CW Pharmacy II DST
Net-leased pharmacy retail in McAllen, TX — sponsored by Inland Private Capital
Minimum investment
$25k
Offering size
$10.0M
How much has sold
100.0%
Asset type
Net-leased pharmacy retail
Location
McAllen, TX
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
CW Pharmacy II DST is a closed Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in real estate — sponsored by Inland Private Capital. It held three freestanding pharmacies leased to CVS and Walgreens affiliates in Texas, Virginia and New York. The offering ran through the end of 2012 and is closed to new investors; Top1031 reports the properties sold in 2022.3
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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 held three one-story, freestanding drugstores: a CVS at 5600 N. 23rd Street in McAllen, Texas, and a CVS at 13000 Warwick Boulevard in Newport News, Virginia, both built in 2009, plus a Walgreens at 327 Main Street in Dunkirk, New York, built in 2008.1 Each was fully leased and occupied when the June 29, 2012 memorandum was issued.1 Top1031 reports all three sold in a 2022 pharmacy-disposition wave, without a trust-specific price or closing date.3
- Reported location
- McAllen, TX
- Property size
- 3 properties; 13,204 sq ft (McAllen), 13,259 sq ft (Newport News), and 13,611 sq ft (Dunkirk)
Who is the tenant, and what's the lease?
CVS Pharmacy, Inc. (McAllen) and Virginia CVS Pharmacy, L.L.C. (Newport News) each held leases guaranteed by CVS Caremark Corporation running to January 31, 2035; Walgreen Eastern Co., Inc., guaranteed by Walgreen Co., held Dunkirk to 2083 with a termination option in 2033.1 The records reviewed do not state whether tenants paid taxes, insurance and maintenance directly.
How did it end?
Sold
CW Pharmacy II DST held a 3-property net-leased pharmacy portfolio (CVS McAllen TX, CVS Newport News VA, Walgreens Dunkirk NY) and was part of Inland Private Capital's 2022 wave of pharmacy property sales (29 CVS/Walgreens properties totaling ~398,000 sq ft sold in five months), though no trust-specific return figures were disclosed [1][2][3].
The June 29, 2012 offering memorandum identifies three one-story, freestanding retail buildings leased to CVS Pharmacy, Virginia CVS Pharmacy and Walgreen Eastern; Top1031 reports that the three properties reached full cycle in the 2022 pharmacy-disposition wave, but does not provide a trust-specific sale price, closing date or fully-subscribed statement.
3 properties; 13,204 sq ft (McAllen), 13,259 sq ft (Newport News), and 13,611 sq ft (Dunkirk)Supporting evidence
How is it financed, and what does it pay?
The Trust was leveraged: a first-mortgage, interest-only loan from Ladder Capital Finance I LLC, non-recourse subject to specified carve-outs to the Trust and Inland Private Capital Corporation, with an original balance of $9,395,000 and a stated maturity of April 6, 2037.1 Interest-only means no principal was scheduled to amortize during the term.
Who's behind it?
Inland Private Capital Corporation is named as the Sponsor in the Trust's June 29, 2012 private-placement memorandum, or PPM — the offering document that sets out terms, fees and risks.1 The issuer's Form D lists its principal place of business as 2901 Butterfield Road, Oak Brook, Illinois, alongside affiliated promoters CW Pharmacy II, L.L.C. and CW Pharmacy II Exchange, L.L.C.2 On July 6, 2022 Inland announced it had monetized 29 CVS and Walgreens properties totaling 398,040 square feet on behalf of investors over five months.
- Sponsor
- Inland Private Capital
- Legal Trust name
- CW Pharmacy II DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 8 active / 79 total offerings from Inland Private Capital
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The initial Form D — the brief SEC notice of an exempt private offering — was followed by a series of amendments tracking subscriptions as they came in, with the final amendment trimming the stated offering size down to the amount actually sold. Interests were sold privately to accredited investors, those meeting SEC income or net-worth tests, without general advertising.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 8
- 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 CW Pharmacy II DST?
Top1031 lists CW Pharmacy II DST as historical. It is no longer raising money.
Where does Top1031 get the data for CW Pharmacy II 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 CW Pharmacy II DST?
No. This Trust is Historical — closed to new investors. Its last Form D amendment was filed January 2, 2013, and that amendment reduced the stated offering size to match subscriptions received, ending the raise.
Did the Trust go full cycle?
Top1031 reports that CW Pharmacy II DST reached full cycle and that its McAllen CVS, Newport News CVS and Dunkirk Walgreens sold inside Inland Private Capital's five-month 2022 pharmacy-disposition wave.[3] No sale price, closing date, buyer or investor outcome for this specific Trust appears in the public record, and Inland's own 2022 releases name other pharmacy trusts rather than this one.
Who were the tenants?
CVS Pharmacy, Inc. at McAllen, Texas and Virginia CVS Pharmacy, L.L.C. at Newport News, Virginia, both with lease terms stated through January 31, 2035 and guaranteed by CVS Caremark Corporation; and Walgreen Eastern Co., Inc. at Dunkirk, New York, guaranteed by Walgreen Co., with a long term to 2083 and a tenant termination option in 2033.[1]
Was the Trust mortgaged?
Yes. The June 29, 2012 memorandum describes a first-mortgage, interest-only loan from Ladder Capital Finance I LLC of $9,395,000, non-recourse subject to specified carve-outs, with a maturity date of April 6, 2037.[1] A buyer of a secondary interest would need to confirm how that loan was handled at disposition.
What was the minimum investment?
The memorandum states minimum purchases of $100,000 for a Section 1031 exchange investment and $25,000 for a cash investment.[1] Sponsors and selling broker-dealers sometimes applied higher minimums, so the PPM and subscription documents govern.
How was this offering sold?
Under Rule 506(b), the private-placement exemption that allows sales to accredited investors but bars general solicitation or advertising. That is why the record consists of Form D notices rather than a prospectus, and why the memorandum was circulated only to pre-existing relationships.
Chapter 9CW Pharmacy II DST reached full cycle with the sale of its three net-leased CVS and Walgreens pharmaciesTop1031 reported that the trust held three net-leased pharmacies in McAllen, Newport News and Dunkirk and that they were sold as part of Inland Private Capital's 2022 five-month pharmacy-disposition wave.