Net-Leased All-Cash 2 DST
Net lease retail property in Florida, ID · sponsored by ExchangeRight
Net-Leased All-Cash 2 DST was a DST sponsored by ExchangeRight that owned 4 net lease retail properties in Florida, ID. Its last Form D, filed Aug 5, 2025, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Aug 5, 2025, reports the offering fully sold.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $24,840,000Equity offered, per the Form D
- Sold
- 100%Form D, Aug 5, 2025; the % is our arithmetic
- Investors reported
- Form D, Aug 5, 202557
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,242,000 · 5.0% of offering
- Financing
- All cash. This offering reports no mortgage debt.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 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: Net-Leased All-Cash 2 DST. Top1031 is not a broker-dealer.Net-Leased All-Cash 2 DST · Photo: cdn-static.exchangeright.com
What did Net-Leased All-Cash 2 DST own?
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
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
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.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $1,242,000 · 5.0% of offering
- Finders’ fees
- Not in the Form D
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 16 named in the Form D
Show the firms
- Arkadios Capital · CRD 282710
- Capital Investment Group, Inc. · CRD 14752
- Concorde Investment Services, LLC · CRD 151604
- Crescent Securities Group, Inc. · CRD 114993
- Emerson Equity LLC · CRD 130032
- FNEX Capital, LLC · CRD 166316
- Great Point Capital LLC · CRD 114203
- Investment Security Corporation · CRD 47536
- Lighthouse Capital Group, LLC · CRD 169135
- Lightpath Capital, Inc. · CRD 34617
- Lion Street Financial, LLC · CRD 165828
- NEXT Financial Group, Inc. · CRD 46214
- Realized Financial, Inc. · CRD 22333
- Saxony Securities, Inc. · CRD 115547
- Vanderbilt Securities, LLC · CRD 5953
- Western International Securities, Inc. · CRD 39262
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Dec 11, 2023
- 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.
Who's behind Net-Leased All-Cash 2 DST?
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
- Offerings on record
What does the SEC record show?
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.
- Legal Trust name
- ExchangeRight Net-Leased All-Cash 2 DST
- SEC CIK
- 2002781
- First Form D
- Dec 1, 2023
- Latest Form D
- Aug 5, 2025
- Filings on record
- 2
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $24,840,000 | $24,840,000+$24,840,000 | 57 | EDGAR | |
| Form D | $24,840,000 | $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 Net-Leased All-Cash 2 DST?
- Net-Leased All-Cash 2 DST is a Historical offering. The last Form D, filed Aug 5, 2025, reports the offering fully sold.
- 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 offering documents 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 offering documents 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.
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.