Top1031

Green Valley Corporate Center North

Class A office portfolio in Henderson, NV — sponsored by Kingsbarn Realty Capital

Files with the SEC as KB Green Valley North, DST

Minimum investment
$355k
Offering size
$35.5M
How much has sold
8.0%
Asset type
Class A office portfolio
Location
Henderson, NV
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

KB Green Valley North, DST is a Delaware Statutory Trust — a passive co-ownership vehicle whose interests can be used in a 1031 exchange — sponsored by Kingsbarn Realty Capital. It holds three Class A office buildings on Corporate Circle in Henderson, Nevada, leased in large part to Greenspun Media Group.3 The $35.5 million offering was filed with the SEC in August 2022.1

Show sources (9)Hide sources (9)

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.

Chapter 2

What exactly is the property?

Kingsbarn announced the purchase of the three-building portfolio at 2275, 2285 and 2370 Corporate Circle in Henderson, Nevada on July 28, 2022.2 Kingsbarn's prior-performance schedule lists a $61,000,000 purchase price for the three Henderson properties.4 An earlier owner, Buchanan Street Partners, acquired the North portfolio in 2018, when it was reported roughly 65 percent occupied.5

Reported location
Henderson, NV
Property size
3 office properties; approximately 182,989 square feet
Chapter 3

Who is the tenant, and what's the lease?

Greenspun Media Group, the portfolio's prior owner, is identified as the primary tenant; its lease was scheduled to expire June 30, 2023 before an amendment extended it through June 30, 2028 while allowing Greenspun to reduce its space or terminate after 13 months if it was not then in default.3

Chapter 4

How did it end?

What happened

No sale or other ending on record

As of Kingsbarn's official Prior Performance document (data as of May 1, 2023), KB Green Valley North, DST (CIK 1943755) — the three-building Class A office complex at 2275, 2285, and 2370 Corporate Circle, Henderson, NV — was listed as 'Still Operating,' but this trust is in documented financial distress: a $37 million KeyBank loan entered Cash Sweep status when primary tenant Greenspun Media Group's lease expired June 30, 2023, and the trust filed suit against KeyBank (Index No. 655576/2024, decided May 13, 2025 with KeyBank's motion to dismiss granted); no foreclosure sale or full-cycle disposition has been announced [1][2][3].

Kingsbarn's July 2022 announcement describes the North portfolio as three office properties totaling approximately 182,989 square feet; the September 2022 REBusiness story covers a broader six-building Green Valley Corporate Center, so its $114.5 million and 347,015-square-foot figures are not attributed here to this DST.

3 office properties; approximately 182,989 square feet
Supporting evidence
Chapter 5

How is it financed, and what does it pay?

The Trust entered a $37,000,000 loan agreement with KeyBank on July 26, 2022, and KeyBank assigned its interest to Wilmington Trust on September 8, 2022.3 Leveraged means the debt sits at the Trust level, and lender rights govern cash: the defendants initiated a cash sweep tied to the primary tenant, routing excess cash flow to the lender as additional security.3

Chapter 7

What does the paperwork say?

A single Form D — the short notice an issuer files with the SEC to claim a private-placement exemption — covers this offering, with no amendments on the record. It was filed under Rule 506(c), which permits general solicitation but limits purchases to investors whose accredited status is verified.

  1. 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.

Chapter 8

Common questions

What happened to Green Valley Corporate Center North?

Top1031 lists Green Valley Corporate Center North as historical. It is no longer raising money.

Where does Top1031 get the data for Green Valley Corporate Center North?

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?

Three Class A office properties at 2275, 2285 and 2370 Corporate Circle in Henderson, Nevada, totaling approximately 182,989 square feet, which Kingsbarn Realty Capital announced acquiring on July 28, 2022. Kingsbarn's own prior-performance schedule lists a $61,000,000 purchase price for the three buildings. Separate September 2022 trade reporting on a broader six-building Green Valley Corporate Center transaction is not attributed to this Trust.

Who is the tenant?

Court records identify Greenspun Media Group, the properties' prior owner, as the primary tenant. Its lease was scheduled to expire June 30, 2023; an amended lease ran from July 1, 2023 through June 30, 2028 but permitted Greenspun to reduce its space and/or terminate after 13 months provided it was not then in default. Whether that right was exercised is not established by the sources reviewed.

Is there a mortgage on the property?

Yes. On July 26, 2022 the Trust entered a $37,000,000 loan agreement with KeyBank, secured in part by the Corporate Circle office complex, and KeyBank assigned its interest to Wilmington Trust on September 8, 2022. The Trust's own Form D does not state leverage terms, and the current loan status is not established by the sources reviewed.

Has there been litigation involving this Trust?

Yes. On October 22, 2024 KB Green Valley North, DST sued KeyBank and related defendants over a cash sweep the lender initiated based on a primary-tenant cash sweep period, seeking contract, declaratory, unjust-enrichment and injunctive relief. On May 13, 2025 the New York court granted the defendants' motion to dismiss and held the loan agreement had not been breached.

How current is the SEC record?

One Form D, filed August 25, 2022 under Rule 506(c), is the only filing on record for this Trust. No amendment has been filed since. That means the SEC file does not reflect anything about occupancy, the lease, or the loan after mid-2022 — an investor would look to the sponsor's private placement memorandum and current sponsor reporting for that.

What is not known from public sources?

Current occupancy, current operating status following the May 13, 2025 decision, any disposition or foreclosure after that date, distribution terms, and any SEC amendment after August 25, 2022 were not established by the sources reviewed. A 2018 report of roughly 65 percent occupancy predates Kingsbarn's ownership and is historical only.

Chapter 9

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