KB Shepherd (TA Express Travel Center - Shepherd, TX)
Net lease property in Shepherd, TX · sponsored by Kingsbarn Realty Capital
KB Shepherd (TA Express Travel Center - Shepherd, TX) was a DST sponsored by Kingsbarn Realty Capital that owned a net lease property in Shepherd, TX. Its last Form D was filed Mar 4, 2025.
How it ended
No outcome recorded · under 7 years
Last Form D filed Mar 4, 2025.
Kingsbarn Realty Capital has 10 active offerings on record →
Key facts
- Minimum investment
- $465,000From the Form D
- Offering size
- $46,500,000Equity offered, per the Form D
- Sold
- 23.1%Form D, Mar 4, 2025; the % is our arithmetic
- Investors reported
- Form D, Mar 4, 20254
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,860,000 · 4.0% 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 →
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Ask a 1031 specialist about this recordFree. About: KB Shepherd (TA Express Travel Center - Shepherd, TX). Top1031 is not a broker-dealer.KB Shepherd (TA Express Travel Center - Shepherd, TX) · Shepherd, TX · Photo: docs.kingsbarn.com
What did the Trust own?
Kingsbarn announced on March 5, 2025 that it had acquired the newly built TA Express Travel Center on the US-59/I-69 corridor in Shepherd, Texas; the release states neither a purchase price nor a closing date. 1 The stop carries TA branding and, per TravelCenters of America, operates around the clock for fuel. 3 Amenities include truck parking, showers and food service.
- Property address
- 10100 US Highway 59, Shepherd, TX
- Property size
- 120 truck parking spaces
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
No lender, loan or mortgage terms appear in the Form D or in the sponsor materials reviewed, so whether this Trust carries debt is not established in the public record.
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
- $1,860,000 · 4.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $6,520,000 · 14.0% of offeringForm D Item 16· The filing’s note: “Sponsor/its affiliate will receive financing and acquisition fee totaling $6,055,000 for structuring the offering and the property acquisition, plus $465,000 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
- Jan 31, 2025
- Minimum investment
- $465,000
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. The issuer marked these amounts as an estimate.
Who's behind the Trust?
Kingsbarn Realty Capital sponsors DST offerings for 1031 exchange investors and states that, as sponsor, it handles leasing, property management and asset-management decisions for this offering. 1 The Form D names KB Exchange Properties, LLC as the sponsor of the offering, KB Shepherd Holdings, LLC as depositor, and KB Shepherd ST, LLC as manager and signatory trustee. 2
- Sponsor
- Offerings on record
What does the SEC record show?
The Form D reports Class 1 beneficial interests in the Trust and a first sale on January 31, 2025. 2 Rule 506(c) permits general advertising but limits purchases to investors whose accredited status is verified. No later amendment for this Trust was identified in the reviewed filing record.
- Legal Trust name
- KB Shepherd, DST
- SEC CIK
- 2057183
- First Form D
- Mar 4, 2025
- Latest Form D
- Mar 4, 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 | $46,500,000 | $10,752,277 | 4 | 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 Shepherd (TA Express Travel Center - Shepherd, TX)?
- KB Shepherd (TA Express Travel Center - Shepherd, TX) is a Historical offering. Last Form D filed Mar 4, 2025.
- What does KB Shepherd, DST actually own?
- A newly constructed TA Express Travel Center at 10100 US Highway 59 in Shepherd, Texas, on the US-59/I-69 corridor northeast of Houston. Kingsbarn Realty Capital announced the acquisition on March 5, 2025. TravelCenters of America lists the site as TA Shepherd, open 24/7 for fuel, with truck parking, showers and food service.
- Who is the tenant?
- Kingsbarn reports the property is 100% leased to LV Petroleum. The Form D also names KB Shepherd MT, LLC, a sponsor-controlled affiliate, as master tenant — the Trust leases the property to that entity, which holds the operating arrangement. Lease term, rent escalations and renewal options are not stated in the public materials reviewed; the offering documents would carry them.
- Is the Trust leveraged?
- Not established. Neither the March 4, 2025 Form D nor the sponsor's acquisition release states mortgage debt, a lender or loan terms. For a 1031 exchange investor matching debt on a relinquished property, this is a question for the offering documents and the sponsor, not something the public filing record answers.
- Who can invest, and what is the minimum?
- The offering is made under Rule 506(c), which allows public advertising but requires the sponsor to verify that each buyer is an accredited investor rather than accept self-certification. The Form D reports a minimum investment of $465,000 from an outside investor.
- Could this convert into a REIT through a 721/UPREIT exit?
- The record does not show a 721/UPREIT exit path — the structure in which DST interests are later contributed to a REIT's operating partnership in exchange for units. As filed, this is a single-property Delaware statutory trust; any exit mechanics would be described in the offering documents.
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.