Top1031

BXREX Portfolio II DST

Industrial property in Somerset, NJ · sponsored by Blackstone (BXREX)

Active offeringLatest Form D filed May 11, 2026 (opens in a new tab)

BXREX Portfolio II DST is a DST sponsored by Blackstone (BXREX) that owns an industrial property in Somerset, NJ. Its latest Form D, filed May 11, 2026, lists a $187.3 million offering with a $500,000 minimum.

Key facts

Minimum investment
$500,000
From the Form D
Offering size
$187,308,863
Equity offered, per the Form D
Sold so far
None reported as of May 11, 2026
Form D, May 11, 2026
Selling commissions
$6,555,810 · 3.4% of offering
Form D Item 15; the % is our arithmetic
Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
How it is financed ↓
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.

Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →

Sales so far

Latest Form D
May 11, 2026 · 1 filing

No sales reported in a Form D amendment yet. Latest notice May 11, 2026.

Weighing this offering for your exchange? A licensed 1031 specialist from our affiliated partner can go through these filings with you.

Ask a 1031 specialist about this recordFree. About: BXREX Portfolio II DST. Top1031 is not a broker-dealer.

No photo on record. Somerset, NJ · no mappable address in the filings.

What does BXREX Portfolio II DST own?

Baker 1031's offering page identifies a 506,759-square-foot industrial distribution building at 2040 North Union Street in Middletown, Pennsylvania, and a 355,790-square-foot distribution building at 1 Wiley Drive in Somerset, New Jersey. 2 AltsWire described the Trust on September 22, 2026 as still in the market for two industrial properties in Pennsylvania and New Jersey. 3 No SEC filing names either building, and acquisition dates and prices are not established in the public record.

Property address
1 Wiley Drive, Somerset, NJ

How is it financed, and what did it cost to sell?

Baker 1031 reports both properties were acquired without permanent financing, so the Trust would hold them debt-free — no lender, no mortgage maturity, and no refinancing deadline that could force a sale. 2 The Form D discloses no leverage detail either way.

Debt

Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.

Costs and terms from the Form D

Selling commissions
$6,555,810 · 3.4% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$1,873,089 · 1.0% of offering
Form D Item 16
· The filing’s note: “Estimate of certain fees and expenses including Facilitation Fee, which may accrue to one or more related persons.”
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Not in the Form D
Minimum investment
$500,000

Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.

What does the SEC record show?

The initial notice claims an exemption from SEC registration rather than reflecting any SEC review, and that exemption bars advertising, so interests reach accredited investors — people meeting SEC income or net-worth tests — through pre-existing relationships. No amendment had appeared in the record as of September 26, 2026.

Legal Trust name
BXREX Portfolio II DST
SEC CIK
2134443
First Form D
May 11, 2026
Latest Form D
May 11, 2026
Filings on record
1
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D$187,308,863
$0
EDGAR

Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.

A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.

Common questions

Is BXREX Portfolio II DST an active offering?
BXREX Portfolio II DST is an Active offering: its latest Form D was filed May 11, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
What real estate does BXREX Portfolio II DST own?
The SEC record does not say. The Trust's Form D dated May 11, 2026 classifies the issuer as commercial real estate and names no property. Baker 1031's offering page for the Trust identifies a 506,759-square-foot industrial distribution building at 2040 North Union Street, Middletown, Pennsylvania, and a 355,790-square-foot distribution building at 1 Wiley Drive, Somerset, New Jersey. Those details are sponsor-reported through an offering page rather than established by an SEC filing, and no public offering documents or asset schedule was located as of September 26, 2026.
Who occupies the buildings, and who pays the rent?
Baker 1031 reports both properties are leased in full to BXREX Portfolio II LeaseCo, LLC — a Blackstone-affiliated master tenant — under a 10-year triple-net master lease running May 2026 through April 2036, with rent fully and unconditionally guaranteed by BREIT Operating Partnership L.P. Beneath that master lease, the same page reports Grocery Outlet Inc. at the Middletown building and ID Logistics Warehousing, LLC at the Somerset building, with part of the Somerset rooftop separately leased to a solar operator. The page also states the master tenant, not investors, bears operating and re-leasing risk under those underlying leases. The master lease and guarantee documents are not public; the offering documents and trust agreement control them.
Does the Trust carry mortgage debt?
Baker 1031 describes both properties as acquired without permanent financing, which would make this a debt-free offering. The Form D says nothing about leverage in either direction. A debt-free DST has no lender, no loan maturity and no refinancing event that could force a sale; an exchanger who must replace debt from a relinquished property should confirm with their own tax adviser how an unlevered replacement property affects their exchange.
Is there a stated exit path for investors?
Baker 1031 describes one: beginning 24 months after the offering closes, the BREIT operating partnership may, but is not required to, exercise a fair-market-value option to acquire investors' interests, initially payable in operating-partnership units during a subsequent 12-month window — a Section 721 exchange, contributing property to a REIT's operating partnership for units, which defers gain but ends future 1031 eligibility — and for cash thereafter. The same page states exercise is not assured. Nothing in the SEC record addresses this feature; the offering documents and trust agreement govern it.
How current are the offering figures shown here?
They are the snapshot the issuer reported on its initial Form D dated May 11, 2026, when it stated that its first sale had yet to occur — not a live count. Only an amended Form D would refresh them in the public record, and no such amendment had been identified as of September 26, 2026, while AltsWire's September 22, 2026 report still described the Trust as in the market. The present state of the raise is therefore not established by any SEC filing.

In the news

Sources

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DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.