Top1031
Pharmacy Portfolio III DST
Pharmacy retail property · sponsored by Inland Private Capital
Historical · soldSold Jul 2022, as reported by Inland Private Capital · last Form D Jun 6, 2012Sponsor source (opens in a new tab)
Pharmacy Portfolio III DST was a DST sponsored by Inland Private Capital that owned a pharmacy retail property. Inland Private Capital sold the property in Jul 2022, as reported by the sponsor.
How it ended
Sold, result reported by the sponsor
Sold Jul 2022.
- Total return
- 278.1% as reported by the sponsor
- Date
- Jul 14, 2022
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $5,005,502Equity offered, per the Form D
- Sold
- 100%Form D, Jun 6, 2012; the % is our arithmetic
- Investors reported
- Form D, Jun 6, 201270
- Selling commissions
- Form D Item 15; the % is our arithmetic$350,385 · 6.9% of offering
- Financing
- Zero coupon. Cash flow from the property goes to servicing the 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: Pharmacy Portfolio III DST. Top1031 is not a broker-dealer.What did Pharmacy Portfolio III DST own?
Public filings and sponsor releases never break out the individual pharmacy buildings this Trust owned; no addresses, states, or square footage appear in the record. What is documented is the exit: Inland Private Capital announced on July 14, 2022 that the real estate held by Pharmacy Portfolio III and Pharmacy Portfolio IV sold together for $80 million, a group of 12 pharmacy retail properties across 10 states. 2
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
The Trust used a zero-coupon — also called zero cash-flow — structure: a large fixed-rate loan whose debt service absorbs essentially all rent, so investors receive little or no current income and rely instead on debt paydown and depreciation. Inland Private Capital described both pharmacy portfolios as zero cash-flow programs. 2 The lender is not named in the public record.
Debt
- Financing
- Zero coupon. Cash flow from the property goes to servicing the debt.
Costs and terms from the Form D
- Selling commissions
- $350,385 · 6.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $667,627 · 13.3% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 25 named in the Form D
Show the firms
- Allied Beacon Partners, Inc. · CRD 46227
- Ameritas Investment Company, LLC · CRD 14869
- Berthel, Fisher & Company Financial Services, Inc. · CRD 13609
- Calton & Associates, Inc. · CRD 20999
- Centaurus Financial, Inc. · CRD 30833
- Concorde Investment Services, LLC · CRD 151604
- Concourse Financial Group Securities, Inc. · CRD 15708
- Crown Capital Securities, L.P. · CRD 6312
- Huntwicke Securities, LLC · CRD 146993
- Independent Financial Group, LLC · CRD 7717
- Inland Securities Corporation · CRD 15807
- Investacorp, Inc. · CRD 7684
- Investors Capital Corp. · CRD 30613
- JRL Capital Corporation · CRD 10225
- Liberty Group, LLC · CRD 10636
- McDermott Investment Services, LLC · CRD 154926
- NPB Financial Group, LLC · CRD 137743
- Pacific West Securities, Inc. · CRD 6390
- Parkland Securities, LLC · CRD 115368
- Primex · CRD 29394
- Sagepoint Financial, Inc. · CRD 133763
- Sigma Financial Corporation · CRD 14303
- Triad Advisors LLC · CRD 25803
- VSR Financial Services, Inc. · CRD 14503
- Wilson-Davis & Co., Inc. · CRD 3777
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Aug 11, 2011
- Minimum investment
- $25,000
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 Pharmacy Portfolio III DST?
Inland Private Capital sponsors 1031 exchange programs from Oak Brook, Illinois, the same address the Trust gave as its principal place of business. 1 The Trust's Form D/A names Inland Private Capital Corporation as a promoter. 4 On July 14, 2022, the sponsor announced the sale of the real estate held by this Trust and Pharmacy Portfolio IV, calling them the first of its zero-coupon offerings to be monetized. 2
- Sponsor
- Offerings on record
What does the SEC record show?
Organized in Delaware in 2011, the Trust sold interests only by private placement to accredited investors — buyers meeting SEC income or net-worth thresholds — with no general advertising permitted. 1 A run of Form D amendments then tracked the raise from the first sale in August 2011 until the offering closed fully subscribed.
- Legal Trust name
- Pharmacy Portfolio III DST
- SEC CIK
- 1528362
- First Form D
- Aug 24, 2011
- Latest Form D
- Jun 6, 2012
- Filings on record
- 9
- 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 | $5,005,502 | $5,005,502+$935,683 | 70+21 | EDGAR | |
| Form D/A | $5,005,502 | $4,069,819+$299,585 | 49+6 | EDGAR | |
| Form D/A | $5,005,502 | $3,770,234+$172,000 | 43+4 | EDGAR | |
| Form D/A | $5,005,502 | $3,598,234+$507,538 | 39+8 | EDGAR | |
| Form D/A | $5,005,502 | $3,090,696+$336,151 | 31+9 | EDGAR | |
| Form D/A | $5,005,502 | $2,754,545+$241,621 | 22+5 | EDGAR | |
| Form D/A | $5,005,502 | $2,512,924+$624,953 | 17+12 | EDGAR | |
| Form D/A | $5,005,502 | $1,887,971+$577,971 | 5+3 | EDGAR | |
| Form D | $5,005,502 | $1,310,000 | 2 | EDGAR |
Show all 9 SEC Form D filings
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 Pharmacy Portfolio III DST?
- Pharmacy Portfolio III DST is a Historical offering. Sold Jul 2022, as reported by Inland Private Capital.
- What does "zero coupon" or "zero cash flow" mean here?
- It describes a highly leveraged structure in which a large fixed-rate loan's debt service absorbs essentially all of the property's rent. Investors receive little or no current distributions; the economics rest on principal paydown over the loan term and on depreciation and interest deductions. Inland Private Capital described both pharmacy portfolios as zero cash-flow programs.
- What result did the sponsor report for this Trust?
- AltsWire, reproducing the sponsor's announcement, reported a 278.10% total return and a 16.37% average annual return for Pharmacy Portfolio III; these are sponsor-reported figures, not independently audited results. They are completed, historical figures for this Trust and say nothing about any other offering.
- Why does this page not list an address or a tenant?
- Because the public record does not settle them. Form D filings capture the offering, not the real estate, and the sponsor's 2022 sale release describes the two portfolios together. Property addresses, square footage, tenant identity, and lease terms for this Trust alone would be found in the offering documents and closing documents.
In the news
Sources
Show sources (9)Hide sources (9)
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.