Top1031

Pharmacy Portfolio II DST

Retail pharmacy property — sponsored by Inland Private Capital

Minimum investment
$25k
Offering size
$14.6M
How much has sold
100.0%
Asset type
Retail pharmacy property
Location
Not stated
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

Pharmacy Portfolio II DST is a Delaware statutory trust — a passive co-ownership vehicle whose interests can be received in a 1031 exchange — that Inland Private Capital used to place six Walgreens pharmacies with accredited investors starting in 2011.1 It is Historical: closed to new investors after its last Form D amendment in April 2012. Public filings do not settle whether the Trust still owns the stores.

Show sources (11)Hide sources (11)

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.

Chapter 2

What exactly is the property?

Pharmacy Portfolio II DST holds six Walgreens pharmacies spread across six states: Gallup, New Mexico; Normal, Illinois; Somerset, Massachusetts; Spokane, Washington; Villa Rica, Georgia; and Waynesburg, Pennsylvania.2 No source located states when the buildings were built or acquired, or what Inland paid for them.

Property size
6 Walgreens properties; 85,669 sq ft total (14,744, 14,486, 13,569, 14,400, 13,650, and 14,820 sq ft respectively)
Chapter 3

Who is the tenant, and what's the lease?

Walgreen Co. is named as tenant at the Gallup, Normal, Spokane, and Villa Rica stores, and Walgreen Eastern Co., Inc. at Somerset and Waynesburg.3 Stated lease terms begin between 2002 and 2011 and run to expirations between 2077 and 2086, with Walgreens named as either tenant or guarantor.4

Chapter 4

How did it end?

What happened

Sold after 7.8 years; sponsor reported 157% total return

Inland Private Capital announced on January 5, 2022 the sale of the eight-property Pharmacy Sale Leaseback II DST (Walgreens-anchored portfolio across AR, MI, MO and TN) for $37 million, delivering a 156.61% total return and a 7.52% average annual return to investors (Inland Private Capital press release / AltsWire coverage, January 2022).

The executive summary identifies six Walgreen pharmacies with individual sizes of 14,744, 14,486, 13,569, 14,400, 13,650, and 14,820 sq ft, respectively (85,669 sq ft total); the Top1031 eight-property sale report conflicts with Inlands official release, which names Pharmacy Sale Leaseback II DST, so the disposition is not treated as confirmed for this trust.

6 Walgreens properties; 85,669 sq ft total (14,744, 14,486, 13,569, 14,400, 13,650, and 14,820 sq ft respectively)
156.6%Total return · as reported by the sponsor
7.5%Annualized return · as reported by the sponsor
$37,000,000Sale price · as reported by the sponsor
Supporting evidence
Chapter 5

How is it financed, and what does it pay?

This Trust used leverage: a mortgage loan funded part of the acquisition, non-recourse to the Trust apart from specified carve-outs, and scheduled to mature July 5, 2026.7 As of August 16, 2026, no public record located settles whether that loan was repaid, refinanced, or extended.

Chapter 7

What does the paperwork say?

The original Form D recorded a first sale of September 21, 2011, and four amendments followed, each updating the amount sold and the investor count.1 The Rule 506(b) route used here bars general advertising, so interests went to accredited investors — those meeting SEC income or net-worth tests — through existing relationships.

  1. First Form D filedThe public offering record begins.
  2. Offering amount recordedA Form D amendment recorded offering and sales totals.
  3. Filing record updatedA later amendment updated the sponsor’s filing record.
  4. Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
Filings on record
5
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.

Chapter 8

Common questions

What happened to Pharmacy Portfolio II DST?

Top1031 lists Pharmacy Portfolio II DST as historical. It is no longer raising money.

Where does Top1031 get the data for Pharmacy Portfolio 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 Pharmacy Portfolio II DST?

No. This is a Historical Trust — closed to new investors. Its last Form D amendment was filed April 4, 2012, and the Offering is no longer being raised. Anything you read about it now is a record of a completed 2011–2012 private placement, not an available 1031 replacement property.

Did the January 2022 eight-property Walgreens sale end this Trust?

Not on the record. Inland's January 5, 2022 release describes eight Walgreens properties in Arkansas, Michigan, Missouri, and Tennessee sold for $37 million on behalf of Pharmacy Sale Leaseback II DST — a different program.[8] This Trust holds six pharmacies in six other states, so no disposition is confirmed for it.

Who are the tenants?

Walgreen Co. is named as tenant at the Gallup, Normal, Spokane, and Villa Rica pharmacies, and Walgreen Eastern Co., Inc. at Somerset and Waynesburg.[3] Sponsor materials state Walgreens is either the tenant or the guarantor under each lease.[4] Sources located do not state the lease type, so triple-net status must be checked in the PPM.

Was this Trust financed with debt?

Yes. Inland's executive summary states the acquisition was funded in part with a mortgage loan, non-recourse to the Trust subject to carve-outs, with a stated maturity of July 5, 2026.[7] No source located confirms what happened at that maturity date.

Why do the offering size figures differ between sources?

The SEC Form D states one total offering amount, while Inland's executive summary lists total DST Interests of $14,490,228.[5] The two figures are reported as stated and are not reconciled by any source located; the difference is a question for the sponsor and the PPM.

Chapter 9

In the news