ExchangeRight Net-Leased All-Cash 14 DST
Net-leased retail in Multi-state (3) — sponsored by ExchangeRight
Minimum investment
$100k
Offering size
$38.1M
How much has sold
None sold yet
Asset type
Net-leased retail
Location
Multi-state (3)
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
This is a Delaware statutory trust (DST) — a passive co-ownership vehicle that can serve as replacement property in a 1031 exchange — holding four net-leased retail buildings occupied by Wawa, Dollar General, Tractor Supply, and Dollar Tree in Texas, Alabama, and Pennsylvania.2 ExchangeRight announced on October 7, 2025 that the Trust was fully subscribed and closed to new investors.2
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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?
ExchangeRight assembled four single-tenant net-leased retail buildings in Texas, Alabama, and Pennsylvania into one portfolio it reported as debt-free, with total capitalization of $23.3 million as of October 7, 2025.2 The sponsor has not published street addresses, individual building sizes, or construction dates, and no located public record supplies them. Which tenant occupies which building is also undisclosed.
- Reported location
- Multi-state (3)
- Property size
- 4 properties; 74,736 square feet
Who is the tenant, and what's the lease?
Four separate retailers — Wawa, Dollar General, Tractor Supply, and Dollar Tree — occupy the buildings under long-term net leases, a structure in which the tenant, not the Trust, carries most property-level operating costs.2 ExchangeRight reported an initial weighted-average lease term of 11.3 years across the portfolio.2
How did it end?
No sale or other ending on record
We have not found a public record of how this offering ended. That is not the same as knowing it still operates.
Four-property net-leased portfolio leased to Wawa, Dollar General, Tractor Supply, and Dollar Tree · $23.3M debt-free; 5.20% dist; WALT 11.3yr; Wawa, Dollar General, Tractor Supply, Dollar Tree
4 properties; 74,736 square feetHow is it financed, and what does it pay?
The buildings were bought with investor equity alone, without mortgage borrowing.2 There is no lender, no loan maturity to refinance, and no mortgage covenant or lender consent standing between the Trust and its tenants' rent.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
ExchangeRight, based in Pasadena, California, sponsors and manages the Trust and runs a platform of net-leased DST offerings alongside an affiliated REIT.2 The Form D on record identifies this issuer as a business trust.1 The sponsor described the Trust as expanding the acquisition pipeline for its affiliated Essential Income REIT.2 AltsWire reported on July 22, 2026 that the REIT's net asset value reached $905.7 million as of June 30, 2026, and ExchangeRight announced the same day that it hired Ross Wood to source net-leased industrial acquisitions.
- Sponsor
- ExchangeRight
- Legal Trust name
- ExchangeRight Net-Leased All-Cash 14 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?
No amendment has been filed to update the sales figures, so the federal record still reflects the offering as first noticed, while ExchangeRight announced full subscription on October 7, 2025.2 The exemption relied on bars general advertising, limiting sales to accredited investors — those meeting SEC income or net-worth tests — already known to the sponsor or its brokers.
- 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
What happened to ExchangeRight Net-Leased All-Cash 14 DST?
Top1031 lists ExchangeRight Net-Leased All-Cash 14 DST as historical. It is no longer raising money.
Where does Top1031 get the data for ExchangeRight Net-Leased All-Cash 14 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 this Trust?
No. ExchangeRight announced on October 7, 2025 that ExchangeRight Net-Leased All-Cash 14 DST was fully subscribed and no longer accepting new investors. It is a Historical offering — closed to new investors — and any interest would have to come from a secondary transfer, which DST trust agreements typically restrict.
Why does the SEC filing amount differ from the sponsor's $23.3 million figure?
The Form D states the maximum dollar amount of trust interests offered to investors, while the sponsor's October 7, 2025 release describes the real estate portfolio itself as $23.3 million and debt-free. The two figures measure different things, and no located source reconciles them, so they should not be treated as interchangeable.
What does "all-cash" mean for a DST like this one?
It means the properties were purchased without mortgage financing. There is no loan to refinance or default on, and no lender approval needed for major decisions. A 1031 investor with debt on their relinquished property should note that an all-cash DST supplies no replacement debt, which can create boot and a taxable event depending on the exchange.
Where exactly are the four properties?
ExchangeRight reported that the four net-leased buildings span Texas, Alabama, and Pennsylvania and total 74,736 square feet, without disclosing street addresses or which tenant occupies which building. No located public record fills that gap. The full property schedule appears in the Private Placement Memorandum (PPM), the sponsor's complete offering document.
When were the properties acquired?
No acquisition or closing date for any of the four buildings is established in the located public record. The Form D was filed on May 22, 2025 and ExchangeRight announced full subscription on October 7, 2025, but an SEC first-sale filing date is not an acquisition date. Closing dates should be confirmed in the PPM.
How is this Trust expected to end?
ExchangeRight described the Trust as expanding the acquisition pipeline for its affiliated Essential Income REIT, which points to a possible future contribution of the properties into that REIT, but no located public filing sets out the Trust's permitted exit routes or any timetable. Top1031's structured data records no REIT conversion feature for this Trust. The trust agreement and PPM govern what dispositions are allowed.
Chapter 9ExchangeRight All-Cash 14 DST Fully Subscribed, Expanding Essential Income REIT PipelineExchangeRight announced full subscription of its $23.3 million debt-free Net-Leased All-Cash 14 DST, a four-property Texas portfolio tenanted by Wawa, Dollar General, Tractor Supply, and Dollar Tree, paying a 5.20% current annualized distribution rate.