Dow Chemical Company
Office in Oak Brook, IL — sponsored by Inland Private Capital
Files with the SEC as Zero Coupon MI Office DST
Minimum investment
$100k
Offering size
$22.1M
How much has sold
100.0%
Asset type
Office
Location
Oak Brook, IL
Financing
Zero coupon. Cash flow from the property goes to servicing the debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Zero Coupon MI Office DST is a Delaware statutory trust — the fractional-ownership structure 1031 exchangers use to buy replacement real estate — sponsored by Inland Private Capital and sold privately to accredited investors, meaning those meeting SEC income or net-worth tests. Its SEC filings describe a Michigan office program; Top1031 carries it under the directory label Dow Chemical Company. The Offering 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 SEC knows this Trust only as Zero Coupon MI Office DST, a Delaware entity filing from 2901 Butterfield Road in Oak Brook, Illinois; no property address, size, or acquisition date appears in the federal record.1 The "Dow Chemical Company" label traces to an Inland property record for 2211 Abbott Road in Midland, Michigan, a page that does not itself name this Trust.2 The match remains unresolved in public sources.
- Reported location
- Oak Brook, IL
Who is the tenant, and what's the lease?
No tenant name, lease term, or rent structure for this Trust appears in its SEC filings, and no entity-specific lease record was located elsewhere in the public record.
How did it end?
No ending on record
Inland Private Capital Corporation sponsored the Zero Coupon MI Office DST for a Michigan office property (Form D filings ran May 17, 2022 to May 5, 2023); White Law Group is investigating potential securities claims involving this DST, suggesting investor losses, but no public full-cycle sale, UPREIT conversion, or foreclosure announcement naming this DST was located.
Inland's property page identifies the asset as Dow Chemical Company at 2211 Abbott Road; no exact public square-foot figure was located for this DST, and the separately reviewed Abbott Road Center history was not used because it does not explicitly identify 2211 Abbott Road as this DST asset.
Supporting evidence
How is it financed, and what does it pay?
The Trust's legal name marks it as a zero-coupon, or zero-cash-flow, offering: in that structure rent is typically dedicated to servicing a high-leverage, fully amortizing loan rather than paying current income, which is why exchangers with large mortgage balances to replace use them. No lender, loan balance, or maturity appears in the SEC filings.
Who's behind it?
Inland Private Capital is the private-placement arm of the Oak Brook, Illinois–based Inland real estate group and one of the larger DST sponsors by program count.1 The Form D/A names Inland Private Capital Corporation as the sole member of the Trust's signatory trustee.3 On July 14, 2022 Inland announced the sale of its Pharmacy Portfolio III DST and Pharmacy Portfolio IV DST for a combined $80 million, which it described as its first full-cycle zero-coupon offerings.4
- Sponsor
- Inland Private Capital
- Legal Trust name
- Zero Coupon MI Office 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?
This Trust was never publicly advertised: it was sold under a private-placement exemption that bars general solicitation and limits offers to investors the sponsor and its selling brokers already knew. Two amendments to the original notice updated the amount sold until the raise closed, and nothing has been filed since.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 3
- 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 Dow Chemical Company?
Top1031 lists Dow Chemical Company as historical. It is no longer raising money.
Where does Top1031 get the data for Dow Chemical Company?
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 Zero Coupon MI Office DST?
No. The Trust is closed to new investors — its final Form D/A, filed May 5, 2023, reported no remaining amount available. DST interests occasionally change hands in private secondary transactions, but there is no public market for them and no sponsor-stated resale program appears in the SEC record.
What does "zero coupon" mean in a DST?
A zero-coupon, or zero-cash-flow, DST is financed with a large, fully amortizing loan whose payments consume essentially all of the property's rent, so investors generally receive little or no current distribution. Exchangers use these programs mainly to replace a large mortgage balance from a relinquished property, since IRS rules require replacing both equity and debt to fully defer gain. This Trust's specific loan terms are not in its public filings.
Which property does this Trust actually own?
That is unresolved in public sources. The SEC registrant for CIK 1928557 is Zero Coupon MI Office DST and its Form D filings name no property. The "Dow Chemical Company" label used in this directory traces to an Inland Private Capital property record for 2211 Abbott Road, Midland, Michigan, but that page does not state that it belongs to this Trust, and no independent record ties the two together. Square footage, tenant, and acquisition date are likewise not in the public record — the private placement memorandum, or PPM, is the governing document for those facts.
What is the White Law Group investigation I've read about?
On December 1, 2023 The White Law Group, a securities law firm, published an investor alert saying it was investigating broker-dealers that allegedly recommended the Inland-sponsored Zero Coupon Office MI DST to investors. It is a law-firm solicitation notice concerning sales practices by brokers, not a regulatory finding, and it makes no substantiated claim about the Trust's property or performance.
Has the Trust reported a sale or other outcome?
No outcome has been reported. The most recent SEC filing on record is the Form D/A of May 5, 2023, and no disposition, refinancing, or 721/UPREIT roll-up — a transaction in which DST interests are exchanged for operating-partnership units of a REIT — has been disclosed for this Trust in public sources.
Chapter 9Zero Coupon Office MI DST: Securities InvestigationThe investor alert says Inland Private Capital Corp sponsored the Zero Coupon Office MI DST and filed a 2021 Form D for a $22,080,562 offering, but it does not state a property address, size, or subscription status.