Top1031

Tesla sales and service center

Single-tenant net lease retail (Tesla auto sales/service) property in Lake Elmo, Minnesota — sponsored by Kingsbarn Realty Capital

Files with the SEC as KB Lake Elmo, DST

Minimum investment
$289k
Offering size
$28.9M
How much has sold
43.0%
Asset type
Single-tenant net lease retail (Tesla auto sales/service) property
Location
Lake Elmo, Minnesota
Financing
All cash. This offering reports no mortgage debt.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

KB Lake Elmo, DST is a Delaware statutory trust — fractional, passive real estate ownership whose interests qualify for 1031 exchange treatment — holding a newly built, single-tenant, net-leased Tesla sales and service center in Lake Elmo, Minnesota.1 Kingsbarn Realty Capital announced the purchase on July 1, 2024. The Trust is still raising from accredited investors, those meeting SEC income or net-worth tests.

Single-tenant NNN Tesla, built 2024; off I-94 & Keats Ave N; acq 6/14/24; listed open on sponsor site

Show sources (11)Hide sources (11)

These links support the public record as a whole; individual details may come from different sources.

City-level mapLake Elmo, Minnesota metroCity-level location. Exact address not publicly confirmed.

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 says the building was completed in 2024 and designed for Tesla, Inc.1 Finance & Commerce reported the center sold on June 14, 2024 for $23.5 million, about $470 per square foot, to KB Lake Elmo DST.2 Reported dates differ: the trade record's June 14, 2024 versus Kingsbarn's July 1, 2024 closing announcement. Tesla logged a ribbon-cutting at the Lake Elmo location on November 4, 2025.7

Property address
9800 Hudson Boulevard, Lake Elmo, Minnesota
Property size
approximately 50,000 rentable square feet
Chapter 3

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

The tenant is Tesla, Inc.; Tesla's own location directory lists the store at this address.3 The Minneapolis/St. Paul Business Journal, citing the sale announcement, reported an initial 15-year lease term.4 Net leased means the tenant, not the Trust, carries property-level operating costs.1

Chapter 4

How are sales going?

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.
43.0% reported sold
Amount sold
$12,294,743
Still available
$16,555,257
Investors reported
7
Total offering
$28,850,000
Amount soldInvestors
Nov 5, 2024Nov 6, 2025
See how much of this offering has soldSign in by email and confirm you’re an accredited investor.
Chapter 5

How is it financed, and what does it pay?

The building was not bought all-cash. Finance & Commerce's account of the purchase reported an $11.75 million down payment and a new mortgage.2 No reviewed public source names the lender, loan balance, rate or maturity, and the Form D does not disclose debt terms.

Chapter 7

What does the paperwork say?

The first notice reported an initial sale on August 21, 2024.6 One amendment followed a year later, updating the amounts sold and remaining. Because the offering may be generally advertised, the sponsor must verify each investor's accredited status rather than accept self-certification.

  1. First Form D filedThe public offering record begins.
  2. Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
Filings on record
2
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

Is Tesla sales and service center still raising money?

Top1031 lists Tesla sales and service center as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.

Where does Top1031 get the data for Tesla sales and service center?

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.

Is this Trust still open to new investors?

The most recent filing on record is a Form D amendment filed November 6, 2025, and Kingsbarn's current-offerings page listed KB Lake Elmo, DST among its available DST offerings as of the September 5, 2026 research review. A sponsor web page is not proof of availability on any given day; confirm current status with the sponsor or your own representative before naming this property in an exchange.

Who is the tenant, and what do public sources say about the lease?

Tesla, Inc. Kingsbarn presents the property as a single-tenant, net-leased Tesla sales and service center, and Tesla's own location directory lists Tesla Lake Elmo at 9800 Hudson Blvd N. The Minneapolis/St. Paul Business Journal, attributing the detail to the sale news release, reported an initial 15-year lease term. Base rent, escalations, commencement and expiration dates, renewal options and any corporate guaranty were not established in reviewed public sources; those terms sit in the lease and in the PPM, the offering's full disclosure document.

What did the Trust pay for the building, and when?

Finance & Commerce reported that the Tesla sales and service center at 9800 Hudson Blvd. sold for $23.5 million — about $470 per square foot — to KB Lake Elmo DST, an entity of Kingsbarn Realty Capital. Sources date the deal inconsistently: a June 14, 2024 transaction date appears in the trade record, while Kingsbarn's press release announcing the closing is dated July 1, 2024. The price comes from trade reporting, not from an SEC filing.

Does the Trust carry mortgage debt?

Public reporting on the 2024 purchase noted an $11.75 million down payment and a new mortgage, which indicates the building was not bought all-cash. No reviewed public source gives the lender, the loan balance, the interest rate, the maturity or a loan-to-value figure, and the Form D does not disclose financing terms. Ask the sponsor for the loan summary in the PPM.

What does the Form D say about compensation to the sponsor?

The Form D amendment identifies KB Exchange Properties, LLC as sponsor and reports a $2,795,000 financing and acquisition fee to the sponsor or its affiliate for structuring the offering and the property acquisition, plus $171,000 of reimbursed offering expenses. The filings also report estimated sales commissions of $684,000. Form D figures are estimates the issuer reports; the PPM carries the full fee table, including ongoing asset management and disposition compensation.

Could this Trust roll into a REIT at the end?

The record for this offering does not indicate a 721/UPREIT exit — the structure in which DST investors contribute the property to a REIT's operating partnership in exchange for partnership units instead of taking cash or completing another 1031 exchange. Any exit path, including a straight sale of the building, is described in the PPM.

Chapter 9

In the news

Chapter 11

What can I do next?

Check the source documents, compare this offering with other public records, or ask a licensed specialist about the facts shown here.