Top1031

Burbank Media Studios

Studio property in Burbank, CA · sponsored by Hines

HistoricalLast Form D, filed Sep 12, 2025, reports the offering fully sold (opens in a new tab)

Burbank Media Studios was a DST sponsored by Hines that owned a studio property in Burbank, CA (85,285 sq ft). Its last Form D, filed Sep 12, 2025, reports the offering fully sold.

How it ended

No outcome recorded · under 7 years

The last Form D, filed Sep 12, 2025, reports the offering fully sold.

Key facts

Minimum investment
$250,000
From the Form D
Offering size
$40,733,265
Equity offered, per the Form D
Sold
100%
Form D, Sep 12, 2025; the % is our arithmetic
Investors reported
1
Form D, Sep 12, 2025
Selling commissions
$305,499 · 0.7% of offering
Form D Item 15; the % is our arithmetic
Financing
Not in the Form D. The Form D for this offering does not say whether it carries 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: Burbank Media Studios. Top1031 is not a broker-dealer.

What did Burbank Media Studios own?

Hines Global Income Trust, the Hines non-traded REIT, bought Burbank Media Studios on February 25, 2022 for a net purchase price of approximately $42.5 million. 1 That filed acquisition record describes Phases VII and VIII as roughly 30,000 square feet of net rentable studio area, held through a long-term ground lease and occupied by Madison Square Garden Entertainment. 1 The Trust's Form D/A names HGIT 3401 Empire Ave Studios LLC as its depositor, tying the entity to that address. 2

Property address
3401 West Empire Avenue, Burbank, CA
Property size
85,285 sq ft (studio/media facility)

How was it financed, and what did it cost to sell?

No mortgage, lender, or leverage terms for this Trust appear in its SEC filings, and none were located in public sources; a Form D notice does not report debt. Whatever loan sits behind a DST, its terms live in the offering documents.

Debt

Financing
Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.

Costs and terms from the Form D

Selling commissions
$305,499 · 0.7% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$509,165 · 1.2% of offering
Form D Item 16
· The filing’s note: “Estimate of certain fees and expenses including Dealer Manager Fees and Organization and Offering Expenses which may accrue to one or more related persons.”
Broker-dealers named in the Form D
2 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Aug 22, 2025
Minimum investment
$250,000

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. The issuer marked these amounts as an estimate.

What does the SEC record show?

The initial notice reported that no sale had yet occurred. 4 The amendment three weeks later reported a first sale on August 22, 2025 and an offering period of no more than one year. 2 The Trust was offered privately to accredited investors — those meeting SEC income or net-worth tests — rather than by public advertising.

Legal Trust name
HREX BMS, DST
SEC CIK
2082541
First Form D
Aug 20, 2025
Latest Form D
Sep 12, 2025
Filings on record
2
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$40,733,265
$40,733,265+$40,733,265
1
EDGAR
Form D$40,733,265
$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 Burbank Media Studios?
Burbank Media Studios is a Historical offering. The last Form D, filed Sep 12, 2025, reports the offering fully sold.
Does HREX BMS, DST definitely own Burbank Media Studios?
The link is strong but not fully established in the public record. The Trust's SEC Form D filings never name a property, though they identify the depositor as HGIT 3401 Empire Ave Studios LLC, which points to 3401 West Empire Avenue in Burbank, California. Meanwhile, Hines Global Income Trust's own property page still listed Hines Global Income Trust as the owner of Burbank Media Studios as of June 30, 2026. The property schedule in the offering documents is where an investor would confirm exactly what the Trust holds.
Who occupies the property, and what kind of lease is in place?
Hines Global Income Trust's property page identifies Madison Square Garden Entertainment as the major tenant, reports the property fully leased, and describes a long-term ground lease over two acres of industrially zoned land, as of June 30, 2026. The 2022 acquisition record filed by Hines Global Income Trust described Phases VII and VIII as roughly 30,000 square feet of net rentable studio area occupied by Madison Square Garden Entertainment.
Is this Trust leveraged?
Public sources do not say. A Form D notice reports the equity being offered, not mortgage debt, and no lender, loan balance, or loan-to-value figure for HREX BMS, DST was located in reviewed materials. Debt terms — including any interest rate, maturity, and prepayment or refinancing risk — would be disclosed in the offering documents.
What does a Rule 506(b) offering mean for an investor?
Rule 506(b) is the private-placement exemption that lets an issuer sell securities without registering them, provided it does not advertise publicly and sells to accredited investors — people meeting SEC income or net-worth thresholds. In practice that means the offering reaches investors through existing broker-dealer or adviser relationships rather than open marketing. The Trust's Form D/A reported a $250,000 minimum outside investment and an offering period not exceeding one year.
Can this Trust convert into REIT shares through a 721 exchange?
The record for this Trust shows no 721/UPREIT conversion feature. A 721 exchange is an exit in which DST interests are swapped for operating-partnership units in a REIT, deferring tax at that moment but ending the investor's ability to do further 1031 exchanges with that interest. Any exit mechanics for this Trust would be described in its offering documents.
What is in the filing record so far?
Two Form D notices, both filed in 2025: an initial notice reporting that no sale had yet occurred, and an amendment filed September 12, 2025 reporting a first sale on August 22, 2025. No later SEC filing, sponsor announcement, or trade-press report about the Trust's closing, refinancing, or disposition was located as of September 20, 2026.

In the news

Sources

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These links support the record as a whole; individual details may come from different sources.

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.