5-property net-lease portfolio
Net-leased retail in Multi-state (4) — sponsored by ExchangeRight
Files with the SEC as ExchangeRight Net-Leased All-Cash 15 DST
Minimum investment
$100k
Offering size
$25.0M
How much has sold
None sold yet
Asset type
Net-leased retail
Location
Multi-state (4)
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
ExchangeRight Net-Leased All-Cash 15 DST is a Delaware statutory trust — a structure letting 1031 exchangers hold fractional interests in real estate — that owns five net-leased retail properties in Texas, Iowa, North Carolina, and Louisiana.1 Tenants are Hobby Lobby, Dollar Tree, NAPA Auto Parts, Dollar General, and Dollar General Market.1 ExchangeRight announced full subscription on November 18, 2025, closing it to new investors.1
$25M debt-free; 5.20% dist; WALT 13.4yr; $100k min; Hobby Lobby, Dollar Tree, NAPA, Dollar General/DG Market
Show sources (5)Hide sources (5)
These links support the public record as a whole; individual details may come from different sources.
TX · exact location not on recordThe filings name the market but not an address we can place on a map.
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?
ExchangeRight assembled the portfolio and launched the offering in June 2025.2 The buildings sit in Texas, Iowa, North Carolina, and Louisiana, leased to Hobby Lobby, Dollar Tree, NAPA Auto Parts, Dollar General, and Dollar General Market.1 Neither the SEC filing nor sponsor materials disclose street addresses, individual building sizes, years built, or what was paid for any single property.
- Reported location
- Multi-state (4)
- Property size
- 5 properties / 103,367 SF
Who is the tenant, and what's the lease?
The buildings are leased to national retail chains on long-term net leases, meaning the tenants rather than the Trust carry most operating costs — taxes, insurance, and maintenance.1 ExchangeRight reported an initial weighted-average lease term of 13.4 years across the portfolio.1
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.
The sponsor reported this offering sold out without filing per-sale amendments, so there is no raise history to show.
How is it financed, and what does it pay?
The Trust holds its properties outright: no mortgage, no lender, and no loan maturity forcing a refinance — the pressure point that usually dominates leveraged DSTs.2 An exchanger carrying mortgage debt on a relinquished property therefore has no replacement debt here.
- Financing
- All cash. This offering reports no mortgage debt.
- Distribution rate
- 5.20%exchangeright.com
Who's behind it?
ExchangeRight is a long-established net-lease sponsor with a large book of 1031 programs on record. The Trust may convert into the sponsor's affiliated Essential Income REIT through a 721 exchange — trading DST interests for REIT units, which defers tax but ends future 1031 eligibility; ExchangeRight said the full subscription added this portfolio to that REIT's acquisition pipeline.1 On July 22, 2026 the firm named Ross Wood director of acquisitions for industrial investments, widening its sourcing beyond retail.
- Sponsor
- ExchangeRight
- Legal Trust name
- ExchangeRight Net-Leased All-Cash 15 DST
- May convert to a REIT
- Yes
- Offerings from this sponsor
- 23 active / 60 total offerings from ExchangeRight
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The Form D — the brief SEC notice used for private offerings — was filed before the Trust's first sale and never amended, so its progress figures were never updated.3 The private-placement exemption it relied on bars general advertising and limits purchasers to accredited investors, those meeting SEC income or net-worth tests.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- 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 5-property net-lease portfolio still raising money?
Top1031 lists 5-property net-lease portfolio 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 5-property net-lease portfolio?
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.
Can I still invest in this Trust?
No. ExchangeRight announced on November 18, 2025 that the Net-Leased All-Cash 15 DST was fully subscribed and closed to new investors. It appears here as a historical offering for reference; the sponsor is not selling interests in it.
Why doesn't the SEC record reflect the sold-out status?
The Trust filed one Form D on June 25, 2025, before its first sale had occurred, and never filed an amendment. A Form D reports a snapshot at the moment of filing, not a running total. The sold-out status comes from ExchangeRight's November 18, 2025 announcement, reported by AltsWire the same day.
What does "all-cash" or "debt-free" mean here?
It means the Trust bought its properties without mortgage financing. There is no lender, no loan covenants, and no maturity date forcing a refinance or sale. The trade-off is that there is no mortgage debt to replace in a 1031 exchange, which matters if your relinquished property carried a loan.
Where exactly are the five properties?
Public sources establish only the four states — Texas, Iowa, North Carolina, and Louisiana — and the tenant roster of Hobby Lobby, Dollar Tree, NAPA Auto Parts, Dollar General, and Dollar General Market. No city- or address-level property schedule was located in public filings or sponsor materials, so the private placement memorandum is the place to get it.
What is the exit path?
ExchangeRight said the Trust's full subscription added the portfolio to the acquisition pipeline for its affiliated Essential Income REIT, and the filing record indicates the Trust may convert to a REIT. A 721 exchange swaps real property interests for REIT units — tax-deferred, but those units cannot later be 1031 exchanged. The PPM sets out the mechanics, timing, and any investor consent.
How were distributions structured?
ExchangeRight published a current distribution rate for the Trust when it announced full subscription on November 18, 2025, and that sponsor-stated rate appears in the financing rows on this page. Because the Trust owns its properties debt-free, there is no mortgage payment ahead of investors; tenant rent under the net leases is the source of cash. A sponsor-stated rate is not a guarantee, and the PPM and any investor reporting govern actual payments.
Chapter 9Full Subscription of ExchangeRight All-Cash 15 DST Adds to Acquisition Pipeline for Essential Income REITExchangeRight announced full subscription of its $25 million debt-free Net-Leased All-Cash 15 DST, a five-property portfolio tenanted by Hobby Lobby, Dollar Tree, NAPA Auto Parts, Dollar General, and Dollar General Market across Texas and other states, paying a 5.20% current rate. ExchangeRight Fully Subscribes $25M Net-Leased All-Cash 15 DSTAltsWire trade-press report on ExchangeRight's full subscription of the $25 million debt-free Net-Leased All-Cash 15 DST (Hobby Lobby, Dollar Tree, NAPA Auto Parts, Dollar General/Dollar General Market; 5.20% rate; launched June 2025).