Dollar General net-lease portfolio
Net lease retail (Dollar General) property — sponsored by Net Lease Capital Advisors
Sponsor Net Lease Capital Advisors (Nashua NH); min $100k; $28.0M/$36.0M sold (7/2025); no public addresses
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These links support the public record as a whole; individual details may come from different sources.
Location not on recordThe SEC filings for this offering do not give a property address. The filing history below is the current public record.
What is this, in one paragraph?
NLCA DG Investment Grade Portfolio 1 DST is a Delaware statutory trust — passive, fractional property ownership whose interests can qualify for 1031 exchange treatment.1 It holds 20 single-tenant retail stores net-leased to Dollar General.2 Net Lease Capital Advisors sponsors it. The public record is limited to Form D notices, the brief filings private offerings make with the SEC; the stated minimum investment is $100,000.
Minimum investment
$100k
Offering size
$36.0M
How much has sold
78.0%
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited 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?
A third-party exchange advisory firm describes the stores as spread across multiple states and cities, and the public record it cites gives no street addresses.3 Nothing located in the filings records what the Trust paid for the stores or when it acquired them. The store-by-store schedule lives in the PPM — the private offering memorandum a sponsor gives prospective investors — not in any SEC filing.
- Property size
- 20 properties
Who is the tenant, and what's the lease?
Dollar General is the named tenant across the portfolio.2 No located public filing carries a lease abstract — term, expiration, escalations, or guarantor — and nothing confirms triple-net terms, the arrangement under which the tenant pays taxes, insurance, and maintenance. The retailer reported second-quarter fiscal 2026 results on August 27, 2026.6
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.
78.0% reported sold
- Amount sold
- $28,000,162
- Reported unsold
- $8,042,600
- Investors reported
- 79
- Total offering
- $36,042,762
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How is it financed, and what does it pay?
The Form D notices say nothing about debt. They do not disclose whether the Trust bought the portfolio all-cash or placed mortgages on it, and they name no lender, loan balance, or maturity. The capital structure is unresolved in the public record.
Who's behind it?
Net Lease Capital Advisors is a net-lease real estate firm; the July 18, 2025 Form D lists the Trust's principal place of business in care of the firm at 10 Tara Boulevard, Suite 501, Nashua, New Hampshire.4 On June 8, 2023 the firm announced a 1031 exchange DST product distributed to registered investment advisers through the iCapital marketplace, describing a focus on DSTs leased to investment-grade tenants; that announcement does not name this Trust.5
- Sponsor
- Net Lease Capital Advisors
- May convert to a REIT
- No
- Offerings from this sponsor
- 9 active / 23 total offerings from Net Lease Capital Advisors
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The offering has been noticed twice: an initial autumn 2022 notice was trimmed weeks later and then amended repeatedly, and a fresh notice on July 1, 2024 restated the offering amount and reset reported sales to zero. The exemption claimed permits general advertising, provided each buyer's accredited-investor status — SEC income or net-worth thresholds — is verified.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- NLCA DG Investment Grade Portfolio 1 DST
- Filings on record
- 20
- 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 Dollar General net-lease portfolio still raising money?
Sold out: the source record identifies this offering as Fully Subscribed. The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.
Where does Top1031 get the data for Dollar General net-lease portfolio?
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 the offering still open to new investors?
The public sources conflict. The Form D amendment filed July 18, 2025 still records an unsold portion of the offering, while a third-party label describes the same offering as sold out; research through September 18, 2026 did not resolve which reflects the position today. A Form D shows the state of a raise on its filing date, not current availability, so confirm status directly with the sponsor or your broker-dealer before relying on it to meet a 45-day identification deadline.
Where are the properties?
No located public record discloses them. Form D does not require a property schedule, and none of this Trust's filings names a city, state, or street address; a third-party exchange advisory listing says only that the stores sit in multiple states and cities. Research through September 18, 2026 located no public document listing the parcels, an acquisition price, an acquisition date, or an occupancy figure. The PPM and its exhibits are the only place to see the store list and lease abstracts.
Why does the record show more than one offering amount?
The Trust filed an initial Form D on October 3, 2022 stating a $40,722,827 offering, amended it on October 18, 2022 to $39,365,399, then amended repeatedly through June 2024. On July 1, 2024 it filed a new Form D stating $36,042,762 with reported sales reset to zero, and the July 18, 2025 amendment continues from that later figure. Ask the sponsor what the restated notice reflects about the offering.
Who sponsors this Trust, and what does the filing say about selling costs?
Top1031's data identifies Net Lease Capital Advisors as the sponsor, and the Trust's Form D lists its principal place of business in care of the firm in Nashua, New Hampshire. The Form D/A filed July 18, 2025 reports $1,713,310 in sales commissions and no finders' fees. Any placement, advisory, or affiliate compensation beyond that line appears only in the PPM, so ask for the full fee table in writing.
Is the portfolio leveraged?
The public filings do not say. Form D asks nothing about mortgage debt, and no lender, loan balance, maturity, or all-cash statement appears in the reviewed record. Debt matters in a 1031 exchange because an exchanger generally needs to replace the debt relieved on the relinquished property; the PPM's sources-and-uses table and loan summary are where to verify it.
Can this Trust convert into REIT shares through a 721 exchange?
Nothing in the reviewed record indicates it. A 721 or UPREIT exit means the property is contributed to a REIT's operating partnership and investors receive OP units instead of cash, which ends 1031 eligibility for future exchanges. This Trust's filings describe no such feature. Read the exit mechanics section of the PPM anyway, since a Form D would not disclose it either way.
Chapter 9Are Dollar Stores Still a Reliable NNN Investment in 2026?Market commentary discussing Dollar General's continued expansion with NNN leases featuring 15-year initial terms and 10% rent increases every five years, providing context for DG-backed DST offerings.