Dosch Properties

Dosch Properties is the live template for Encephalo’s industrial acquisition strategy. The asset was acquired in April 2026 and represents the firm’s first full execution of the three-track model on a commercial property.

The acquisition thesis was structural. The building’s existing roof and HVAC systems were at the end of their useful life, which required a near-term capital plan. The firm’s underwriting identified that plan as fundable through PACE — Property Assessed Clean Energy financing — and identified the construction scope as executable by ACC as the self-performing general contractor. Both conditions held, which converted the capital plan from a capex headwind into a margin event on the platform’s balance sheet.

The current business plan is the active execution of that capital plan. ACC is the general contractor of record. Cortex manages the asset’s day-to-day operations and tenant relations. Encephalo Capital is the owner entity. All three divisions are engaged on the asset simultaneously, which is what the three-track model looks like in practice rather than in principle.

Dosch is the first industrial property the firm owns but is not intended to be the last. The platform’s next capital formation cycle is scaled to support two to three additional Dosch-scale industrial acquisitions over a three-year horizon, each underwritten to the same PACE-plus-self-performance template.

Twin Cities metro industrial corridor. Geographic filter on industrial acquisitions is broader than on multifamily; the asset-characteristic filter is tighter.