KB Mill Creek
Creative office campus property in Laguna Hills, CA — sponsored by Kingsbarn Realty Capital
Files with the SEC as KB Mill Creek, DST
Minimum investment
$276k
Offering size
$27.6M
How much has sold
15.0%
Asset type
Creative office campus property
Location
Laguna Hills, CA
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
KB Mill Creek, DST is a Delaware statutory trust — a structure letting 1031 exchangers hold fractional interests in real estate — sponsored by Kingsbarn Realty Capital. It owns a creative office campus on Mill Creek Drive in Laguna Hills, California, in buildings the sponsor's brochure says were built in 1988 and 1989 and renovated in 2017.2 The Trust is raising under Rule 506(c), open only to accredited investors.
Show sources (10)Hide sources (10)
These links support the historical public record; individual details may come from different sources.
- U.S. Securities and Exchange Commission, Form D ↗
- Kingsbarn Realty Capital, KB Mill Creek, DST brochure ↗
- City of Laguna Hills, SB 330 Preliminary Application ↗
- City of Laguna Hills, Residential Development Project Documents ↗
- Kingsbarn Capital & Development press release ↗
- U.S. Bankruptcy Court, Central District of California, Courtroom 1368 Calendar ↗
- docs.kingsbarn.com ↗
- kingsbarn.com ↗
- kelemencompany.com ↗
- irei.com ↗
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 announced on November 21, 2022 that it had acquired a five-building creative office campus on Mill Creek Drive in south Orange County. The Trust's own brochure describes three of those addresses: three buildings on roughly two acres, built in 1988 and 1989 and renovated in 2017.2 In October 2024 the Trust was named among applicant entities in a City of Laguna Hills housing application proposing 464 units, including 24 affordable, in place of existing office uses.3
- Reported location
- Laguna Hills, CA
- Property size
- 162,821 rentable square feet (offering PDF); 233,974 rentable square feet (Kingsbarn acquisition article)
Who is the tenant, and what's the lease?
This is a multi-tenant office property rather than a single-tenant net lease, so income depends on many leases rolling at different times. Kingsbarn's brochure named Centercode, SpineArt USA and MemorialCare Home Health among major tenants and reported the campus 81.5% leased, excluding master-leased space.2 No later occupancy figure is public.
How did it end?
No sale or other ending on record
City of Laguna Hills records dated October 28 and November 12, 2024 name KB Mill Creek, DST among the Kingsbarn entities applying to redevelop the Mill Creek property and describe Kingsbarn as the owner of approximately 19 acres; the City's project page records Terravita approved on February 24, 2026, while 2026 coverage reports demolition of the vacant offices, supporting continuing ownership/development rather than a disclosed DST sale, liquidation, 721/UPREIT conversion, or foreclosure (City of Laguna Hills; Kingsbarn; The Real Deal).
The sponsor offering PDF identifies KB Mill Creek as a creative office campus at 23332, 23382 and 23422 Mill Creek Drive, Laguna Hills, CA 92653, renovated in 2017. The offering PDF states 162,821 rentable square feet, while the Kingsbarn acquisition coverage describes the five-building campus as 233,974 rentable square feet; both figures are reported without resolving the apparent scope difference.
162,821 rentable square feet (offering PDF); 233,974 rentable square feet (Kingsbarn acquisition article)Supporting evidence
How is it financed, and what does it pay?
Kingsbarn's brochure describes a leveraged deal: investor equity sitting above roughly $24.8 million of non-recourse debt within total investment cost of $52.35 million.2 Non-recourse means the lender's remedy runs to the property, not to investors personally. Neither the Form D nor the reviewed public record names the lender.
Who's behind it?
Kingsbarn Realty Capital is a repeat 1031 sponsor; the Form D names Kingsbarn Real Estate Capital, LLC as promoter and manager of the manager of the signatory trustee, with Jeffrey A. Pori and CFO Rustyn Osier as executive officers.1 On June 10, 2026 Kingsbarn announced city council approval of Terravita, a residential redevelopment of the Laguna Hills office campuses, without naming this Trust individually.5 A bankruptcy adversary proceeding listing the Trust's trustee as a defendant was dismissed by stipulation.6
- Sponsor
- Kingsbarn Realty Capital
- Legal Trust name
- KB Mill Creek, 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?
The Trust's Form D was an original notice rather than an amendment, and reported a first sale on December 5, 2022.1 The exemption it claims allows general advertising but requires the sponsor to verify that every purchaser is an accredited investor. Nothing further has been filed with the SEC since.
- 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 KB Mill Creek?
Top1031 lists KB Mill Creek as historical. It is no longer raising money.
Where does Top1031 get the data for KB Mill Creek?
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 KB Mill Creek, DST actually own?
A creative office campus in Laguna Hills, California. The Kingsbarn offering brochure identifies 23332, 23382 and 23422 Mill Creek Drive — three buildings on roughly two acres, built in 1988 and 1989 and renovated in 2017. Kingsbarn's November 2022 acquisition announcement describes a broader five-building campus in the same location; the public record does not separately allocate that purchase to this Trust.
Why do two different square-footage figures appear for this property?
The sponsor's offering PDF states 162,821 rentable square feet for the three Mill Creek Drive buildings, while coverage of Kingsbarn's campus acquisition describes 233,974 rentable square feet across five buildings. Both are reported here as published. The apparent difference is one of scope — three addresses versus the wider campus — but no reviewed source reconciles the two figures.
Is the office campus being converted to housing?
There is an approved residential project covering overlapping addresses. An October 2024 SB 330 preliminary application to the City of Laguna Hills named KB Mill Creek DST among applicant entities for a project of 464 units. The City's project record shows Terravita, covering the three Mill Creek Drive addresses plus others, approved by the Planning Agency on February 24, 2026, and a June 10, 2026 Kingsbarn release reports city council approval of an 18.5-acre, 480-unit plan. Neither record allocates that project solely to this Trust.
Is this a triple-net, single-tenant deal?
No. It is a multi-tenant office campus. The brochure lists tenants including Centercode, SpineArt USA and MemorialCare Home Health, with SpineArt at roughly 12,058 square feet expiring May 2027 and Full Spectrum Group at 4,999 square feet expiring July 2027, and reported 81.5% leased occupancy excluding master-leased space. Current occupancy and tenant status are not publicly confirmed.
Was this Trust in bankruptcy?
No, based on the reviewed court records. A July 23, 2026 calendar for the U.S. Bankruptcy Court, Central District of California shows the trustee of KB Mill Creek DST as a defendant in an adversary proceeding tied to another debtor's Chapter 11 case, and shows that proceeding dismissed by court-approved stipulation. The Trust itself is not identified as the debtor.
Who is allowed to invest, and is the offering still open?
Only accredited investors. The Trust is offered under Rule 506(c), which permits public advertising in exchange for the sponsor verifying each buyer's accredited status. Top1031 shows the Trust as raising based on the single Form D on record; that Form D stated the offering was not intended to last more than one year, and no amendment has been filed since December 2022, so confirm current availability with the sponsor and the PPM, the private placement memorandum.
Chapter 9Kingsbarn Acquires 5-Building, Creative Office Campus in Laguna Hills, CaliforniaKingsbarn announced acquisition of a five-building creative-office campus in Laguna Hills at the intersection of Mill Creek Drive and nearby South Orange County roads. JUST BOUGHT: $64 Million Purchase for South OC Creative OfficesThe brokerage article describes the five-building, roughly 224,000-square-foot office hub acquired between Mill Creek Drive and Moulton Parkway.