Rookwood
Net lease retail property in Cincinnati, OH · sponsored by Hines
Rookwood was a DST sponsored by Hines that owned a net lease retail property in Cincinnati, OH (595,194 sf). Its last Form D, filed Jun 6, 2025, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Jun 6, 2025, reports the offering fully sold.
Key facts
- Minimum investment
- $250,000From the Form D
- Offering size
- $193,952,698Equity offered, per the Form D
- Sold
- 100%Form D, Jun 6, 2025; the % is our arithmetic
- Investors reported
- Form D, Jun 6, 2025246
- Selling commissions
- Form D Item 15; the % is our arithmetic$10,057,054 · 5.1% 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: Rookwood. Top1031 is not a broker-dealer.What did Rookwood own?
Rookwood sits at 3805 Edwards Road, roughly six miles northeast of downtown Cincinnati. 2 It is two adjoining open-air centers: Rookwood Commons, built between 2000 and 2001, with 45 retail and restaurant tenants, and Rookwood Pavilion with 29. Hines Global REIT II bought both centers on January 6, 2017 for a net purchase price of $193.7 million, and the Trust's ownership traces back to that purchase. 3
- Reported location
- Cincinnati, OH
- Property size
- 595,194 sf
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
Neither Form D discloses whether the Trust carries mortgage debt, and no primary record locating current leverage was found. For historical context only: when Hines Global REIT II acquired Rookwood in January 2017 it assumed two secured mortgage facilities with combined original principal of $96.0 million. 3
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $10,057,054 · 5.1% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $4,525,674 · 2.3% of offeringForm 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
- 21 named in the Form D
Show the firms
- Ameriprise Financial Services, LLC · CRD 6363
- Arkadios Capital · CRD 282710
- Aurora Securities · CRD 46147
- Avantax Investment Services, Inc. · CRD 13686
- Cabin Securities, Inc. · CRD 137608
- Cetera Advisors LLC · CRD 10299
- Cetera Wealth Services, LLC · CRD 13572
- Commonwealth Financial Network · CRD 8032
- Concorde Investment Services, LLC · CRD 151604
- DAI Securities, LLC · CRD 36673
- DFPG Investments, LLC · CRD 155576
- Great Point Capital LLC · CRD 114203
- Hightower Securities, LLC · CRD 116681
- Hines Private Wealth Solutions LLC · CRD 128145
- Lincoln Investment Planning · CRD 519
- Metropolitan Capital Investment Banc, Inc. · CRD 148820
- Morgan Stanley · CRD 149777
- Osaic Wealth, Inc. · CRD 23131
- Realized Financial, Inc. · CRD 22333
- The Strategic Financial Alliance, Inc. · CRD 126514
- United Planners' Financial Services of America a Limited Partner · CRD 20804
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Oct 23, 2024
- 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.
Who's behind Rookwood?
Hines is a global real estate owner, developer and manager; the Trust itself is a Delaware entity filing from Hines's Houston, Texas address. 5 The Form D identifies Hines Real Estate Exchange, LLC as sponsor, HREX 5 DST Manager, LLC as administrative trustee and HREX 5 Depositor, LLC as depositor. 6 Rookwood was sourced by Hines Global Income Trust, and the completion 8-K describes the Trust as a subsidiary of that REIT. 7
- Sponsor
- Offerings on record
What does the SEC record show?
The paper trail is short: an initial Form D, then a single amendment. The original filing set the Offering at about $201.1 million; the amendment restated the total to the smaller amount actually placed and reported the raise complete, with nothing left to sell.
- Legal Trust name
- HREX 5, DST
- SEC CIK
- 2026403
- First Form D
- Jun 10, 2024
- Latest Form D
- Jun 6, 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 | $193,952,698was $201,141,079 | $193,952,698+$193,952,698 | 246 | EDGAR | |
| Form D | $201,141,079 | $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 Rookwood?
- Rookwood is a Historical offering. The last Form D, filed Jun 6, 2025, reports the offering fully sold.
- What property does the Trust actually own?
- Rookwood, in Cincinnati, Ohio — the adjacent Rookwood Commons and Rookwood Pavilion open-air retail centers at 3805 Edwards Road, about six miles northeast of downtown. Rookwood Commons was built between 2000 and 2001 and has 45 retail and restaurant tenants; Rookwood Pavilion has 29.
- Who are the tenants?
- It is a multi-tenant retail center, not a single-credit net lease. Hines Global Income Trust lists tenants including Whole Foods Market, West Elm, REI, World Market, Sierra Trading, HomeGoods, Sephora, DSW, Nordstrom Rack, Macy's, T.J. Maxx and Joseph-Beth Booksellers, and states that none occupies more than 10% of net rentable area. The property was reported 96% leased as of June 30, 2026.
- Is there a REIT conversion or 721/UPREIT exit?
- Our record shows no REIT-conversion feature for this Trust, and no completed 721 exchange — where DST investors contribute their real property interest to a REIT's operating partnership for OP units — appears in the primary filings we reviewed. Exit mechanics are governed by the trust agreement and offering documents.
- How was the Offering sold, and what was the minimum?
- It was offered under Rule 506(b), the private-placement exemption that bars general advertising and limits the issuer to investors with whom it has a pre-existing relationship, effectively accredited investors — those meeting SEC income or net-worth thresholds. The Form D reported a $250,000 minimum outside investment.
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.