Top1031

Keystone 1031 Orlando Office (Walgreens Call Center)

Office property in Orlando, FL · sponsored by Keystone 1031

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

Keystone 1031 Orlando Office (Walgreens Call Center) was a DST sponsored by Keystone 1031 that owned an office property in Orlando, FL (134,000 sq ft). 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
$22,150,000
Equity offered, per the Form D
Sold
Not reported after the first Form D (Apr 21, 2023)
Form D, Apr 21, 2023
Selling commissions
$1,772,000 · 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 →

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: Keystone 1031 Orlando Office (Walgreens Call Center). Top1031 is not a broker-dealer.

What did the Trust own?

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

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

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.

Debt

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

Costs and terms from the Form D

Selling commissions
$1,772,000 · 8.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$2,028,250 · 9.1% of offering
Form D Item 16
· The filing’s note: “The Sponsor will receive a Sponsor fee of $1,137,500 + organization & offering reimbursement of $280,000 + $610,750 reimbursement of carry costs”
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?

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.

Legal Trust name
Keystone 1031 Orlando Office, DST
SEC CIK
1965596
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$22,150,000
$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 Orlando Office (Walgreens Call Center)?
Keystone 1031 Orlando Office (Walgreens Call Center) is a Historical offering. Last Form D filed Apr 21, 2023.
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.
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.
Where do I find the terms that govern this investment?
The offering documents are the controlling documents — they set 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 offering documents and any lease and loan exhibits with your own advisers.

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.