Fleet Farm Cambridge and Fleet Farm Menomonie
Retail property · sponsored by Kingsbarn Realty Capital
Fleet Farm Cambridge and Fleet Farm Menomonie was a DST sponsored by Kingsbarn Realty Capital that owned a retail property. Its last Form D was filed May 23, 2022.
How it ended
No outcome recorded · under 7 years
Last Form D filed May 23, 2022.
Kingsbarn Realty Capital has 10 active offerings on record →
Key facts
- Minimum investment
- $221,000From the Form D
- Offering size
- $22,100,000Equity offered, per the Form D
- Sold
- Not reported after the first Form D (May 23, 2022)Form D, May 23, 2022
- Selling commissions
- Form D Item 15; the % is our arithmetic$884,000 · 4.0% of offering
- 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: Fleet Farm Cambridge and Fleet Farm Menomonie. Top1031 is not a broker-dealer.What did the Trust own?
Kingsbarn Realty Capital acquired two Fleet Farm retail centers, one in Cambridge, Minnesota and one in Menomonie, Wisconsin. 1 Traded reports the package closed on April 4, 2022 at a transaction amount of $41,600,000. 2 Kingsbarn's prior-performance table, dated May 1, 2023, carries the same purchase price but reports 328,575 square feet, against Traded's 400,000 — a gap the public record does not reconcile. 3
- Property size
- 2 retail centers
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 Form D discloses no debt, and no mortgage or loan record tied to this Trust surfaced in the sources reviewed. Whether the two centers were bought with leverage or all cash is not established in the public record.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $884,000 · 4.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,390,000 · 6.2% of offeringForm D Item 16· The filing’s note: “An affiliate of KBEP will receive this amount for services provided in structuring the offering of the securities and acquisition of property associated therewith.”
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- MIT Associates, LLC · CRD 121171
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Not in the Form D
- Minimum investment
- $221,000
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.
Who's behind the Trust?
Kingsbarn Realty Capital sponsors non-traded alternative investment offerings and runs its 1031 exchange program through the affiliate KB Exchange Properties, LLC. 1 Fleet Farm has been a repeat theme for the firm: at the time of this May 2022 purchase, press coverage put its Fleet Farm portfolio at eight properties. The sponsor continues to file new DST offerings.
- Sponsor
- Offerings on record
What does the SEC record show?
A single Form D covers this Trust, filed under Rule 506(c) — the exemption that lets a sponsor advertise an offering publicly so long as every investor's accredited status is verified. No amendment has been filed since, so nothing in the SEC record updates the original terms.
- Legal Trust name
- KB Fleet Farms Portfolio, DST
- SEC CIK
- 1928051
- First Form D
- May 23, 2022
- Latest Form D
- May 23, 2022
- Filings on record
- 1
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D | $22,100,000 | $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 Fleet Farm Cambridge and Fleet Farm Menomonie?
- Fleet Farm Cambridge and Fleet Farm Menomonie is a Historical offering. Last Form D filed May 23, 2022.
- What does this Trust actually own?
- Two Fleet Farm retail centers in the upper Midwest — one in Cambridge, Minnesota and one in Menomonie, Wisconsin — bought by Kingsbarn Realty Capital and placed into a single Delaware statutory trust for 1031 exchange investors. Traded reports the package closed on April 4, 2022 at $41,600,000, the same purchase price shown in Kingsbarn's prior-performance table as of May 1, 2023.
- Where exactly are the two stores?
- Fleet Farm's own store locator lists the Cambridge store at 2324 3rd Ave NE, Cambridge, MN 55008, and the Menomonie store at 2003 U.S. Highway 12W, Menomonie, WI 54751. The store pages confirm both locations operate but do not establish legal ownership or the lease counterparty.
- What kind of lease is in place?
- Kingsbarn reported at acquisition that each store sits under a triple-net lease, meaning the tenant covers property taxes, insurance and maintenance rather than the trust, with roughly 18 years remaining and contractual annual rent increases. The AltsWire report on the purchase also described an onsite gas station and a freestanding car wash at each location.
- How were the stores performing before the purchase?
- Kingsbarn reported in its May 16, 2022 announcement that both Fleet Farm stores had store sales of more than $30 million in 2021. That is the sponsor's own figure for a completed year; no independent audit of store-level sales appears in the public record.
- Can investors end up owning REIT shares through this Trust?
- Nothing in the record indicates a 721/UPREIT exit — the arrangement where a DST's property is later contributed to a REIT's operating partnership in exchange for units. The Trust is recorded as not converting to a REIT, so an investor would look to a conventional sale or exchange of the underlying real estate.
In the news
Sources
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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.