Zero Coupon LV Training Facility
Single-tenant office (NFL franchise HQ + training facility) property in Henderson, NV — sponsored by Capital Square
Files with the SEC as CS1031 Zero Coupon LV Training Facility, DST
Minimum investment
$50k
Offering size
$57.6M
How much has sold
None sold yet
Asset type
Single-tenant office (NFL franchise HQ + training facility) property
Location
Henderson, NV
Financing
Zero coupon. Cash flow from the property goes to servicing the debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
This is a Delaware Statutory Trust (DST) — fractional real estate ownership that can receive 1031 exchange proceeds — holding the Las Vegas Raiders' training facility and corporate headquarters in Henderson, Nevada, leased to Raiders Football Club, LLC.2 Capital Square acquired the property on December 16, 2022. It is a zero-coupon deal, which the sponsor says pays no cash distributions before disposition.1
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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 building was built to suit for the Raiders and completed in 2020 at 1475 Raiders Way in Henderson, across from Henderson Executive Airport.2 It combines a three-story office building, an indoor practice facility, outdoor fields, a performance center and a pool.2 Capital Square bought it on December 16, 2022 and placed it into this Trust.
- Reported location
- Henderson, NV
- Property size
- 336,000 sq ft (incl. ~139,000 SF three-story office; ~130,000 SF indoor practice facility)
Who is the tenant, and what's the lease?
Raiders Football Club, LLC occupies the entire property under an absolute-net lease, meaning the tenant covers taxes, insurance and maintenance directly.5 The original 29-year term had roughly 26 years remaining at acquisition, with seven 10-year renewal options.2 Capital Square also states the tenant holds a right of first offer to purchase.1
How did it end?
Sold
Capital Square acquired the Las Vegas Raiders headquarters and practice facility (1475 Raiders Way, Henderson, NV) on Dec 16, 2022 for $57.6 million in equity raise; Mesirow's Feb 26, 2024 press release announcing acquisition of the same property 'valued in excess of $220 million' indicates the trust's full-cycle disposition to Mesirow on a sale-leaseback basis, though no stated equity multiple, total return, IRR, or hold period was disclosed.
Las Vegas Raiders Training Facility & HQ · Built-to-suit Las Vegas Raiders training facility and corporate HQ completed in 2020. Single-tenant, absolute-net 29-year lease to Raiders Football Club, LLC (NFL franchise owner); ~26 years remaining at acquisition plus seven 10-year renewal options. DST offering target $57.6M equity. Acquired Dec 16, 2022. No press release confirming the offering was fully subscribed was found during this research; status remains open/unverified.
336,000 sq ft (incl. ~139,000 SF three-story office; ~130,000 SF indoor practice facility)$220,000,000Sale price · as reported by the sponsor
Supporting evidence
How is it financed, and what does it pay?
Capital Square's offering page describes the property as highly leveraged and states that purchasers receive no cash distributions before disposition, and that the Trust generates taxable income without corresponding cash flow.1 The lender is not identified in the reviewed public record.
- Financing
- Zero coupon. Cash flow from the property goes to servicing the debt.
Who's behind it?
Capital Square sponsors 1031 exchange DST programs through Capital Square Realty Advisors, LLC, which the Form D names as promoter alongside CSRA Manager, LLC as director/promoter and Louis Rogers as an executive officer and promoter.4 The sponsor announced on December 16, 2022 that it had acquired the Raiders facility on behalf of this Trust.3 Its offering page lists WealthForge Securities, LLC as managing broker-dealer.1
- Sponsor
- Capital Square
- Legal Trust name
- CS1031 Zero Coupon LV Training Facility, DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 8 active / 28 total offerings from Capital Square
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The public paper trail here is thin: a single Form D lodged days after the acquisition closed, with no amendment indexed since. The Trust was offered under Rule 506(c), the exemption that permits general advertising so long as every buyer's accredited-investor status is verified.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- 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 Zero Coupon LV Training Facility?
Top1031 lists Zero Coupon LV Training Facility as historical. It is no longer raising money.
Where does Top1031 get the data for Zero Coupon LV Training Facility?
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.
Is this Trust still open to new investors?
That is not settled by the public record. Capital Square filed one Form D for CS1031 Zero Coupon LV Training Facility, DST on December 19, 2022 and no later amendment has been indexed. Research through August 29, 2026 found no press release confirming the offering was fully subscribed, so its status is best treated as unverified rather than closed.
What does a "zero coupon" DST mean for me as an investor?
Capital Square's offering page describes this property as highly leveraged and states that purchasers receive no cash distributions before disposition and that the Trust generates taxable income without corresponding cash flow.[1] In plain terms, an investor in a structure like this is not buying current income; the economics depend on what happens at sale or refinancing. The tax treatment of income without cash is a question for your own CPA.
Who is the tenant, and how long is the lease?
The tenant is Raiders Football Club, LLC, the entity behind the NFL franchise, occupying the whole property under an absolute-net lease. Trade coverage of the December 2022 acquisition described a 29-year original term with roughly 26 years remaining at that point, plus seven 10-year renewal options.[2] Capital Square states the tenant also has a right of first offer to purchase the property.[1]
Can this Trust convert into REIT shares through a 721/UPREIT exit?
No. Top1031's record for this Trust shows no 721 exchange or UPREIT feature — that is the structure in which DST interests are later contributed to a REIT's operating partnership in exchange for OP units. Investors here would look to a sale or other disposition of the property, and the tenant's right of first offer is part of that picture.[1]
What is not known about this deal from public sources?
The reviewed sources do not state the purchase price, the loan amount or loan-to-value, the lender's identity, the current amount raised, or any completed disposition or outcome. No SEC filing for this CIK appears after the December 19, 2022 Form D. Those figures would be found in the private placement memorandum (PPM), the offering's governing disclosure document.
Chapter 9Las Vegas Raiders Practice Facility/HQ Handed Off to Capital SquareTrade-press coverage of the December 2022 acquisition of the Raiders training facility/HQ by Capital Square for the DST offering. Capital Square Acquires Headquarters of National Football League's Las Vegas Raiders for DST OfferingPress release announcing acquisition of the Las Vegas Raiders training facility/HQ (Zero Coupon LV Training Facility) in Henderson, NV, on behalf of CS1031 Zero Coupon LV Training Facility, DST, with a $57.6M raise target.