Net-Leased All-Cash 2 DST
Net lease retail in Florida, ID — sponsored by ExchangeRight
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
ExchangeRight Net-Leased All-Cash 2 DST is a Delaware statutory trust (DST) — a fractional ownership structure that qualifies as 1031 exchange replacement property — holding four single-tenant net-leased retail buildings in Florida, Idaho, and Texas.1 It was acquired without mortgage debt.1 Tenants include BioLife Plasma Services, Tractor Supply, Dollar General, and Dollar Tree.1 ExchangeRight announced the offering fully subscribed in April 2024, and it is closed to new investors.2
Minimum investment
$100k
Offering size
$24.8M
How much has sold
100.0%
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited 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 this Trust from freestanding single-tenant retail buildings and a plasma-donation center spread across Florida, Idaho, and Texas.1 The sponsor materials and SEC filings reviewed do not identify the individual cities or street addresses, and they do not state when each building was acquired or what was paid for it.
- Reported location
- Florida, ID
- Property size
- 4 properties; 55,369 rentable sq ft combined
Who is the tenant, and what's the lease?
The tenants are BioLife Plasma Services, Tractor Supply, Dollar General, and Family Dollar/Dollar Tree, each on a net lease — the tenant, not the landlord, carries taxes, insurance, and upkeep.1 ExchangeRight reported a weighted-average remaining lease term of roughly 13.9 years as of its April 2024 announcement.1
How did it end?
Still operating
Net-Leased All-Cash 2 DST was fully subscribed in April 2024 (~$24.84M; Form D filed Dec 1, 2023 and amended Aug 5, 2025 with total amount sold unchanged); its stated exit strategy is cash-out refinance / 721 UPREIT conversion into the Essential Income REIT, but no specific 721-conversion, property-sale, full-cycle, or foreclosure announcement has been published.
$24.84M debt-free offering of four single-tenant net-leased retail properties (55,369 sq ft total) leased to BioLife Plasma Services, Tractor Supply, Dollar General, and Family Dollar/Dollar Tree across FL, ID, and TX. Weighted-average remaining lease term ~13.9 years. Monthly distributions starting at a 5.15% annualized rate. Launched Dec. 1, 2023; fully subscribed and closed by April 2024.
4 properties; 55,369 rentable sq ft combinedSupporting evidence
Counted on ExchangeRight’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
The properties were bought with investor equity alone, so the Trust has no lender, no loan maturity, and no refinancing to manage during the hold.1 Debt-free structures also remove the risk that a mortgage default costs investors the property.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
ExchangeRight is a net-lease real estate sponsor that packages retail portfolios into DSTs for 1031-exchange investors, and it identified itself as the sponsor of this Trust.2 The Form D/A on file lists David Fisher as an executive officer and Warren Thomas as an executive officer and manager of the Trust.3 No adverse regulatory, litigation, or property event tied to this Trust appeared in the public record reviewed.
- Sponsor
- ExchangeRight
- 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's paperwork is short: an initial Form D — the SEC's brief notice of a private, exempt offering — at launch, followed by a single amendment reporting the offering fully sold.3 It was sold privately, without advertising or general solicitation, to accredited investors introduced through the sponsor's channels.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- ExchangeRight Net-Leased All-Cash 2 DST
- Filings on record
- 2
- How it may be offered
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- 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 Net-Leased All-Cash 2 DST?
Net-Leased All-Cash 2 DST is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for Net-Leased All-Cash 2 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 Net-Leased All-Cash 2 DST?
No. ExchangeRight announced in April 2024 that the offering was fully subscribed and closed to new investors, and the Trust's amended Form D reports nothing remaining. It is a historical offering; the record here exists for reference, tracking, and comparison against Trusts currently raising.
What does "all-cash" or "debt-free" mean for a DST like this one?
It means the Trust bought its properties with investor equity and no mortgage. There is no lender, no loan maturity date, and no refinancing decision during the hold, and no risk of losing the assets to a foreclosure. It also means the Trust carries no debt for a 1031 investor who needs to replace debt from a relinquished property — a point to confirm with your own tax adviser.
Who are the tenants and what kind of leases do they have?
ExchangeRight reported four single-tenant properties leased to BioLife Plasma Services, Tractor Supply, Dollar General, and Dollar Tree (Family Dollar), on net leases, meaning the tenant covers property taxes, insurance, and maintenance. The sponsor put the portfolio's weighted-average remaining lease term at about 13.9 years as of April 2024.
Where exactly are the four properties?
ExchangeRight has publicly stated only that the four buildings sit in Florida, Idaho, and Texas. The individual cities and street addresses do not appear in the SEC filings or the sponsor announcements reviewed for this record; the private placement memorandum issued to investors at the time would identify them.
Does this Trust have a 721/UPREIT exit?
Our record shows no 721/UPREIT feature for this Trust — that is, no stated path to swap DST interests for operating-partnership units in a REIT at the end of the hold. The exit terms that govern are the ones in the private placement memorandum investors received.
Has ExchangeRight reported an outcome for this Trust?
No outcome has been reported yet. The most recent public record is the Form D/A filed August 5, 2025, which reports the offering fully sold. No sale, refinancing, or other disposition of the four properties appeared in the public sources reviewed as of September 2026.
Chapter 9Watch: ExchangeRight's Net-Leased All-Cash 2 DST Fully-Subscribed by Increased Demand for Its Debt-Free OfferingsExchangeRight's sponsor-site video announcement that its Net-Leased All-Cash 2 DST is fully subscribed by 1031-exchange investors seeking debt-free offerings.