Bought Right.
Built for Income.
A 67,000 SF industrial warehouse adjacent to Anheuser-Busch's St. Louis campus, acquired at $50/SF, well below replacement cost, and 100% NNN leased to Buske Logistics through September 2032. A cash flow deal, not a swing for the fences.
Income from
Day One.
This is a cash flow investment. We're acquiring the asset at a strong basis, well below replacement cost, with a seller credit that offsets known capital needs.
The property is 100% leased on a triple-net basis to Buske Logistics, a national Top-20 private 3PL founded in 1923 that performs contract work for Anheuser-Busch. The lease runs through September 2032 with one remaining 5-year option, and the building sits immediately adjacent to A-B's 142-acre North American headquarters campus. That adjacency makes this location strategically valuable and difficult to replicate.
We're underwriting a long-term hold of seven-plus years, with a projected refinance returning a meaningful portion of investor capital along the way. Targeted capital work starts with the roof, funded by reserves built into the deal. This offering is for investors seeking steady, durable income from well-located industrial real estate rather than a high-risk, high-upside play.
Six Reasons to Commit.
Exceptional Basis
Acquired at $3.355M against a $4.4M original ask, well below the $80–120/SF replacement cost for comparable St. Louis industrial product. Appraised as-is at $3.57M.
Day-One Cash Flow
100% NNN leased at closing. Year 1 averages an 8.22% cash-on-cash return, with the first distribution targeted for July 31, 2026, one month after closing.
Anchored Tenant
A Top-20 private 3PL founded in 1923, serving Fortune 500 clients across roughly 40 North American warehouses. Buske's contract work for Anheuser-Busch ties them to this address.
Below-Market Rents
In-place rent sits well under our projected market rate. Renewal extends durable income; a backfill at lease expiration marks rents to market and drives a larger refinance.
Capital Plan Funded
A negotiated seller credit offsets the roof scope. We expect to spend $250–300K on roofing and minor capital items in year one, funded from reserves built into the budget.
Tax-Advantaged
Class A members receive a K-1. A cost segregation study could generate an estimated $25,000–35,000 passive loss on a $100K investment in year one of the hold.
How the Waterfall Works.
7% Preferred Return
Class A investors receive a 7% preferred return on all unreturned capital before any distribution to F Street (Class B).
100% Return of Capital
All free cash flow pays to Class A until the full initial investment is returned. F Street receives nothing at this stage.
50 / 50 Split
After capital contributions and preferred returns are repaid, remaining cash flow, refinance, and sale proceeds split 50% Class A / 50% Class B.
You invest as a Class A member of F Street 400, LLC, a single-purpose entity formed to purchase and manage this asset exclusively. Scott Lurie serves as manager; F Street and its affiliates hold 100% of Class B units and are responsible for securing the debt. See Section 4 of the operating agreement for the full waterfall.
Hypothetical illustration. Years 1–6 are identical in both exit scenarios; a year 7 refinance is projected to return all capital and preferred return, with sale outcomes ranging from 10.2–14.7% IRR and 1.69x–2.41x equity multiple depending on scenario, cap rate, and year of sale. A refinance could occur as early as year four. Full year-by-year cash flows are in the investment packet. No guarantee these results will be achieved.
Renewal or Backfill.
Years 1–6 are identical either way: same asset, same basis, same in-place Buske lease. The strategies diverge at lease maturity, and both paths are underwritten to return capital through a projected refinance.
Buske Exercises Its 5-Year Option
Buske extends to 2037 and rent escalates 5%. Minimal cost-to-lease, with no tenant improvements or leasing commissions. A cash-out refinance at extension is projected to return a significant portion of investor capital.
Backfill at Market Rents
Buske declines its option and F Street re-leases near market. Higher rents drive a higher valuation and larger refinance, with proceeds funding leasing costs and projected to return all or most remaining Class A capital.
All projected rental rates, refinance proceeds (sized to 1.25x DSCR), IRRs, and equity multiples reflect estimates based on current market conditions across an 8–10 year sale window and 7.00–8.00% exit cap rates. They are not guarantees of future performance.
Next Door to a 142-Acre Anchor.
400 Shenandoah sits adjacent to Anheuser-Busch's National Historic Landmark campus, the company's North American headquarters since the 1850s, in a metro served by six Class I railroads with industrial vacancy near 4.5%.
At a Glance.
A 67,000 SF warehouse at 400 Shenandoah Avenue, south of downtown St. Louis with quick interstate access, fully occupied under a triple-net lease with controllable expense increases capped at 3% annually.
Appreciation and Depreciation.
K-1 Partnership
Class A investors are equity members of F Street 400, LLC, taxed as a partnership. Each investor receives an annual K-1 alongside quarterly distributions.
Fully PassiveCost Segregation Study
F Street may reclassify building components to shorter depreciation schedules, accelerating deductions by an anticipated additional 20–30% in year one of the hold.
Under EvaluationEstimated Passive Loss
Should a cost segregation study proceed, a $100,000 investment is estimated to generate a $25,000–35,000 passive loss on the 2026 investor K-1.
2026 K-1 · Est.The Team Behind It.
Scott Lurie
Manager of F Street 400, LLC. Founder of F Street and the driving force behind a portfolio spanning 22 industrial assets and nearly 4.9M SF.
Josh Lurie
Leads underwriting, legal coordination, and investor relationships. Works directly with lenders and investors to execute across F Street's real estate portfolio.
Nick Jung
Principal overseeing acquisitions and development execution, including the site inspection, capital planning, and lender process on 400 Shenandoah.
Buske Logistics
Privately owned Top-20 3PL serving Fortune 500 clients across roughly 40 strategically located North American warehouses, in place at 400 Shenandoah on a NNN lease through 2032.
1st National Bank of Waterloo
Relationship lender with a term sheet in hand. Financed a prior F Street industrial acquisition that closed smoothly, supporting an efficient, certain close.
F Street Industrial Portfolio
22 industrial assets including 7 developments, totaling 4,896,559 SF and $320M in assets across the Midwest and select secondary markets.
Invest in 400 Shenandoah.
Available exclusively to accredited investors under Rule 501(a) of Regulation D. Minimum investment $50,000. Investor funds are due June 22, 2026, ahead of a June 29 closing. Informational only; not an offer to sell securities.
Scott Lurie
Founder · Manager · F Street 400, LLCJosh Lurie
Principal · VP Investor RelationsNick Jung
Principal · DevelopmentGeneral Inquiries
F Street Investor RelationsAccredited Investors Only. Offered pursuant to Regulation D, Rule 506(c). Minimum investment $50,000. This material does not constitute an offer to sell or a solicitation of an offer to buy any security; any offer is made only through the formal offering documents, including the operating agreement and subscription agreement, which control in the event of any ambiguity. Projected returns, cash flows, refinance proceeds, and exit values are forward-looking estimates based on assumptions F Street considers reasonable; actual results may differ materially and no guarantee of performance is made. Past performance is not indicative of future results. Prospective investors should consult their own legal, tax, and financial advisors.