KB Mankato Travel Center
Net lease property in Mankato, MN · sponsored by Kingsbarn Realty Capital
KB Mankato Travel Center was a DST sponsored by Kingsbarn Realty Capital that owned a net lease property in Mankato, MN. Its last Form D was filed Jan 2, 2025.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Jan 2, 2025.
Kingsbarn Realty Capital has 10 active offerings on record →
Key facts
- Minimum investment
- $322,500From the Form D
- Offering size
- $32,250,000Equity offered, per the Form D
- Sold
- 30.8%Form D, Jan 2, 2025; the % is our arithmetic
- Investors reported
- Form D, Jan 2, 202514
- Selling commissions
- Form D Item 15; the % is our arithmetic$752,000 · 2.3% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.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: KB Mankato Travel Center. Top1031 is not a broker-dealer.KB Mankato Travel Center · Mankato, MN · Photo: gray-keyc-prod.gtv-cdn.com
What did KB Mankato Travel Center own?
Fryberg Petroleum developed the travel center at 3010 Adams Street, at the junction of U.S. Highways 14 and 169 in Mankato, Minnesota. 3 The center opened for business in February 2022. 4 Finance & Commerce reported the property traded on October 17, 2024 for $10 million, with LV Petroleum LLC buying from Trifecta Properties, and tied the Las Vegas purchaser to a DST offering. 3
- Reported location
- Mankato, MN
- Property size
- 7,575 sq ft restaurant and convenience store; 75 overnight parking stalls; 8 refueling lanes; 18-hole golf simulator
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 names no lender and states no trust-level mortgage, so whether investors sit behind debt is not resolved by the public record. 6 Finance & Commerce reported a new mortgage in the October 2024 property transaction but did not identify it as an obligation of the Trust. 3
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $752,000 · 2.3% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $3,358,000 · 10.4% of offeringForm D Item 16· The filing’s note: “Sponsor/its affiliate will receive financing and acquisition fee totaling $3,170,000 for structuring the offering and the property acquisition, plus $188,000 reimbursement for relevant offering expenses incurred related with the Offering totaling.”
- Broker-dealers named in the Form D
- None named in the Form D
- Date of first sale
- Nov 26, 2024
- Minimum investment
- $322,500
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.
Who's behind KB Mankato Travel Center?
Kingsbarn Realty Capital is a Las Vegas sponsor; the Trust's Form D gives a principal address at 1645 Village Center Circle. 6 Minnesota Secretary of State records register the Trust as a business trust, filed in December 2024. The Form D also reports a $3,170,000 financing and acquisition fee to the sponsor or an affiliate, plus $188,000 of offering-expense reimbursement. 6 On February 25, 2025 Kingsbarn announced the offering had closed and that every investor used its interests to complete a 1031 exchange. 2
- Sponsor
- Offerings on record
What does the SEC record show?
A single Form D covers the entire raise; it reports a first sale on November 26, 2024 and 100 Class 1 beneficial interests priced at $322,500 each. 6 Because the notice relies on the exemption that permits general advertising, participation was limited to accredited investors whose status is verified.
- Legal Trust name
- KB Mankato Travel Center, DST
- SEC CIK
- 2049215
- First Form D
- Jan 2, 2025
- Latest Form D
- Jan 2, 2025
- 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 | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D | $32,250,000 | $9,958,481 | 14 | 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 KB Mankato Travel Center?
- KB Mankato Travel Center is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Jan 2, 2025.
- What does the Trust own?
- A travel center at 3010 Adams Street in Mankato, Minnesota, at the junction of U.S. Highways 14 and 169. Kingsbarn's portfolio page identifies the asset as TA Express – Mankato, and TravelCenters of America's directory lists it as TA Express Mankato #0977.
- Who operates the property, and what kind of lease is in place?
- Finance & Commerce reported that the October 2024 sale of the property included a net-net-net lease with Fryberg Petroleum, which it identified as the operator — meaning the tenant, rather than the trust, bears taxes, insurance and maintenance. The location currently operates under the TA Express brand, and LV Petroleum lists it among its sites. The public record does not state the lease term or expiration.
- What was the minimum investment?
- The Form D filed January 2, 2025 states a $322,500 minimum, corresponding to one Class 1 beneficial interest; the offering consisted of 100 such interests at $322,500 each.
- Does this Trust have a 721/UPREIT exit — a swap of DST interests for operating-partnership units in a REIT?
- No such conversion is indicated in the record for this Trust. Any exit mechanics would be governed by the offering documents.
- Is the Trust leveraged?
- Unresolved from public sources. The Form D does not name a lender or state trust-level debt. Finance & Commerce reported a new mortgage in the underlying October 17, 2024 property transaction but did not identify that mortgage as debt of KB Mankato Travel Center, DST.
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.