BR Diversified Industrial Portfolio I, DST
Industrial / warehouse / outdoor storage / distribution property in Colorado; North Carolina — sponsored by Bluerock Value Exchange
Minimum investment
$100k
Offering size
$46.5M
How much has sold
4.0%
Asset type
Industrial / warehouse / outdoor storage / distribution property
Location
Colorado; North Carolina
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
BR Diversified Industrial Portfolio I, DST is a Delaware statutory trust — a passive co-ownership vehicle whose interests can be received in a 1031 exchange — holding net-leased industrial buildings in Colorado and North Carolina. Bluerock Value Exchange announced on March 27, 2024 that the Trust was fully subscribed, with $46.5 million of third-party equity and $36.5 million of first-mortgage proceeds.1 The lone 2022 Form D was never amended.
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These links support the historical public record; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
The buildings sit in four markets: Englewood, Colorado, and Sanford, Advance, and Burlington, North Carolina.2 The Englewood property, completed in 2019, pairs a small building with 6.50 acres of outside storage, and the two Sanford buildings were completed in 2021.2 The Burlington building dates to 1994 with a 2007 addition; the Advance building to 1967, expanded in 1985.2
- Reported location
- Colorado; North Carolina
- Property size
- 5 buildings; 6 tenants; 567,306 rentable square feet
Who is the tenant, and what's the lease?
The tenants are Herc Rentals and Wyatts Towing in Englewood, Pfizer and Liberty Tire Recycling in Sanford, American Tire Distributors in Burlington, and Dex Heavy Duty Parts in Advance.2 The sponsor's brochure describes triple-net leases — the tenant pays taxes, insurance, and maintenance directly — expiring between December 31, 2026 and May 31, 2037.3
How did it end?
No sale or other ending on record
Bluerock Industrial Growth REIT's Q4 2024 Property Portfolio, as of December 31, 2024, lists all five DIP I assets in its Noncontrolling Interests Portfolio at 100% occupancy and says the Operating Partnership holds an option to purchase them from DST investors; the reviewed sponsor materials disclose no completed sale or 721/UPREIT conversion.
A five-building, six-tenant geographically diversified industrial portfolio with warehouse, outdoor-storage, and distribution uses; sponsor states 6.5 acres of outdoor storage. The fully subscribed announcement reports $46.5 million of equity and $36.5 million of first-mortgage proceeds; named tenants include Herc Rentals and Pfizer, Inc.
5 buildings; 6 tenants; 567,306 rentable square feetSupporting evidence
How is it financed, and what does it pay?
Investor equity sits behind a first mortgage, so each exchanging investor takes on a share of that debt and the lender is repaid before the Trust. The sponsor's term sheet describes the loan as interest-only for its full term with extension options; no lender is named in the located materials.2
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
Bluerock Value Exchange is the 1031 exchange arm of the Bluerock platform. The sponsor entity behind this Trust, BIGR Exchange TRS, LLC, is described as a wholly owned taxable REIT subsidiary of Bluerock Industrial Holdings, LP, with the industrial program externally managed by affiliates of Bluerock Real Estate, L.L.C. and Bluerock Value Exchange, LLC.2 Bluerock announced the Trust's full subscription by third-party investors on March 27, 2024.1
- Sponsor
- Bluerock Value Exchange
- Legal Trust name
- BR Diversified Industrial Portfolio I, DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 5 active / 18 total offerings from Bluerock Value Exchange
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The SEC record holds a single Form D notice with no amendments, so the public filing snapshot dates from the opening of the raise even though the sponsor later reported the Offering fully subscribed.1 It was offered under Rule 506(b), which bars general advertising and limits purchasers to accredited investors.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
What happened to BR Diversified Industrial Portfolio I, DST?
Top1031 lists BR Diversified Industrial Portfolio I, DST as historical. It is no longer raising money.
Where does Top1031 get the data for BR Diversified Industrial Portfolio I, DST?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in this Trust?
Bluerock Value Exchange announced on March 27, 2024 that BR Diversified Industrial Portfolio I, DST was fully subscribed, meaning the Offering was reported closed to new equity. The SEC record contains one unamended Form D from September 13, 2022, so EDGAR was never updated to reflect that closing. Anyone still evaluating it should confirm current status directly with the sponsor.
What does "fully subscribed" mean for a DST like this?
It means the sponsor reported that all of the beneficial interests offered had been sold to investors and no further equity was being accepted. Bluerock's March 27, 2024 release stated the Trust raised $46.5 million of equity from third-party investors alongside $36.5 million of first-mortgage proceeds.
How concentrated is the tenant risk?
The portfolio spreads across five buildings and six tenants in Colorado and North Carolina, including Herc Rentals, Wyatts Towing, Pfizer, Liberty Tire Recycling, American Tire Distributors, and Dex Heavy Duty Parts. Lease expirations range from December 31, 2026 to May 31, 2037 per the sponsor's brochure, so renewal timing differs building by building rather than arriving all at once.
Is there a 721/UPREIT exit planned?
The record shows no planned 721/UPREIT conversion — the transaction in which DST interests are exchanged for units in a REIT's operating partnership. On the record here, the expected outcome is a sale of the properties rather than a roll-up into a REIT.
Why do the SEC figures look so small compared with the announced raise?
Form D is a one-time notice filed near the start of an offering, and issuers are not required to amend it as sales progress. This Trust filed once in September 2022 and never amended, so the figures on EDGAR are a snapshot from the earliest days, while the sponsor's own March 27, 2024 announcement reports the completed raise.
Chapter 9Bluerock Value Exchange Fully Subscribes $46.5 Million Diversified Industrial Portfolio I DSTBluerock announced full subscription of DIP I with $46.5 million of third-party equity and described its five-property industrial portfolio as exceeding 570,000 square feet with six tenants.