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Keystone 1031 Lansing Industrial

Industrial property · sponsored by Keystone 1031

HistoricalLast Form D filed Apr 21, 2023 (opens in a new tab)

Keystone 1031 Lansing Industrial was a DST sponsored by Keystone 1031 that owned an industrial property (about 147,000 SF). Its last Form D was filed Apr 21, 2023.

How it ended

No outcome recorded · under 7 years

Last Form D filed Apr 21, 2023.

Key facts

Minimum investment
$50,000
From the Form D
Offering size
$17,950,000
Equity offered, per the Form D
Sold
Not reported after the first Form D (Apr 21, 2023)
Form D, Apr 21, 2023
Selling commissions
$1,436,000 · 8.0% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
How it is financed ↓
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.

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 →

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Ask a 1031 specialist about this recordFree. About: Keystone 1031 Lansing Industrial. Top1031 is not a broker-dealer.

What did the Trust own?

The property is a build-to-suit industrial distribution facility in Lansing, Michigan — a building designed and constructed around one occupant's operations rather than for the open market. 2 Keystone National Properties announced on February 28, 2023 that it had acquired the FedEx Ground facility for $24 million for this offering. 3 Independent reporting places the building near the I-69 and I-496 corridors. 2

Property size
~147,000 SF

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

This Trust is leveraged rather than all-cash: it carries non-recourse mortgage debt, meaning the lender's remedy on a default runs to the property itself, not to investors' other assets. The loan is interest-only, so principal is not paid down over the term and the full balance comes due at maturity.

Debt

Financing
Leveraged. This offering reports mortgage debt on the property.

Costs and terms from the Form D

Selling commissions
$1,436,000 · 8.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$1,697,482 · 9.4% of offering
Form D Item 16
· The filing’s note: “The Sponsor will receive a sponsor fee of $867,482 + organization & offering reimbursement of $280,000 + carry cost reimbursement of $550,000”
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Not in the Form D
Minimum investment
$50,000

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?

A single Form D notice is the entire filing history here — the sponsor never filed an amendment to update the raise, which is why the SEC record captures only one moment in time. The Trust was offered under Rule 506(c), the exemption that permits public advertising of a private placement so long as every purchaser's accredited status is verified.

Legal Trust name
Keystone 1031 Lansing Industrial, DST
SEC CIK
1965600
First Form D
Apr 21, 2023
Latest Form D
Apr 21, 2023
Filings on record
1
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D$17,950,000
$0
EDGAR

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 Keystone 1031 Lansing Industrial?
Keystone 1031 Lansing Industrial is a Historical offering. Last Form D filed Apr 21, 2023.
Who is the tenant, and what are the lease terms?
FedEx Ground Package System, FedEx's ground parcel unit, occupies the building. Keystone National Properties reported that FedEx Ground signed a new 10-year lease in November 2022, with two five-year renewal options. Because there is only one tenant in one building, the Trust's income is fully concentrated in that lease.
What is the March 20, 2025 investor alert about this Trust?
The White Law Group, a securities law firm, published an investor alert page referencing this Trust's April 21, 2023 Form D and its sales-commission level. A law-firm investor alert is a solicitation and allegation page, not a regulatory finding; no enforcement action or court outcome for this Trust appears in the public record reviewed as of August 30, 2026.
Why does 'build-to-suit' matter for an industrial DST?
A build-to-suit facility was designed and constructed around one occupant's specific operating needs rather than for general-purpose leasing. That can make the building well matched to its tenant while the lease runs, and can narrow the pool of replacement users if that tenant later leaves. Details of the improvements and any re-tenanting assumptions would be described in the offering documents.

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.