Fleet Farm Cambridge and Fleet Farm Menomonie
Retail — sponsored by Kingsbarn Realty Capital
Files with the SEC as KB Fleet Farms Portfolio, DST
Minimum investment
$221k
Offering size
$22.1M
How much has sold
None sold yet
Asset type
Retail
Location
Not stated
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
KB Fleet Farms Portfolio, DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional interests in real estate — holding two Fleet Farm retail centers in Cambridge, Minnesota and Menomonie, Wisconsin.1 Kingsbarn Realty Capital sponsors it. One Form D was filed with the SEC in May 2022, and no amendment has followed, so the public record on this Trust is thin.
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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?
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
Who is the tenant, and what's the lease?
Both centers operate as Fleet Farm stores. Kingsbarn reported at acquisition that each carried a triple-net lease — the tenant, not the trust, pays taxes, insurance and maintenance — with approximately 18 years remaining and fixed annual rent increases.4
How did it end?
No sale or other ending on record
As of Kingsbarn's official Prior Performance document (data as of May 1, 2023), KB Fleet Farms Portfolio, DST (CIK 1928051) — comprising two additional Fleet Farm retail centers acquired in May 2022 — was listed as 'Still Operating,' and no public disposition announcement for this trust has been located through July 2026 [1][2].
AltsWire described the two centers as intended for one DST offering and reported that both stores had 2021 store sales above $30 million; no reviewed article stated that this offering was fully subscribed, sold out, or closed.
2 retail centersSupporting evidence
How is it financed, and what does it pay?
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.
Who's behind it?
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
- Kingsbarn Realty Capital
- Legal Trust name
- KB Fleet Farms Portfolio, DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 10 active / 31 total offerings from Kingsbarn Realty Capital
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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.
- 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 Fleet Farm Cambridge and Fleet Farm Menomonie?
Top1031 lists Fleet Farm Cambridge and Fleet Farm Menomonie as historical. It is no longer raising money.
Where does Top1031 get the data for Fleet Farm Cambridge and Fleet Farm Menomonie?
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?
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.
Is this offering still open?
The public record does not say. The SEC file contains one Form D from May 23, 2022 with no amendment, and no reviewed article stated that the offering was fully subscribed, sold out, or closed. Form D data reflects what the issuer reported at the moment of filing, not current status.
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.
Chapter 9Kingsbarn Purchases Two Fleet Farm Retail Centers in Minnesota and WisconsinKingsbarn announced the acquisition of Fleet Farm retail centers at 2324 3rd Ave. NE in Cambridge and 2003 US-12 W in Menomonie.