Top1031

4-property net-lease portfolio

4 net-leased retail properties in 4 states · sponsored by ExchangeRight

Sold outReported fully subscribed · latest Form D Sep 4, 2025 (opens in a new tab)

4-property net-lease portfolio is a DST sponsored by ExchangeRight that owns 4 net-leased retail properties in 4 states. Its latest Form D, filed Sep 4, 2025, lists a $46.1 million offering with a $100,000 minimum.

Key facts

Minimum investment
$100,000
From the Form D
Offering size
$46,100,000
Equity offered, per the Form D
Sold so far
Not reported after the first Form D (Sep 4, 2025)
Form D, Sep 4, 2025
Selling commissions
$2,305,000 · 5.0% of offering
Form D Item 15; the % is our arithmetic
Financing
All cash. This offering reports no mortgage debt.
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 →

Can I still invest?

No new interests: the offering is reported fully subscribed.

Other ExchangeRight offerings on record

Availability changes without a filing. The sponsor or a registered representative can confirm what is open.

Looking for an offering like this one? A licensed 1031 specialist from our affiliated partner can talk through what is on record.

Ask a 1031 specialist about this recordFree. About: 4-property net-lease portfolio. Top1031 is not a broker-dealer.
4-property net-lease portfolio image

4-property net-lease portfolio · FL · Photo: cdn-static.exchangeright.com

Multiple property locations are on record; no single map.

What does 4-property net-lease portfolio own?

ExchangeRight formed the Trust as a Delaware statutory trust on April 30, 2025, then bought the four buildings from unaffiliated sellers between July 30 and August 28, 2025 for an aggregate $39,032,874. 1 They are a Hy-Vee grocery in New Hope, Minnesota, a Sprouts Farmers Market in Ocala, Florida, a Tractor Supply in Saint Albans, Vermont, and a Dollar General Market in Walker, Louisiana. 1

Reported location
Multi-state (4)
Property size
4 properties / 151,226 SF

Tenant and lease terms are not in the SEC filings or cited sources.

How is it financed, and what did it cost to sell?

The Trust owns all four buildings outright, with no mortgage: no lender, no loan maturity, no covenants and no refinancing ahead of investors. 1 The memorandum adds that sponsor-side equity-financing arrangements used to assemble the portfolio are not obligations of the Trust and are not secured by its properties. 1

Debt

Financing
All cash. This offering reports no mortgage debt.

Costs and terms from the Form D

Selling commissions
$2,305,000 · 5.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$0 · 0.0% of offering
Form D Item 16
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Not in the Form D
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.

What does the SEC record show?

The Trust's Form D, the brief notice an issuer files for a private placement, was never amended, so the public record captures the offering as it stood at launch. 3 Interests were offered privately, without general advertising, to accredited investors who meet SEC income or net-worth tests.

Legal Trust name
ExchangeRight Net-Leased All-Cash 16 DST
SEC CIK
2078881
First Form D
Sep 4, 2025
Latest Form D
Sep 4, 2025
Filings on record
1
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D$46,100,000
$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

Can I still invest in 4-property net-lease portfolio?
No new interests: 4-property net-lease portfolio is reported fully subscribed. Top1031 lists it as recently fully subscribed and does not count it as an active offering.
What does this Trust own?
It owns four single-tenant net-leased retail buildings totaling 151,226 square feet across four states. ExchangeRight's offering documents describe the Trust as owning all four properties outright, with no mortgage on them, and reported the full 151,226 square feet occupied at the time of the offering.
Which tenant is in which building, and when do the leases expire?
ExchangeRight's offering materials list four tenants: Hy-Vee, Inc. at 8200 42nd Avenue North, New Hope, Minnesota, with a listed expiration of July 31, 2045; SFM, LLC operating as Sprouts Farmers Market at 8430 SW Highway 200, Ocala, Florida, listed to July 31, 2040; Tractor Supply Company Northeast, LLC at 2636 Highgate Road, Saint Albans, Vermont, listed to August 31, 2045; and DG Louisiana, LLC operating as Dollar General Market at 13670 Arnold Road, Walker, Louisiana, listed to July 31, 2038. Those are offering-document statements dated to 2025.
What did the Trust pay for the properties?
ExchangeRight's offering documents state the Trust acquired its four properties from unaffiliated third parties between July 30 and August 28, 2025 for an aggregate purchase price of $39,032,874. The memorandum also schedules $2,424,581 of annual base rent for Year 1 under the master lease.
What does a debt-free DST mean in practice?
The sponsor describes this Trust as debt-free, meaning it owns the four buildings without mortgage financing. There is no lender, no loan maturity, no debt covenants and no refinancing event. For a 1031 exchanger, an interest in a debt-free trust carries no mortgage debt to replace debt relieved on the property being sold. ExchangeRight's memorandum adds that sponsor-side equity-financing arrangements used to assemble the portfolio are not obligations of the Trust and are not secured by its properties.
How does the master lease work, and who stands behind it?
The Trust leases all four properties to ExchangeRight Net-Leased All-Cash 16 Master Lessee, LLC, a company wholly owned by the sponsor, which subleases each building to its tenant. ExchangeRight Income Fund Operating Partnership, LP guarantees that master lease, according to the offering documents. So the rent the Trust receives comes from a sponsor affiliate rather than directly from Hy-Vee, Sprouts, Tractor Supply or Dollar General Market.
Who is ExchangeRight?
ExchangeRight Real Estate, LLC is the sponsor named in the offering documents, and the memorandum also identifies it as owner of the Trust at the time of the offering. The firm assembles net-leased retail portfolios and offers them to 1031 exchange investors, and this Trust is the sixteenth in its numbered Net-Leased All-Cash series.

In the news

Sources

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These links support the record as a whole; individual details may come from different sources.

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.