5-property net-lease portfolio
4 net-leased retail properties in 4 states · sponsored by ExchangeRight
5-property net-lease portfolio was a DST sponsored by ExchangeRight that owned 4 net-leased retail properties in 4 states. Its last Form D was filed Jun 25, 2025.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Jun 25, 2025.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $25,015,000Equity offered, per the Form D
- Sold
- Not reported after the first Form D (Jun 25, 2025)Form D, Jun 25, 2025
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,250,750 · 5.0% of offering
- 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 →
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Ask a 1031 specialist about this recordFree. About: 5-property net-lease portfolio. Top1031 is not a broker-dealer.5-property net-lease portfolio · Photo: cdn-static.exchangeright.com
What did 5-property net-lease portfolio own?
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
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
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.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
- May convert to a REIT (721)
- Yes
Costs and terms from the Form D
- Selling commissions
- $1,250,750 · 5.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- Lighthouse Capital Group, LLC · CRD 169135
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.
Who's behind 5-property net-lease portfolio?
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
- Offerings on record
What does the SEC record show?
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.
- Legal Trust name
- ExchangeRight Net-Leased All-Cash 15 DST
- SEC CIK
- 2072042
- First Form D
- Jun 25, 2025
- Latest Form D
- Jun 25, 2025
- Filings on record
- 1
- 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 | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D | $25,015,000 | $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 5-property net-lease portfolio?
- 5-property net-lease portfolio is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Jun 25, 2025.
- Does 5-property net-lease portfolio have a 721 UPREIT exit?
- The record lists a possible 721 exit for 5-property net-lease portfolio. The offering documents set whether and when it could happen. In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
- How a DST-to-721 UPREIT exit works
- 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 offering documents are 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 offering documents set 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 offering documents and any investor reporting govern actual payments.
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.