Top1031

ExchangeRight Net Leased Portfolio 36 DST

in Menomonee Falls and Sussex, WI · sponsored by ExchangeRight

HistoricalLast Form D, filed Dec 23, 2022, reports the offering fully sold (opens in a new tab)

ExchangeRight Net Leased Portfolio 36 DST, sponsored by ExchangeRight, filed its first Form D with the SEC on Jul 1, 2020 for a $24.2 million offering. Its last Form D, filed Dec 23, 2022, reports the offering fully sold.

How it ended

No outcome recorded · under 7 years

The last Form D, filed Dec 23, 2022, reports the offering fully sold.

ExchangeRight has 11 active offerings on record →

Key facts

Minimum investment
$100,000
From the Form D
Offering size
$24,295,000
Equity offered, per the Form D
Sold
100%
Form D, Dec 23, 2022; the % is our arithmetic
Investors reported
86
Form D, Dec 23, 2022
Selling commissions
$1,579,175 · 6.5% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
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: ExchangeRight Net Leased Portfolio 36 DST. Top1031 is not a broker-dealer.

What did the Trust own?

The Trust holds two Pick 'n Save grocery stores in Wisconsin, 103,611 square feet in Menomonee Falls and 83,771 square feet in Sussex. 1 ExchangeRight's offering summary described both as essential businesses that stayed open and operating through the COVID-19 crisis. 1

Reported location
Menomonee Falls and Sussex, WI

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

ExchangeRight's offering summary describes $20,208,300 of non-recourse debt in the capital structure, meaning the lender can look only to the properties if the loan goes unpaid, not to investors personally. 1 The sponsor reported fixed-rate financing at the July 1, 2020 launch. 3

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$1,579,175 · 6.5% 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
16 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Jul 6, 2020
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 issuer reported July 6, 2020 as its first sale, days after the initial notice was filed. 2 A single amendment, signed December 22, 2022, updated the record with final figures. 2 The offering was private, without public advertising, and limited to accredited investors, those meeting SEC income or net-worth tests.

Legal Trust name
ExchangeRight Net Leased Portfolio 36 DST
SEC CIK
1813521
First Form D
Jul 1, 2020
Latest Form D
Dec 23, 2022
Filings on record
2
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 soldInvestors
Form D/A$24,295,000
$24,295,000+$24,295,000
86
EDGAR
Form D$24,295,000
$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 ExchangeRight Net Leased Portfolio 36 DST?
ExchangeRight Net Leased Portfolio 36 DST is a Historical offering. The last Form D, filed Dec 23, 2022, reports the offering fully sold.
What does ExchangeRight Net Leased Portfolio 36 DST own?
It owns two Pick 'n Save grocery stores in Wisconsin, one in Menomonee Falls and one in Sussex. ExchangeRight's executive summary for the offering lists the Menomonee Falls store at 103,611 square feet and the Sussex store at 83,771 square feet.
Who stands behind the rent?
The Kroger Co. guarantees the leases on both properties, according to ExchangeRight's executive summary for Portfolio 36. That places one corporate credit behind the rent at both grocery stores.
When do the leases run out?
ExchangeRight's offering schedule states a December 31, 2030 expiration for the Menomonee Falls lease and a December 31, 2029 expiration for the Sussex lease. The sponsor reported a 10.2-year weighted-average lease term when the portfolio launched on July 1, 2020.
How is the portfolio financed?
The Trust uses debt. Non-recourse means the lender's claim is limited to the properties rather than to investors personally.
Who is the sponsor?
ExchangeRight is the sponsor. It assembles net-leased portfolios of grocery and other necessity-based retail properties and offers fractional interests in them to 1031 exchange investors.
What do the SEC filings show?
The Trust filed a Form D, the short notice an issuer files for a private securities offering, in July 2020, and the issuer reported July 6, 2020 as its first sale. One amendment followed in December 2022. The offering was conducted privately, without general advertising, to accredited investors.

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.