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.
What is this, in one paragraph?
KB Lake Elmo, DST is a Delaware statutory trust — fractional passive ownership whose interests qualify for 1031 exchange treatment — holding a single-tenant, net-leased Tesla sales and service center in Lake Elmo, Minnesota. Kingsbarn Realty Capital announced the acquisition of the newly built center on July 1, 2024.1 The Trust is raising from accredited investors, those meeting SEC income or net-worth tests, under Rule 506(c), which permits public advertising.
Single-tenant NNN Tesla, built 2024; off I-94 & Keats Ave N; acq 6/14/24; listed open on sponsor site
Show sources (9)Hide sources (9)
These links support the public record as a whole; individual details may come from different sources.
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?
The center was built in 2024 for Tesla and sits in the eastern Twin Cities suburbs off Interstate 94 at Keats Avenue North.3 Finance & Commerce reported on July 9, 2024 that the building sold for $23.5 million to an entity of Kingsbarn Realty Capital.4 Kingsbarn announced the closing on July 1, 2024, describing it as the company's second Tesla-leased investment property.1
- Property address
- 9800 Hudson Boulevard, Lake Elmo, Minnesota
- Property size
- approximately 50,000 rentable square feet
Who is the tenant, and what's the lease?
Tesla, Inc. is the sole tenant, and Tesla's own location directory lists the address as Tesla Service Lake Elmo, open weekdays.2 The lease is net — the tenant, not the Trust, carries property-level operating costs.3 The Minneapolis/St. Paul Business Journal reported a 15-year initial term, though that report is not firmly tied to this address.6
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.
43.0% reported sold
- Amount sold
- $12,294,743
- Still available
- $16,555,257
- Investors reported
- 7
- Total offering
- $28,850,000
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How is it financed, and what does it pay?
No reviewed public source establishes property-level debt here: no lender, no loan balance, and no confirmation that the purchase was all-cash. The Form D does not disclose financing terms, so the capital structure sits in the PPM — the Private Placement Memorandum, the offering's full disclosure document — and in any loan documents.
Who's behind it?
The Form D names KB Exchange Properties, LLC as sponsor, KB Lake Elmo Holdings, LLC as depositor, KB Lake Elmo ST, LLC as manager and signatory trustee, and KB Lake Elmo MT, LLC as a sponsor-controlled master tenant sitting between the Trust and Tesla; Kingsbarn Realty Capital, LLC manages the sponsor.5 Kingsbarn's July 1, 2024 release framed the purchase as its second Tesla-leased investment property.1
- Sponsor
- Kingsbarn Realty Capital
- Legal Trust name
- KB Lake Elmo, 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 original notice has been amended once; the amendment left the total offering size unchanged and updated the amount sold and the investor count.5 The same filing discloses estimated financing and acquisition fees of $2,795,000 plus $171,000 of reimbursed offering expenses payable to the sponsor or an affiliate.5 Public advertising means the sponsor must verify each buyer's accredited status.
- First Form D filedThe public offering record begins.
- 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.
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?
Kingsbarn's offering page continued to present KB Lake Elmo, DST as available for investment in a 1031 exchange-eligible DST structure when reviewed on August 24, 2026, and the most recent Form D amendment, filed November 6, 2025, still reported interests unsold. Neither is proof of availability today, so confirm current status with the sponsor or your own representative.
Who is the tenant, and what do public sources say about the lease?
Tesla, Inc. Tesla's first-party location record lists Tesla Service Lake Elmo at 9800 Hudson Blvd N, Lake Elmo, MN 55042 as a service center, open Monday through Friday, 8:00 AM to 5:00 PM, closed weekends. The Minneapolis/St. Paul Business Journal reported a 15-year initial lease term, but the retrieved snippet also referenced a different address, so that term should be confirmed against the lease itself. No reviewed public source states the lease expiration, base rent, escalations, renewal options or any corporate guaranty; those sit in the PPM and the lease.
What did the Trust pay for the building, and when?
Finance & Commerce reported on July 9, 2024 that the Tesla center at 9800 Hudson Blvd. sold for $23.5 million to a Kingsbarn Realty Capital entity, and Kingsbarn announced the closing in a press release dated July 1, 2024. Top1031's property data records an acquisition date of June 14, 2024. The purchase price comes from trade reporting rather than an SEC filing, and no definitive recorded purchase-price document was retrieved in the latest research pass.
Does the Trust carry mortgage debt?
Not established. Research completed August 24, 2026 found no citable source stating a mortgage balance, lender, loan-to-value ratio or leverage structure for this Trust, and the Form D does not disclose financing terms. Whether the property is leveraged, and on what terms, is answered in the PPM and the loan documents — ask the sponsor directly before relying on any assumption.
Is a sponsor affiliate positioned between the Trust and Tesla?
Yes. The Form D amendment identifies KB Lake Elmo MT, LLC as a sponsor-controlled master tenant, alongside KB Lake Elmo Holdings, LLC as depositor, KB Exchange Properties, LLC as sponsor and KB Lake Elmo ST, LLC as manager of the trust and signatory trustee. Under that structure the Trust leases the building to the sponsor-affiliated master tenant, which in turn holds the Tesla lease. The master lease economics are set out in the PPM.
What is the sponsor paid on this offering?
The Form D amendment filed November 6, 2025 states estimated financing and acquisition fees of $2,795,000 plus $171,000 of reimbursed offering expenses, a stated total of $2,966,000, payable to the sponsor or an affiliate. The filing separately reports $684,000 of estimated sales commissions. Any ongoing asset-management or disposition compensation is described in the PPM.
Chapter 9Just Sold: Lake Elmo Tesla dealership fetches $23.5MTwin Cities commercial real estate trade publication reports that the 50,000 sq ft Tesla sales and service center at 9800 Hudson Blvd sold for $23.5M to a Kingsbarn Realty Capital entity. Kingsbarn Acquires Tesla Sales and Service Center In Affluent Suburb of Minneapolis-St. PaulKingsbarn announced its acquisition of the newly built Tesla sales and service center at 9800 Hudson Blvd in Lake Elmo, MN, describing it as the company's second Tesla-leased investment property.