Top1031

Emerald Pass Industrial

Industrial property in El Paso, TX · sponsored by Net Lease Capital Advisors

HistoricalLast Form D, filed Jan 30, 2026, reports the offering fully sold (opens in a new tab)

Emerald Pass Industrial was a DST sponsored by Net Lease Capital Advisors that owned an industrial property in El Paso, TX. Its last Form D, filed Jan 30, 2026, reports the offering fully sold.

How it ended

No outcome recorded · under 7 years

The last Form D, filed Jan 30, 2026, reports the offering fully sold.

Net Lease Capital Advisors has 8 active offerings on record →

Key facts

Minimum investment
Not in the Form D
From the Form D
Offering size
$340,120,067
Equity offered, per the Form D
Sold
100%
Form D, Jan 30, 2026; the % is our arithmetic
Investors reported
52
Form D, Jan 30, 2026
Selling commissions
$0 · 0.0% 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.
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: Emerald Pass Industrial. Top1031 is not a broker-dealer.

What did Emerald Pass Industrial own?

State construction records show a new-construction industrial project at 12101 Emerald Pass Drive in El Paso that started June 1, 2020 and finished November 8, 2021, at an estimated cost of $191,675,000; the owner is listed as John Warren c/o Hillwood and the tenant field is blank. 1 El Paso Times reported the building that opened there in late 2021 spans 2.6 million square feet over five floors. Neither record by itself establishes Trust ownership.

Reported location
El Paso, TX

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

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
$0 · 0.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$0 · 0.0% of offering
Form D Item 16
Broker-dealers named in the Form D
7 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Apr 12, 2022
Minimum investment
Not in the Form D

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.

What does the SEC record show?

The Trust's first Form D — the short notice an issuer files with the SEC for a private placement — reported an offering of $44,662,077 with no sales yet. 3 The single amendment on record restated the offering at a far larger size and reported the raise complete. 4

Legal Trust name
EMERALD PASS 12101 HOLDINGS DST
SEC CIK
1926234
First Form D
May 2, 2022
Latest Form D
Jan 30, 2026
Filings on record
2
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$340,120,067was $44,662,077
$340,120,067+$340,120,067
52
EDGAR
Form D$44,662,077
$0
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 Emerald Pass Industrial?
Emerald Pass Industrial is a Historical offering. The last Form D, filed Jan 30, 2026, reports the offering fully sold.
What property is behind this Trust?
Public records and press coverage point to an industrial building at 12101 Emerald Pass Drive in El Paso, Texas 79928. A Texas Department of Licensing and Regulation project record shows new construction there completed November 8, 2021 at an estimated $191,675,000, with Hillwood connected to the ownership field. No trust-level filing in the public record confirms the acquisition price or closing date.
Is Amazon the tenant?
Local reporting from the El Paso Times identifies 12101 Emerald Pass Drive as an Amazon fulfillment center that opened in late 2021. That is press reporting, not a Trust document: the TDLR permit record leaves the tenant field unassigned, and no publicly available Trust filing names a tenant, lease term, or expiration date.
Does this Trust have a 721/UPREIT exit?
The record shows no REIT conversion option. A 721 or UPREIT exit is a structure where investors exchange their DST interests for operating-partnership units in a REIT at the end of the hold instead of receiving cash; nothing in the available filings indicates that path here.
How much debt is on the property?
Unknown from the public record. Form D filings do not disclose mortgage debt, loan-to-value, or lender identity, and no other citable source located for this Trust states whether the property is leveraged or held all-cash. That detail would appear in the offering documents.

In the news

Sources

Show sources (4)Hide sources (4)

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.