Keystone 1031 Orlando Office (Walgreens Call Center)
Office in Orlando, FL — sponsored by Keystone 1031
Files with the SEC as Keystone 1031 Orlando Office, DST
Minimum investment
$50k
Offering size
$22.1M
How much has sold
None sold yet
Asset type
Office
Location
Orlando, FL
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Keystone 1031 Orlando Office, DST holds a single Orlando office building leased to Walgreens as a pharmacy call center. Keystone National Properties bought the 134,000-square-foot property in SouthPark Center for $32.5 million in December 2022.1 The Trust then filed one Form D offering beneficial interests to accredited investors — buyers meeting SEC income or net-worth thresholds — and nothing has amended that record since.3
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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 building stands at 8337 Southpark Circle in Orlando's SouthPark Center, where Walgreens operates a pharmacy operations support center.2 Keystone National Properties acquired it for $32.5 million in December 2022 and placed it into this Trust.1 The sponsor's announcement described the site as one of four such facilities Walgreens uses nationally, staffed with on-site pharmacists who speak directly with customers.1
- Reported location
- Orlando, FL
- Property size
- 134,000 sq ft
Who is the tenant, and what's the lease?
Walgreens signed a new 10-year lease at closing in a sale-leaseback, with six five-year renewal options, according to the sponsor's information sheet.2 The lease is triple-net, meaning the tenant rather than the Trust pays taxes, insurance and maintenance.
How did it end?
No ending on record
No public disposition or full-cycle announcement was found for the Keystone 1031 Orlando Office, DST (CIK 1965596); EDGAR shows only the April 2023 Form D filing, and no sale of the Walgreens call-center property in Orlando acquired in December 2022 for $32.5M has been publicly reported, consistent with the trust still holding the asset within its typical 5–10-year DST hold period.
Acquired December 2022 for $32.5M as a triple-net call center leased to Walgreens; one of only four Walgreens call centers nationally. Sponsor is Keystone National Properties (KNPRE), parent of Keystone 1031 LLC.
134,000 sq ftSupporting evidence
How is it financed, and what does it pay?
The sponsor's information sheet describes a leveraged deal carrying a non-recourse, interest-only loan — non-recourse meaning the lender's remedy on default runs to the property, not to investors personally.2 No lender is named in the public record.
Who's behind it?
Keystone 1031 LLC sponsors the offering as an arm of Keystone National Properties; Michael Packman signed the Form D as the issuer's chief executive and manager.3 Keystone publicized the Orlando purchase in late December 2022 as the property behind its next DST offering.4 Florida's corporate registry listed the Trust as active when checked on August 29, 2026.5
- Sponsor
- Keystone 1031
- Legal Trust name
- Keystone 1031 Orlando Office, DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 0 active / 2 total offerings from Keystone 1031
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The filing record opens and closes with a new-notice Form D stating that the first sale had not yet occurred as of its filing date.3 It was offered under Rule 506(c), the exemption permitting general advertising so long as the sponsor verifies each buyer's accredited status. No amendment has followed.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- 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 Keystone 1031 Orlando Office (Walgreens Call Center)?
Top1031 lists Keystone 1031 Orlando Office (Walgreens Call Center) as historical. It is no longer raising money.
Where does Top1031 get the data for Keystone 1031 Orlando Office (Walgreens Call Center)?
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.
What does this Trust actually own?
A single office property at 8337 Southpark Circle in Orlando, Florida, leased to Walgreens and used as a pharmacy operations support center — a call center staffed in part by pharmacists. Keystone National Properties acquired the 134,000-square-foot building for $32.5 million in December 2022.
Is the offering still open?
The public record holds one Form D, filed April 21, 2023 as a new notice reporting that the first sale had not yet occurred. No amendment or later SEC filing has updated it, and Top1031 shows no active offerings from Keystone 1031. Nothing in the record confirms whether the raise completed, was withdrawn, or simply stopped reporting.
What kind of lease backs the property?
According to the sponsor's information sheet, Walgreens entered a new 10-year lease at closing as part of the sale-leaseback, with six five-year renewal options. The lease is triple-net: the tenant carries property taxes, insurance and maintenance rather than the Trust.
Has any outcome been reported for this Trust?
No outcome has been reported. Research through August 29, 2026 turned up no primary public record of a sale, refinancing, foreclosure, default, tenant change, or litigation involving the property, and the SEC file contains no filing after the April 2023 Form D.
What does Rule 506(c) mean for me as an investor?
506(c) is the private-placement exemption that lets a sponsor advertise an offering publicly, on the condition that every purchaser is an accredited investor whose status the sponsor affirmatively verifies — typically through tax documents, brokerage statements, or a letter from a CPA or attorney. A 506(b) offering, by contrast, cannot be advertised.
Where do I find the terms that govern this investment?
The private placement memorandum, or PPM, is the controlling document — it sets out the lease, the loan, the fees, the risks and the exit. The Form D on file with the SEC is a short notice, not a description of terms; sponsor marketing sheets are summaries. Read the PPM and any lease and loan exhibits with your own advisers.
Chapter 9Keystone Buys $32.5 Million Orlando Property for DST OfferingKeystone acquired a 134,000-sqft Walgreens call center in Orlando for $32.5M to launch the Keystone 1031 Orlando Office DST. Keystone acquires Walgreens Call Center in Orlando, FLReports Keystone National Properties' acquisition of the Walgreens Call Center for its next DST offering.