ExchangeRight All-Cash DST
Net lease retail in Abilene and Sweetwater, Texas — sponsored by ExchangeRight
Minimum investment
$100k
Offering size
$6.3M
How much has sold
100.0%
Asset type
Net lease retail
Location
Abilene and Sweetwater, Texas
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
ExchangeRight All-Cash DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in real estate as replacement property. ExchangeRight described it as a debt-free, net-leased retail holding tenanted by Tractor Supply and a Family Dollar/Dollar Tree combo store in Abilene and Sweetwater, Texas.1 It is closed to new investors; the sponsor announced full subscription on May 16, 2024.1
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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 trust holds freestanding net-leased retail buildings occupied by Tractor Supply, the farm-and-ranch chain, and a combined Family Dollar/Dollar Tree store.1 ExchangeRight's May 16, 2024 announcement is the only description tied to this issuer on the public record; it names the tenants and the towns but not street addresses, construction dates, or what the trust paid. SEC filings cover the securities offering, not the real estate purchase.
- Reported location
- Abilene and Sweetwater, Texas
- Property size
- 3 properties, ~45,000+ sq ft
Who is the tenant, and what's the lease?
Both tenants occupy under net leases, meaning the tenant — not the trust — carries operating costs such as taxes, insurance, and maintenance.1 Lease commencement and expiration dates, renewal options, and rent escalations are not disclosed in any source tied to this issuer; the PPM, the private offering document, is where those terms live.
How did it end?
Closed to new investment · still operating
No public full-cycle or disposition announcement found for this small (~$6.31M) unnumbered 'ExchangeRight All-Cash DST' (CIK 1992291); ExchangeRight's March 2026 statement that all 126 of its offerings met or exceeded projections through 12/31/2025 implies it is still operating, but no sponsor press release names this specific trust.
Tractor Supply and Family Dollar/Dollar Tree combo net-leased portfolio · Three-property net-lease retail portfolio across two U.S. states. Tenants: Daybreak Market and Fuel, Tractor Supply Co., Family Dollar/Dollar Tree. $22.9M debt-free offering; weighted-average remaining lease term approximately 16.96 years. Form D filed Sept 14, 2023. Fully subscribed Sept 30, 2024.
3 properties, ~45,000+ sq ftSupporting evidence
Counted on ExchangeRight’s Record Card as: Still operating Document
How is it financed, and what does it pay?
There is no mortgage. ExchangeRight marketed the trust as a debt-free offering, meaning investor capital funded the property in full.1 For an investor that means no lender, no loan maturity to refinance, and no foreclosure risk at the trust level — and no borrowing magnifying results in either direction.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
ExchangeRight Real Estate, LLC sponsors this trust, which the SEC issuer record lists as a Delaware entity.4 On May 16, 2024 the firm announced the offering was fully subscribed, closed, and no longer accepting investors, attributing the pace to demand for debt-free structures.1 As of September 2, 2026, no sale, refinancing, or full-cycle event for this trust has been reported.
- Sponsor
- ExchangeRight
- Legal Trust name
- ExchangeRight All-Cash DST
- May convert to a REIT
- No
- 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 Trust is offered under Rule 506(b), the private-placement exemption that permits sales to accredited investors without public advertising. The original Form D reported that no sale had yet occurred.2 A single amendment closed the record out, reporting a first sale date of September 18, 2023 and nothing left to sell.3
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- 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
What happened to ExchangeRight All-Cash DST?
Top1031 lists ExchangeRight All-Cash DST as historical. It is no longer raising money.
Where does Top1031 get the data for ExchangeRight All-Cash DST?
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 ExchangeRight All-Cash DST?
No. ExchangeRight announced on May 16, 2024 that the offering was fully subscribed, closed, and not accepting new investors, and the Form D amendment filed July 24, 2025 reported nothing remaining to be sold. It is a Historical trust — closed to new investors — and appears here as a public record, not an available offering.
What does a debt-free or all-cash DST mean?
It means the trust bought and holds its property without a mortgage, so investor equity funded the entire purchase. There is no lender, no loan covenant, and no maturity date forcing a refinancing or sale. Exchangers who carried debt on a relinquished property have their own debt-replacement math to work through; the PPM describes how a specific trust addresses it.
What was the minimum investment?
The Form D filed September 14, 2023 reported a $100,000 minimum outside investment. That figure was unchanged in the July 24, 2025 amendment. Minimums in DST offerings are set by the sponsor and can differ between a 1031 exchange investment and a cash investment.
Who are the tenants?
ExchangeRight's May 16, 2024 release identifies the assets as net-leased to Tractor Supply, the farm-and-ranch retailer, and to a Family Dollar/Dollar Tree combo store — a single unit operating both banners. Street addresses and individual lease terms are not disclosed in any filing or release tied to this issuer's CIK.
Does this trust convert to a REIT through a 721 exchange?
No 721/UPREIT exit — a structure where DST interests are later contributed to a REIT's operating partnership in exchange for units — is indicated in the record for this trust. Any exit mechanics would be governed by the trust agreement and PPM.
Chapter 9Demand for ExchangeRight's All-Cash DSTs Leads to Full Subscription of a $22.9 Million PortfolioExchangeRight announces full subscription of All-Cash 4 DST, a $22.9M three-property, debt-free, net-leased retail portfolio featuring Daybreak Market & Fuel, Tractor Supply Co., and Family Dollar/Dollar Tree.