DTW Romulus Cold Storage
Industrial property in Romulus, MI · sponsored by Net Lease Capital Advisors
DTW Romulus Cold Storage was a DST sponsored by Net Lease Capital Advisors that owned an industrial property in Romulus, MI (257,950 sq ft). Its last Form D, filed Mar 6, 2026, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Mar 6, 2026, reports the offering fully sold.
Net Lease Capital Advisors has 8 active offerings on record →
Key facts
- Minimum investment
- $150,000From the Form D
- Offering size
- $480,177,232Equity offered, per the Form D
- Sold
- 100%Form D, Mar 6, 2026; the % is our arithmetic
- Investors reported
- Form D, Mar 6, 202687
- Selling commissions
- Form D Item 15; the % is our arithmetic$2,806,502 · 0.5% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
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 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: DTW Romulus Cold Storage. Top1031 is not a broker-dealer.What did DTW Romulus Cold Storage own?
The site sits at 15670 Wahrman Road in Romulus, Michigan, about 1.8 miles from Detroit Metropolitan Airport and pitched at air cargo, perishables, and time-sensitive freight. 1 MLive reported on August 23, 2026 that the project at that address was a speculative cold-storage development costing more than $50 million, with construction expected to start in fall 2026 and finish in late 2027; that report did not name the Trust as owner. 2
- Reported location
- Romulus, MI
- Property size
- 257,950 sq ft; ±21 acres; 38 dock doors; 204,580 SF freezer capacity (convertible to -10°F)
How was it financed, and what did it cost to sell?
The reviewed public record does not establish mortgage debt, a lender, or loan terms for this Trust; the Form D filings report offering size and sales progress but no property-level leverage. Debt terms, if any, would sit in the offering documents.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $2,806,502 · 0.5% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 15 named in the Form D
Show the firms
- 1031 Securities Inc. · CRD 326590
- American Alternative Capital, LLC · CRD 309956
- Aurora Securities · CRD 46147
- Capulent LLC · CRD 155155
- Emerson Equity LLC · CRD 130032
- FNEX Capital, LLC · CRD 166316
- Great Point Capital LLC · CRD 114203
- Lighthouse Capital Group, LLC · CRD 169135
- Metric Financial, LLC · CRD 33324
- Money Concepts Capital Corp · CRD 12963
- RCX Capital Group, LLC · CRD 114290
- Realta Equities, Inc. · CRD 23769
- Saxony Securities, Inc. · CRD 115547
- Third Seven Capital LLC · CRD 160209
- Westpark Capital, Inc. · CRD 39914
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Dec 24, 2024
- Minimum investment
- $150,000
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.
Who's behind DTW Romulus Cold Storage?
Net Lease Capital Advisors is the sponsor of record, named in the Trust's filings and in the property listings for the Romulus site. 4 Each of its offerings is filed as its own Delaware statutory trust with a separate Form D record. AltsWire's July 16, 2025 fundraising roundup named DTW Air Cargo Logistics DST among the industrial DST offerings raising capital that month. 5 The reviewed record adds little further public detail about the firm itself.
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust's first Form D reported a first sale dated December 24, 2024; amendments followed as the raise progressed. 6 Rule 506(b), the private-placement exemption used here, bars general advertising and limits sales to accredited investors, individuals meeting SEC income or net-worth thresholds, who have a pre-existing relationship with the sponsor. The most recent amendment reported the Offering sold out. 7
- Legal Trust name
- DTW Air Cargo Logistics DST
- SEC CIK
- 2051341
- First Form D
- Jan 28, 2025
- Latest Form D
- Mar 6, 2026
- Filings on record
- 3
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $480,177,232was $379,313,267 | $480,177,232+$400,160,125 | 87+72 | EDGAR | |
| Form D/A | $379,313,267 | $80,017,107+$42,281,258 | 15+14 | EDGAR | |
| Form D | $379,313,267 | $37,735,849 | 1 | 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 DTW Romulus Cold Storage?
- DTW Romulus Cold Storage is a Historical offering. The last Form D, filed Mar 6, 2026, reports the offering fully sold.
- Is there a building on the site yet?
- Not as of the latest reporting reviewed. MLive reported on August 23, 2026 that the project at 15670 Wahrman Road in Romulus was a speculative cold-storage development expected to cost more than $50 million, with construction anticipated to begin in fall 2026 and conclude in late 2027, subject to approvals, permits, utilities, and equipment procurement. That report did not identify the Trust as the owner of the site.
- Who is the tenant?
- None is identified in the public record. MLive reported on August 23, 2026 that no tenant had been secured for the development, and a leasing listing updated May 15, 2026 advertised the full 257,950-square-foot property as available immediately. Anyone evaluating this Trust would need the offering documents and sponsor reporting to learn whether a lease has since been signed.
- What is the minimum investment?
- The Form D filings report a minimum outside investment of $150,000. That figure is the minimum accepted from an investor under the terms disclosed in the filings, not a guarantee that interests are available — the Offering is closed.
- Does this Trust plan a 721/UPREIT exit?
- The record does not indicate one. A 721 or UPREIT exit is a structure where trust investors contribute their real estate interest to a REIT's operating partnership in exchange for units, deferring tax but ending direct property ownership.
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.