Top1031

Tesla sales and service center

Single-tenant net lease retail property in Lake Elmo, MN · sponsored by Kingsbarn Realty Capital

Active offeringLatest Form D filed Nov 6, 2025 · 2 filings since Nov 5, 2024 (opens in a new tab)

Tesla sales and service center is a DST sponsored by Kingsbarn Realty Capital that owns a single-tenant net lease retail property in Lake Elmo, MN. Its latest Form D, filed Nov 6, 2025, lists a $28.8 million offering with a $288,500 minimum.

Key facts

Minimum investment
$288,500
From the Form D
Offering size
$28,850,000
Equity offered, per the Form D
Sold so far
42.6%
Form D, Nov 6, 2025; the % is our arithmetic
Investors reported
7
Form D, Nov 6, 2025
Selling commissions
$684,000 · 2.3% of offering
Form D Item 15; the % is our arithmetic
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 →

Sales so far

Latest Form D
Nov 6, 2025 · 2 filings
First sale
Aug 21, 2024

These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.

How we work out how much has sold

We divide the amount the sponsor reports sold by the offering size in its latest SEC filing, filed Nov 6, 2025.

  • The sponsor reports these amounts itself, and can amend them later.
  • A filing can be behind what has actually sold. It does not confirm that interests are still available.
  • The amount left to sell is the offering size minus the amount sold.
Amount sold
$12,294,743
Not yet sold
$16,555,257
Investors
7

Calculated by Top1031 from the Form D filings, not stated by the sponsor:

42.6% of $28,850,000 sold, calculated by Top1031 from the Form D

Average since first sale
about $846,654 a month
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Ask a 1031 specialist about this recordFree. About: Tesla sales and service center. Top1031 is not a broker-dealer.
Location map9800 Hudson Boulevard North, Lake Elmo, MNAddress matched to a cited source

No photo on record.

What does Tesla sales and service center own?

Kingsbarn says the building was newly constructed in 2024 for Tesla, Inc. 1 A preliminary Minnesota real-estate value certificate names Drake Motor Partners LE LLC as seller and the Trust as buyer at a $23.5 million purchase amount, recording June 14, 2024 as the date of deed or contract rather than a confirmed closing. 2 Tesla lists both a store and a service center at the site. 3

Property address
9800 Hudson Boulevard North, Lake Elmo, MN
Property size
approximately 50,000 rentable square feet

Tenant and lease terms are not in the SEC filings or cited sources.

How have sales gone?

The sponsor’s own numbers, with the caveat in Sales so far ↑.

Share of the offering sold at each Form D filing date, calculated by Top1031 from the filed amounts
0%50%100%28.7%42.6%Nov 5, 2024Nov 6, 20250%50%100%28.7%42.6%Nov 5, 2024Nov 6, 2025

How is it financed, and what did it cost to sell?

The purchase was funded with a new mortgage alongside an $11.75 million down payment, per the preliminary Minnesota value certificate, so the building was not bought free and clear. 2 That record does not state the mortgage principal, and it does not name the lender. 2 Those loan terms sit in the offering documents.

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
$684,000 · 2.3% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$2,966,000 · 10.2% of offering
Form D Item 16
· The filing’s note: “Sponsor/its affiliate will receive financing and acquisition fee totaling $2,795,000 for structuring the offering and the property acquisition, plus $171,000 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
Aug 21, 2024
Minimum investment
$288,500

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.

What does the SEC record show?

The initial Form D describes 100 Class 1 beneficial interests at $288,500 each against a $28,850,000 offering. 6 The amendment filed a year later gives August 21, 2024 as the date of first sale and updated the amount sold and the investor count, leaving the offering size unchanged. 5

Legal Trust name
KB Lake Elmo, DST
SEC CIK
2038218
First Form D
Nov 5, 2024
Latest Form D
Nov 6, 2025
Filings on record
2
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$28,850,000
$12,294,743+$3,991,112
7+5
EDGAR
Form D$28,850,000
$8,303,631
2
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

Is Tesla sales and service center an active offering?
Tesla sales and service center is an Active offering: its latest Form D was filed Nov 6, 2025. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
Who is the tenant, and what does the public record say about the lease?
Tesla. Kingsbarn presents the property as a single-tenant, net-leased Tesla sales and service center; under a net lease the tenant rather than the Trust carries property-level operating costs. Tesla itself lists a store and a service center at 9800 Hudson Blvd N. No executed lease was obtained in public research, so commencement, expiration, base rent, escalations, renewal options and any corporate guaranty are matters for the offering documents.
What did the Trust pay for the building, and when?
A preliminary Minnesota Department of Revenue certificate of real-estate value names KB Lake Elmo, DST as buyer and Drake Motor Partners LE LLC as seller, with a $23,500,000 purchase amount and June 14, 2024 as the date of deed or contract — which is not necessarily the closing date. Kingsbarn announced the acquisition publicly on July 1, 2024. The price comes from that state record and trade reporting, not from an SEC filing; Form D does not disclose purchase prices, and a recorded deed was not obtained.
Does the Trust carry mortgage debt?
The preliminary state value certificate identifies the purchase financing as a new mortgage and reports an $11,750,000 down payment, which points to property-level debt rather than an all-cash structure. That record does not state the mortgage principal, lender, rate or maturity, and Form D does not disclose financing terms. The capital structure is described in the offering documents, and an investor can ask the sponsor for the loan summary.
What is the minimum investment, and what does the filing say about sponsor fees?
The Form D record describes a $28,850,000 offering divided into 100 Class 1 beneficial interests at $288,500 each, with a stated minimum investment of $288,500. The November 6, 2025 amendment states that the sponsor or an affiliate will receive a $2,795,000 financing and acquisition fee for structuring the offering and the property acquisition. The Trust is offered under Rule 506(c), the private-placement exemption that permits general advertising but requires the sponsor to take reasonable steps to verify that each buyer is an accredited investor — someone meeting SEC income or net-worth thresholds.
What is not in the public record for this Trust?
Sources reviewed through October 2, 2026 did not establish the Tesla lease's commencement, expiration, base rent, escalations, renewal options or any corporate guaranty; the mortgage lender, principal, balance, rate or maturity; or an independently verified occupancy figure. The acquisition record obtained is a preliminary state value certificate, not a recorded deed or mortgage instrument. No property-level distress or litigation event was substantiated. Those terms live in the offering documents and in the lease and loan documents the sponsor makes available to prospective investors.

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.