ExchangeRight Net-Leased All-Cash 21 DST
Net lease retail in Milford; Midwest City; Myrtle Beach; Summerville; Sumter; Ocala, MA; OK; SC; FL — sponsored by ExchangeRight
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
ExchangeRight Net-Leased All-Cash 21 DST is a Delaware statutory trust — fractional, passive co-ownership of real estate that can serve as 1031 exchange replacement property.1 It is reported to hold six single-tenant net-leased retail and healthcare buildings occupied by Lowe's, Hobby Lobby, Novant Health and Dollar Tree, owned free of mortgage debt, and is raising from accredited investors through a private placement.2
Six-property portfolio: Lowe's (Milford, MA); Hobby Lobby (Midwest City, OK); Novant Health (Myrtle Beach, Summerville, and Sumter, SC); Dollar Tree (Ocala, FL) · Active DST in ExchangeRight's Net-Leased All-Cash series (predecessors #15 closed Oct 2025; #16 closed Mar 2026). No public property-level address or asset detail located for #21 in news coverage; the specific portfolio was not publicly disclosed in indexed coverage.
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These links support the public record as a whole; 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 Form D discloses no street address, building size, purchase price or acquisition date.1 The tenant-and-city pairings come from an intermediary offering page rather than a sponsor release, and no primary record located establishes property-level ownership or a dated purchase.2 Worcester Business Journal reported on August 4, 2026 that the Lowe's site at 40 Fortune Blvd. in Milford sold for $18.5 million to an unnamed California investment firm, without tying that sale to this Trust.3
- Reported location
- Milford; Midwest City; Myrtle Beach; Summerville; Sumter; Ocala, MA; OK; SC; FL
- Property size
- 6 properties
Who is the tenant, and what's the lease?
The reported occupants are Lowe's, Hobby Lobby, three Novant Health locations and a Dollar Tree, each on a single-tenant net lease.2 An intermediary offering page reports a 20-year master lease running to July 31, 2046 and guaranteed by ExchangeRight Essential Income Operating Partnership — a sponsor affiliate that owes the Trust rent whether or not the underlying tenants pay.2
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.
Raise history appears here once sales are filed — free account required.
How is it financed, and what does it pay?
All cash means the Trust is reported to own its real estate free and clear: no lender ahead of investors, no loan maturity to refinance, no foreclosure exposure.2 Nothing is borrowed to magnify results either, so any rent shortfall lands directly on investor cash flow.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
ExchangeRight runs a numbered Net-Leased All-Cash series of debt-free DSTs, and this Trust continues it. Two predecessors in that series reached full subscription — #15 announced November 1, 2025, and #16 on March 1, 2026. AltsWire reported on August 5, 2026 that ExchangeRight raised approximately $385.6 million in July, roughly a 7% share of DST sales that month.
- Sponsor
- ExchangeRight
- Legal Trust name
- ExchangeRight Net-Leased All-Cash 21 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?
Interests may be sold only privately, to accredited investors — those meeting SEC income or net-worth tests — reached through existing relationships rather than public advertising. The initial notice reports a $100,000 minimum investment and names Delaware as the state of organization.1
- 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 ExchangeRight Net-Leased All-Cash 21 DST still raising money?
Top1031 lists ExchangeRight Net-Leased All-Cash 21 DST 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 ExchangeRight Net-Leased All-Cash 21 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.
Is this Trust still raising money?
The July 29, 2026 Form D is the only SEC filing on record for ExchangeRight Net-Leased All-Cash 21 DST as of September 5, 2026, and it states the first sale had yet to occur; no amendment or termination notice was located.[1] Baker 1031, an intermediary, listed the offering as available and reported a portion of the equity still open on a page last updated August 17, 2026.[2] An intermediary page is not an SEC filing, and nothing in the EDGAR record confirms or updates that status.
Who are the tenants, and how is rent paid?
Baker 1031 reports six single-tenant properties: Lowe's in Milford, Massachusetts; Hobby Lobby in Midwest City, Oklahoma; Novant Health in Myrtle Beach, Summerville and Sumter, South Carolina; and Dollar Tree in Ocala, Florida. The same page reports the portfolio sits under a 20-year master lease guaranteed by ExchangeRight Essential Income Operating Partnership, meaning the Trust looks to that sponsor affiliate for rent rather than to each tenant directly.[2]
How long do the leases run?
Baker 1031 reports lease roll dates of January 16, 2035 for Lowe's, December 31, 2035 for Novant Health, and 2036 for Hobby Lobby and Dollar Tree, all sitting beneath a reported 20-year master lease running to July 31, 2046.[2] Renewal options, rent amounts and escalations are not established by any public record located here and would be set out in the Private Placement Memorandum, the confidential offering document.
What does "all-cash" mean here?
The Trust is reported to own its properties free and clear, with no in-place financing or trust-level debt service.[2] There is no lender, no loan maturity, and no refinancing or foreclosure risk — and no borrowed money amplifying either gains or losses. A rent interruption flows straight through to investor cash flow rather than tripping loan covenants. Investors doing a 1031 exchange with mortgage debt to replace should note that a debt-free trust carries no debt for them to match.
Does the reported $18.5 million Milford Lowe's sale belong to this Trust?
Not on the public record. Worcester Business Journal reported on August 4, 2026 that the Lowe's site at 40 Fortune Blvd. in Milford, Massachusetts sold for $18.5 million to a California investment firm; the article does not name the buyer, does not identify ExchangeRight Net-Leased All-Cash 21 DST as the purchaser, and no public record reviewed ties the transaction to this Trust.[3] It is a question for the Private Placement Memorandum.
Can I invest if I'm not an accredited investor?
No. The Trust filed under Rule 506(b), a private-placement exemption that limits sales to accredited investors — broadly, those meeting SEC income or net-worth thresholds — reached through existing relationships rather than public advertising. The Form D also reports a $100,000 minimum investment and estimated sales commissions of $2,169,500.[1]