Top1031

Pharmacy Portfolio IV DST

Retail pharmacy property in Lakeland, FL · sponsored by Inland Private Capital

Historical · soldSold Jul 2022, as reported by Inland Private Capital · last Form D Sep 4, 2012Sponsor source (opens in a new tab)

Pharmacy Portfolio IV DST was a DST sponsored by Inland Private Capital that owned a retail pharmacy property in Lakeland, FL. 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
267.1% as reported by the sponsor
Date
Jul 14, 2022

Sponsor document (opens in a new tab)

Inland Private Capital has 8 active offerings on record →

Key facts

Minimum investment
$25,000
From the Form D
Offering size
$5,220,068
Equity offered, per the Form D
Sold
100%
Form D, Sep 4, 2012; the % is our arithmetic
Investors reported
58
Form D, Sep 4, 2012
Selling commissions
$365,405 · 7.0% of offering
Form D Item 15; the % is our arithmetic
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 IV DST. Top1031 is not a broker-dealer.

What did Pharmacy Portfolio IV DST own?

The Trust held six CVS pharmacy stores, in Lakeland, Florida; Athens, Georgia; New Orleans; Rockford, Illinois; Bismarck, North Dakota; and Las Vegas. 3 The sponsor's offering summary described each as a one-story retail pharmacy building with a drive-thru, leased to and operated as a CVS Pharmacy store. 3 That summary listed an offering price of $34,385,204 and stated no separate acquisition price. 3

Reported location
Lakeland, FL
Property size
6 CVS pharmacy stores; individual sizes 11,945, 14,731, 14,755, 13,013, 13,225, and 13,352 sq ft (81,021 sq ft summed)

Tenant and lease terms are not in the SEC filings or cited sources.

How was it financed, and what did it cost to sell?

Zero coupon, also called zero cash flow, means rent was committed almost entirely to debt service: the portfolio was highly leveraged and built to produce no periodic distributions, with the sponsor stating that investors' return would come through repayment of loan principal. 3 The reviewed public materials do not name the lender.

Debt

Financing
Zero coupon. Cash flow from the property goes to servicing the debt.

Costs and terms from the Form D

Selling commissions
$365,405 · 7.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$694,088 · 13.2% of offering
Form D Item 16
Broker-dealers named in the Form D
21 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Jan 23, 2012
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.

What does the SEC record show?

The Trust's initial Form D — the SEC notice filed for a private, unregistered offering — reported a first sale on January 23, 2012, and successive amendments tracked equity as it was placed through that year. 1 Rule 506(b) offerings are sold privately to accredited investors, without general solicitation or advertising.

Legal Trust name
Pharmacy Portfolio IV DST
SEC CIK
1538567
First Form D
Feb 7, 2012
Latest Form D
Sep 4, 2012
Filings on record
9
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$5,220,068
$5,220,068+$37,000
58+2
EDGAR
Form D/A$5,220,068
$5,183,068+$944,207
56+11
EDGAR
Form D/A$5,220,068
$4,238,861+$1,466,984
45+14
EDGAR
Form D/A$5,220,068
$2,771,877+$1,200,410
31+10
EDGAR
Form D/A$5,220,068
$1,571,467+$142,700
21+3
EDGAR
Form D/A$5,220,068
$1,428,767+$231,902
18+4
EDGAR
Form D/A$5,220,068
$1,196,865+$93,543
14+2
EDGAR
Form D/A$5,220,068
$1,103,322+$928,322
12+9
EDGAR
Form D$5,220,068
$175,000
3
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 IV DST?
Pharmacy Portfolio IV DST is a Historical offering. Sold Jul 2022, as reported by Inland Private Capital.
What did "zero coupon" mean for this Trust?
The portfolio was highly leveraged and designed to produce no cash flow. Rent went almost entirely to debt service, so investors received no periodic distributions; the sponsor's offering summary said the return would instead come through repayment of loan principal and any proceeds on sale.
What happened when the properties were sold?
Inland announced the sale of Pharmacy Portfolio III and IV on July 14, 2022, for a combined $80 million. Its release reports total returns over 265% but does not allocate a precise investor result or the sale price to Portfolio IV alone.
Who was the tenant?
Each of the six buildings operated as a CVS Pharmacy store, leased to a state-level CVS affiliate such as Holiday CVS, L.L.C. in Florida or Nevada CVS Pharmacy, L.L.C., with CVS Caremark named as guarantor of the leases.
Where were the six stores?
Lakeland, Florida; Athens, Georgia; New Orleans, Louisiana; Rockford, Illinois; Bismarck, North Dakota; and Las Vegas, Nevada. Listed building sizes ranged from 11,945 to 14,755 square feet, each a one-story store with a drive-thru.
How was the offering sold?
As beneficial interests in a Delaware Statutory Trust, offered under Rule 506(b) — a private placement to accredited investors without general advertising. The initial Form D reported a first sale on January 23, 2012, and eight later amendments updated the record through September 4, 2012.

In the news

Sources

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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.