Top1031
BREX Net Lease Data Center I DST
in Sunnyvale, CA · sponsored by Brookfield
BREX Net Lease Data Center I DST, sponsored by Brookfield, filed its first Form D with the SEC on Aug 17, 2026 for a $58.9 million offering. Its latest Form D, filed Oct 6, 2026, lists a $58.9 million offering with a $100,000 minimum.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $58,979,841Equity offered, per the Form D
- Sold so far
- Form D, Oct 6, 2026; the % is our arithmetic25.9%
- Investors reported
- Form D, Oct 6, 202635
- Selling commissions
- Form D Item 15; the % is our arithmetic$4,128,588 · 6.9% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.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
- Oct 6, 2026 · 5 filings
- First sale
- Aug 3, 2026
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
- $15,320,295
- Not yet sold
- $43,659,546
- Investors
- 35
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
25.9% of $58,979,841 sold, calculated by Top1031 from the Form D
- Average since first sale
- about $7.2 million a month
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Ask a 1031 specialist about this recordFree. About: BREX Net Lease Data Center I DST. Top1031 is not a broker-dealer.BREX Net Lease Data Center I DST · Sunnyvale, CA · Photo: brookfieldreit.com
What does the Trust own?
Brookfield's June 2026 offering summary identifies the asset as 255 Caspian Drive in Sunnyvale, California, a data center of 119,756 rentable square feet with 6.5 megawatts of critical IT capacity, fully leased when the summary was written. 1 Digital Core REIT's September 2026 presentation reports that Brookfield acquired the building from DivcoWest for $90.3 million in the second quarter of 2026, naming Brookfield rather than the Trust as buyer. 3
- Reported location
- Sunnyvale, CA
How have sales gone?
The sponsor’s own numbers, with the caveat in Sales so far ↑.
How is it financed, and what did it cost to sell?
The Trust uses mortgage debt alongside the equity raised. Brookfield's offering summary says the loan is expected to mature in 2031. 1 A DST generally cannot refinance or borrow anew, so a maturing loan is usually addressed through a sale or a transfer of the property.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $4,128,588 · 6.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $294,899 · 0.4% of offeringForm D Item 16· The filing’s note: “Item 16 is an estimate of offering and organizational expenses that may accrue to one or more Related Persons.”
- Broker-dealers named in the Form D
- 6 named in the Form D
Show the firms
- Aurora Securities · CRD 46147
- Cabin Securities, Inc. · CRD 137608
- Cetera Wealth Services, LLC · CRD 13572
- Concorde Investment Services, LLC · CRD 151604
- Metropolitan Capital Investment Banc, Inc. · CRD 148820
- Realized Financial, Inc. · CRD 22333
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Aug 3, 2026
- Minimum investment
- $100,000
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.
Who's behind the Trust?
Brookfield Real Estate Exchange LLC, named as sponsor in the Form D, is the 1031 exchange arm of the global asset manager Brookfield. 2 BREX Manager LLC is the manager and signatory trustee. 2 The same filing describes the issuer as a Delaware statutory trust formed in 2026, the vehicle that holds title so exchangers can own fractional interests in replacement property. 2
- Sponsor
- Sponsor entity in the Form D
- Brookfield Real Estate Exchange LLC
- Manager and signatory trustee
- BREX Manager LLC
- Depositor
- BREX Net Lease Data Center I Depositor LLC
- Offerings on record
- 2 active / 4 total
What does the SEC record show?
The issuer gave August 3, 2026 as its date of first sale. 2 Amendments since have updated the issuer's reported figures. The exemption used bars general advertising and limits buyers to accredited investors, people who meet SEC income or net-worth tests.
- Legal Trust name
- BREX Net Lease Data Center I DST
- SEC CIK
- 2147270
- First Form D
- Aug 17, 2026
- Latest Form D
- Oct 6, 2026
- Filings on record
- 5
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $58,979,841 | $15,320,295+$3,663,914 | 35+9 | EDGAR | |
| Form D/A | $58,979,841 | $11,656,381+$3,846,066 | 26+9 | EDGAR | |
| Form D/A | $58,979,841 | $7,810,315+$3,346,089 | 17+5 | EDGAR | |
| Form D/A | $58,979,841 | $4,464,226+$2,166,970 | 12+5 | EDGAR | |
| Form D | $58,979,841 | $2,297,256 | 7 | 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 BREX Net Lease Data Center I DST an active offering?
- BREX Net Lease Data Center I DST is an Active offering: its latest Form D was filed Oct 6, 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 property backs this Trust?
- Brookfield Real Estate Exchange's June 2026 offering summary identifies a single data center at 255 Caspian Drive in Sunnyvale, California, with 119,756 rentable square feet and 6.5 megawatts of critical IT capacity. That summary describes the building as 100% leased. Digital Core REIT's September 2026 investor presentation reports that Brookfield acquired the property from DivcoWest for $90.3 million in the second quarter of 2026, naming Brookfield rather than the Trust as the buyer.
- Who is the tenant, and what kind of lease is in place?
- Equinix, LLC, a wholly owned subsidiary of Equinix, Inc., is the tenant under a net lease, meaning the tenant covers operating costs a landlord would otherwise pay. Brookfield's offering summary says Equinix executed a five-year renewal in 2025 that runs the term through September 2030, and that Equinix disclosed an intention to exercise a final five-year option, which would carry the lease to September 2035. That option is not an executed extension. The same summary describes 4.4% annual rental-rate increases.
- What is the master lease, and when does it expire?
- Brookfield's June 2026 offering summary lists May 2046 as the master-lease expiration. In a DST, the trust typically leases the entire property to a master tenant affiliated with the sponsor, which keeps the trust itself passive, since a Delaware statutory trust is restricted from actively operating a property.
- How is the Trust financed?
- With mortgage debt alongside investor equity. Brookfield's June 2026 offering summary says the loan is expected to mature in 2031, and presents that as an expectation rather than a fixed repayment date. Because a DST generally cannot refinance or take on new debt, a loan maturity is typically met by selling the property or transferring it.
- Who sponsors the Trust, and who manages it?
- Brookfield Real Estate Exchange LLC, the 1031 exchange arm of the global asset manager Brookfield, is named as sponsor in the Form D. BREX Manager LLC is identified as the manager and signatory trustee. The same filing describes the issuer as a Delaware statutory trust formed in 2026.
- How large is the offering, and what is the minimum investment?
- The Form D reports a total securities offering of $58,979,841, with a $100,000 minimum investment. Brookfield's June 2026 offering summary gives $97,979,841 as maximum gross proceeds at the maximum offering amount. The offering is made under Rule 506(b), the private-placement exemption that bars general advertising and limits buyers to accredited investors.
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.