Minimum investment
$100k
Offering size
$12.7M
How much has sold
100.0%
Asset type
Net lease retail
Location
Not stated
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Pharmacy Portfolio DST is a historical offering — closed to new investors — from Inland Private Capital's 1031 exchange arm. It is a Delaware statutory trust, the fractional-ownership structure used by 1031 exchangers, holding three freestanding CVS Pharmacy stores built in 2008 on 25-year triple-net leases guaranteed by CVS Caremark Corporation. Its SEC file runs from April to September 2010 and stops there.
Show sources (3)Hide sources (3)
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 portfolio consists of freestanding CVS Pharmacy stores built in 2008 and assembled by Inland Real Estate Exchange Corporation for 1031 exchange buyers, with the Trust closing and funding around August–September 2010. The public filings and sponsor materials reviewed do not disclose the store addresses, cities, or building sizes. The issuer was organized as a Delaware statutory trust, with its address at Inland's Oak Brook, Illinois offices.1
- Property size
- 3 single-tenant CVS Pharmacy properties
Who is the tenant, and what's the lease?
Each store was leased to CVS Pharmacy on triple-net terms, meaning the tenant — not the Trust — carries taxes, insurance, and maintenance. Initial lease terms ran 25 years, and CVS Caremark Corporation (NYSE: CVS) guaranteed the tenant obligations, so the credit behind the rent is the parent company's.
How did it end?
Sold after 4.0 years; sponsor reported 147% total return
Listed as a completed/full-cycle program on Inland Private Capital's published track record.
Three single-tenant, triple-net CVS Pharmacy stores built in 2008 with 25-year initial lease terms, all guaranteed by CVS Caremark Corporation (NYSE: CVS). Sponsored by Inland Real Estate Exchange Corporation. Portfolio closed/funded approximately Aug–Sep 2010.
3 single-tenant CVS Pharmacy properties147.3%Total return · as reported by the sponsor
11.8%Annualized return · as reported by the sponsor
$15,656,000Sale price · as reported by the sponsor
Supporting evidence
How is it financed, and what does it pay?
The public record does not settle how this portfolio was capitalized. A Form D reports the equity sold in the offering, not any mortgage on the real estate, and the sponsor materials reviewed do not say whether the Trust carried debt or bought all-cash. The PPM and closing documents are where that answer lives.
Who's behind it?
Inland Private Capital is the private-placement arm of the Inland group, based in Oak Brook, Illinois.1 This 2010 Trust was offered under the firm's earlier name, Inland Real Estate Exchange Corporation, and the sponsor has since built a substantial book of 1031 exchange programs. AltsWire reported on July 7, 2022 that Inland Private Capital monetized 29 pharmacy properties on behalf of 1031 investors, though that report does not name this Trust.
- Sponsor
- Inland Private Capital
- Legal Trust name
- Pharmacy Portfolio 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 Form D reports a first sale on March 15, 2010, roughly a month before the initial notice reached EDGAR.1 Amendments followed through September 2010, each restating a higher amount sold and a larger investor count, until the raise ended. Nothing has been filed under this CIK since.
- 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
- 6
- 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 Pharmacy Portfolio DST?
Top1031 lists Pharmacy Portfolio DST as historical. It is no longer raising money.
Where does Top1031 get the data for Pharmacy Portfolio 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 Pharmacy Portfolio DST?
No. This Trust is historical — closed to new investors. Its offering ran in 2010 and the last Form D amendment was filed September 17, 2010. DST interests are also generally illiquid and not freely transferable, so there is no ordinary secondary market. The record here exists as a track-record and research reference, not as an available offering.
What does triple-net mean for a CVS store like these?
Under a triple-net (NNN) lease, the tenant pays property taxes, building insurance, and maintenance on top of rent, leaving the landlord with limited day-to-day operating responsibility. The economics then depend heavily on tenant credit. Here, the sponsor materials state that CVS Caremark Corporation guaranteed the obligations, so the parent company stands behind the store-level tenant.
Did this portfolio ever sell?
No disposition document naming Pharmacy Portfolio DST appears in the SEC record; the CIK's filing history ends with the September 17, 2010 Form D amendment, and Form D filings do not report sales of real estate. AltsWire reported on July 7, 2022 that Inland Private Capital monetized 29 pharmacy properties for 1031 investors, but that report does not name this Trust. Ask the sponsor for the closing statement if you need the outcome.
Where are the three stores?
The public filings and the sponsor summary materials reviewed identify the portfolio as three single-tenant CVS Pharmacy stores but do not list their addresses, cities, or states. The Form D lists only the issuer's Oak Brook, Illinois address, which is the sponsor's office, not a property location. Property-level detail would appear in the PPM.
What does it mean that the offering was made under Rule 506(b)?
Rule 506(b) is the private-placement exemption that lets an issuer raise money without registering with the SEC, provided it does not advertise or generally solicit and sells essentially only to accredited investors — people meeting SEC income or net-worth thresholds. Investors typically come through existing relationships with the sponsor or a broker-dealer, and the full terms sit in the Private Placement Memorandum rather than a public prospectus.
Chapter 9Pharmacy Portfolio DST Executive SummaryExecutive summary PDF describing a three-property CVS Pharmacy portfolio with 25-year NNN leases and CVS Caremark guarantees.