Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
BREX Net Lease Data Center I DST is a Delaware statutory trust — the fractional-ownership vehicle 1031 exchangers use to hold like-kind replacement property — sponsored by Brookfield Real Estate Exchange LLC, and it is raising.1 Sponsor-affiliated offering material identifies its asset as an Equinix-occupied data center at 255 Caspian Drive in Sunnyvale, California, master leased to a Brookfield affiliate; the SEC filings name no property.2
Property details are not confirmed yet. The SEC filings below are the current public record.
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These links support the public record as a whole; 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?
Sponsor-affiliated offering material identifies the Trust's asset as a Tier-III powered shell at 255 Caspian Drive in Sunnyvale, California, with 119,756 rentable square feet; no SEC filing names a property.2 Brookfield's property page describes that building as roughly 120,000 square feet, acquired in 2026 for about $90 million and wholly owned.3 Data Center Dynamics reported in May 2026 that Brookfield bought it from DivcoWest for $90.3 million.4
- Reported location
- Sunnyvale, CA
Who is the tenant, and what's the lease?
Offering material states the facility is 100% net leased to Equinix, LLC, which has occupied it since 2005, with a base term through September 2030 and a final five-year option to September 2035.2 The same material describes a Brookfield-affiliated master lease through May 2046, so the Trust's rent arrives from that affiliate rather than from Equinix directly.2
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
- Amount sold
- $7,810,315
- Still available
- $51,169,526
- Investors reported
- 17
- Total offering
- $58,979,841
How is it financed, and what does it pay?
This is a leveraged Trust: offering material reports roughly $39 million of debt alongside the equity being raised, described as five-year interest-only financing.2 Because a DST cannot refinance its own loan, that debt must ultimately be repaid, the property sold, or the structure changed. No public filing names the lender.
Who's behind it?
Brookfield Real Estate Exchange LLC is the 1031 exchange arm named in the Trust's Form D, which also names BREX Manager LLC as manager and signatory trustee and BREX Net Lease Data Center I Depositor LLC as depositor.1 AltsWire, reporting July DST sales volume on August 5, 2026, listed this Trust among offerings raising equity for a Sunnyvale, California asset.
- Sponsor
- Brookfield
- Legal Trust name
- BREX Net Lease Data Center I DST
- May convert to a REIT
- Not stated
- Offerings from this sponsor
- 2 active / 4 total offerings from Brookfield
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The paper trail is short: a new-notice Form D and two amendments, each updating the amount sold and the investor count. The original notice reports a first sale on August 3, 2026 and a $100,000 minimum investment.1 The exemption noted below bars general advertising and limits buyers to accredited investors — those meeting SEC income or net-worth tests.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 3
- 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
Is BREX Net Lease Data Center I DST still raising money?
Top1031 lists BREX Net Lease Data Center I DST as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for BREX Net Lease Data Center 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.
What property does this Trust own?
A sponsor-affiliated offering page for the named Trust identifies a single data center at 255 Caspian Drive in Sunnyvale, California, described as a Tier-III, single-tenant powered shell of 119,756 rentable square feet on a 6.5-acre site. Brookfield's own property page describes that address as a data center of approximately 120,000 square feet, acquired in 2026 for approximately $90 million and 100% owned, and Data Center Dynamics reported in May 2026 that Brookfield bought the building from DivcoWest for $90.3 million. No SEC filing names the property, so the deed, the price the Trust itself paid and the closing date sit in the PPM — the private placement memorandum that governs the offering.
Who is the tenant, and how does the master lease work?
Offering material for the Trust states the facility is 100% leased on a net-lease basis to Equinix, LLC, a wholly owned subsidiary of Equinix, Inc., which the same material says has occupied the space since 2005. The base term is reported through September 2030, with a final five-year option that could carry it to September 2035. The property is also reported as master leased to a Brookfield-affiliated master tenant through May 2046, with the Brookfield operating partnership guaranteeing that master lease. In that structure the Trust receives rent from the affiliated master tenant, which in turn collects from the operating tenant. These are sponsor-reported terms; the lease documents summarized in the PPM control.
Is the Trust leveraged?
Yes, according to sponsor-affiliated offering material, which reports approximately $39 million of debt alongside the equity being raised and describes it as five-year, interest-only financing. No public filing names the lender, the maturity date or any reserve requirements. Because a Delaware statutory trust cannot refinance its own debt, loan maturity and the tenant's renewal decisions are linked timing questions for any investor.
How is this offering sold?
Under Rule 506(b) — the private-placement exemption that lets an issuer sell unregistered securities provided it does not advertise publicly and sells to accredited investors, meaning people who meet SEC income or net-worth tests, generally through pre-existing relationships. The Form D reports a $100,000 minimum investment and a first sale on August 3, 2026. You will not see the Trust advertised; access runs through the sponsor's selling group, which is also the only source for current availability.
What changed in the most recent filing?
A second amended Form D (a Form D/A) was filed on September 4, 2026, following the original August 17, 2026 notice and an August 27, 2026 amendment — three filings on record in under three weeks. Like the first amendment, it updated the amount sold and the number of investors reported; the total offering amount and the $100,000 minimum investment were unchanged. Form D amendments never add property, tenant or loan detail.
What does the public record leave unresolved?
A good deal. The SEC filings establish the issuer, the sponsor entities, the offering size, the minimum investment and the offering exemption — and nothing else. They do not identify the property, the tenant, the lender, the loan terms, the date or price at which the Trust took title, reserves, or the text of the lease and master lease. No primary closing record shows that the Trust itself holds title to 255 Caspian Drive; the 2026 purchase is reported at the Brookfield level. Nothing addresses whether a 721/UPREIT exit — contributing the property to a REIT in exchange for operating-partnership units — is contemplated. The PPM is the controlling document.