CX Midwest Industrial Logistics
Industrial property in Fort Wayne, IN · sponsored by Carter Exchange
CX Midwest Industrial Logistics was a DST sponsored by Carter Exchange that owned an industrial property in Fort Wayne, IN. Its last Form D was filed Nov 28, 2023.
How it ended
No outcome recorded · under 7 years
Last Form D filed Nov 28, 2023.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $69,123,000Equity offered, per the Form D
- Sold
- 5.5%Form D, Nov 28, 2023; the % is our arithmetic
- Investors reported
- Form D, Nov 28, 20239
- Selling commissions
- Form D Item 15; the % is our arithmetic$6,393,878 · 9.2% of offering
- 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(c)May be advertised publicly. Every buyer’s accredited status must be verified.
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 →
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Ask a 1031 specialist about this recordFree. About: CX Midwest Industrial Logistics. Top1031 is not a broker-dealer.What did the Trust own?
The building is a first-mile Amazon Inbound Cross-Dock, or IXD — the facility type that receives bulk inbound freight from vendors and sorts it onward rather than shipping to consumers directly. Carter Exchange's materials place it adjacent to the Fort Wayne airport and say it was built in 2021 to serve roughly 100 Amazon fulfillment centers. 1 The sponsor also reports about 25 acres of excess land on the site. 2
- Reported location
- Fort Wayne, IN
- Property size
- 645,052 SF on 137.91 acres
How was it financed, and what did it cost to sell?
Carter Exchange's property supplement states the project will be leveraged — meaning mortgage debt sits on the property alongside investor equity — but the materials reviewed disclose no principal balance, lender, or loan-to-value. 1 The sponsor's 2024 overview lists total investment cost of $129,123,000. 3
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
- $6,393,878 · 9.2% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $12,759,171 · 18.4% of offeringForm D Item 16· The filing’s note: “CX Midwest Industrial Logistics Depositor, LLC will be responsible for paying certain fees and costs of approximately $10,469,171.”
- Broker-dealers named in the Form D
- 4 named in the Form D
Show the firms
- Centaurus Financial, Inc. · CRD 30833
- DFPG Investments, LLC · CRD 155576
- McDermott Investment Services, LLC · CRD 154926
- Orchard Securities, LLC · CRD 133378
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Sep 26, 2022
- Minimum investment
- $25,000
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?
Carter Exchange is the 1031 exchange arm of Carter Funds, which sponsors institutional-scale real estate exchange programs. 3 The Trust's SEC filings list a Tampa, Florida address, and the manager of record is CX Midwest Industrial Logistics Manager, LLC. 4 Carter Exchange's 2024 platform overview listed this Fort Wayne Trust among its active offerings. 3
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust filed its original Form D — the brief SEC notice an issuer files for a private placement — in September 2022, then a single amendment in November 2023 updating the amount raised and investor count. It is offered under Rule 506(c), which permits public advertising but limits purchases to verified accredited investors.
- Legal Trust name
- CX Midwest Industrial Logistics, DST
- SEC CIK
- 1948553
- First Form D
- Sep 28, 2022
- Latest Form D
- Nov 28, 2023
- Filings on record
- 2
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $69,123,000 | $3,823,625+$3,823,625 | 9 | EDGAR | |
| Form D | $69,123,000 | $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
- What happened to CX Midwest Industrial Logistics?
- CX Midwest Industrial Logistics is a Historical offering. Last Form D filed Nov 28, 2023.
- What does this Trust actually own?
- A single industrial building in Fort Wayne, Indiana: a 645,052-square-foot Amazon Inbound Cross-Dock (IXD) distribution facility on a 137.91-acre site, built in 2021, according to Carter Exchange's property materials. An IXD receives bulk vendor freight and sorts it to Amazon's downstream fulfillment network rather than delivering to households.
- Who is the tenant, and who stands behind the rent?
- Carter Exchange reports the property is 100% triple-net leased to Amazon.com Services, LLC, with the lease guaranteed by Amazon.com, Inc. Under a triple-net structure the tenant pays property taxes, insurance and maintenance. The specific lease term and expiration date are not disclosed in the public materials reviewed here — the offering documents are the place to confirm them.
- Is there debt on the property?
- Carter Exchange's property supplement says the project will be leveraged, but the materials reviewed do not state a loan amount, lender, or loan-to-value. Leverage matters to a 1031 exchanger because replacement-property debt counts toward matching the debt relieved on the sale of the relinquished property.
- How much is the minimum investment?
- The Form D reports a $25,000 minimum outside investment. Because the Trust is offered under Rule 506(c), only accredited investors whose status has been verified may purchase — an income, net worth, or professional-credential test defined by SEC rule.
- Can this Trust roll into a REIT later?
- No 721/UPREIT exit is indicated — that is the structure where a DST's property is later contributed to a REIT's operating partnership in exchange for units. On the record here, the anticipated path is a sale of the property rather than a REIT conversion.
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.