B.S. — Business FinanceAzusa Pacific University

Memberships

NAIOPCommercial Real Estate Development Association
ULIUrban Land Institute
Chapman YEACYoung Executive Advisory Council