Net-Leased Portfolio 57 DST
Net lease property in North Wales, PA — sponsored by ExchangeRight
Files with the SEC as ExchangeRight Net-Leased Portfolio 57 DST
Minimum investment
$100k
Offering size
$30.4M
How much has sold
100.0%
Asset type
Net lease property
Location
North Wales, PA
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
ExchangeRight Net-Leased Portfolio 57 DST is a Delaware trust formed in 2022 to hold real estate for 1031 exchangers, who buy fractional interests in it.1 The sponsor describes it as a portfolio of long-term net-leased retail and healthcare buildings in five states, with Wegmans, Kroger, Walgreens and Fresenius Medical Care among the tenants.3 It is closed to new investors.
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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?
The Trust holds necessity-retail and healthcare buildings spread across five states rather than a single address.3 ExchangeRight publicly identified only one of them: a Wegmans Food Market in North Wales, Pennsylvania, which the sponsor said contributed 40.79% of the portfolio's net operating income.3 The other five addresses, the acquisition prices and the individual lease expirations were not stated in the sources reviewed.
- Reported location
- North Wales, PA
- Property size
- 6 properties; 283,313 square feet
Who is the tenant, and what's the lease?
ExchangeRight characterized all six properties as long-term net-leased — leases under which the tenant, not the trust, carries most or all of the operating costs, taxes and insurance.3 Named tenants are Wegmans, Kroger, Walgreens and Fresenius Medical Care; the sponsor did not publish occupancy or lease expiration dates.3
How did it end?
No sale or other ending on record
ExchangeRight reported that all of its offerings continued to meet or exceed projections, with distributions in line with or ahead of projections, through December 31, 2025, supporting continued operation of Net-Leased Portfolio 57 DST (ExchangeRight sponsor disclosure).
ExchangeRight's announcement describes six long-term net-leased properties totaling 283,313 square feet and names Wegmans Food Market in North Wales, Pennsylvania, plus Kroger, Walgreens, and Fresenius tenants; the other five exact property addresses were not publicly stated in the visited sources.
6 properties; 283,313 square feetSupporting evidence
How is it financed, and what does it pay?
ExchangeRight reported at launch that the portfolio carried fixed-rate, interest-only, non-recourse mortgage debt — non-recourse meaning the lender's remedy runs to the real estate rather than to investors personally.3 The lender was not named in the sources reviewed.
Who's behind it?
ExchangeRight Real Estate is a Pasadena, California sponsor that assembles necessity-retail and healthcare net-lease portfolios into DSTs for 1031 exchangers.1 It announced this Trust's full subscription on December 13, 2022, describing it as a $58.95 million portfolio — a gross figure that includes mortgage debt, and so is larger than the equity amount reported on the Form D.3 No sale, disposition or other ending has been publicly announced.
- Sponsor
- ExchangeRight
- Legal Trust name
- ExchangeRight Net-Leased Portfolio 57 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?
ExchangeRight filed the initial Form D — the brief notice an issuer files with the SEC for a private placement — at launch, then filed a single amendment more than two years later reporting the raise complete.2 Both filings list a $100,000 minimum investment and estimated sales commissions of $1,522,500.2
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- 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 Net-Leased Portfolio 57 DST?
Top1031 lists Net-Leased Portfolio 57 DST as historical. It is no longer raising money.
Where does Top1031 get the data for Net-Leased Portfolio 57 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 Net-Leased Portfolio 57 DST?
No. ExchangeRight announced on December 13, 2022 that the Trust was fully subscribed, and the December 9, 2024 Form D amendment reported the offering complete with nothing remaining. It is a historical offering, closed to new investors, and appears here as a public record rather than an available placement.
What does the Trust actually own?
Six long-term net-leased properties totaling 283,313 square feet across five states, per ExchangeRight's December 13, 2022 announcement. The sponsor identified a Wegmans Food Market in North Wales, Pennsylvania, and named Kroger, Walgreens and Fresenius Medical Care as other tenants. The remaining five addresses were not disclosed in the public sources reviewed.
Why does the sponsor say $58.95 million when the SEC filing shows a smaller number?
They measure different things. The Form D reports the equity raised from investors. The sponsor's $58.95 million figure describes the total portfolio value, which includes the mortgage debt placed on the properties at launch. Both can be accurate at the same time.
Does this Trust have a 721/UPREIT exit?
The record for this Trust does not show a 721 exchange or UPREIT feature — the structure in which a DST's property is later contributed to a REIT's operating partnership in exchange for units. Any exit mechanics that do exist would be governed by the private placement memorandum, the offering's controlling legal document.
What is still not public about this offering?
Five of the six property addresses, the full list of states, acquisition prices, the lender's identity and loan principal, occupancy, and individual lease expiration dates were not established in the reviewed public record. No post-2024 sale, refinancing or full-cycle result has been reported.
Chapter 9ExchangeRight Fully Subscribes Latest DST Designed for Recession ResilienceExchangeRight announced that its $58.95 million Net-Leased Portfolio 57 DST was fully subscribed and comprised six long-term net-leased properties totaling 283,313 square feet across five states.