Emerald Pass Industrial
Industrial (warehouse / distribution) property in El Paso, TX — sponsored by Net Lease Capital Advisors
Files with the SEC as EMERALD PASS 12101 HOLDINGS DST
Minimum investment
Not stated
Offering size
$340.1M
How much has sold
100.0%
Asset type
Industrial (warehouse / distribution) property
Location
El Paso, TX
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Emerald Pass Industrial is a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional interests in real estate — sponsored by Net Lease Capital Advisors and associated with an industrial building at 12101 Emerald Pass Drive in El Paso, Texas. It is Historical: closed to new investors after a Form D amendment reported the offering complete. Only accredited investors could participate.
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These links support the historical public record; 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?
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
Who is the tenant, and what's the lease?
No trust-level filing in the public record states a tenant, lease term, or expiration date. El Paso Times coverage identifies 12101 Emerald Pass Drive as an operating Amazon fulfillment center employing about 2,000 people, but that link comes from press reporting rather than any Trust document, so the lease behind this offering is not publicly documented.
How did it end?
No sale or other ending on record
Top1031 (data updated January 30, 2026) explicitly states 'No sale or other ending on record' for Emerald Pass 12101 Holdings DST, JRW Investments lists the trust as 'Active' in the closed/non-full-cycle section, and the underlying Amazon fulfillment center at 12101 Emerald Pass Drive, El Paso, TX remains operational per Amazon hiring listings and recent local reporting, all consistent with an ongoing hold rather than a completed exit [1][2][3][4].
Supporting evidence
Who's behind it?
Net Lease Capital Advisors, LLC is the sponsor named on the Trust's Form D.2 The firm builds net-lease real estate programs for investors completing 1031 exchanges, and on June 1, 2023 it announced a DST solution on the iCapital Marketplace intended to give investment advisers a tax-deferred exchange product for clients seeking replacement property. This Trust is one of several Net Lease Capital offerings tracked here.
- Sponsor
- Net Lease Capital Advisors
- Legal Trust name
- EMERALD PASS 12101 HOLDINGS DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 8 active / 22 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 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
- 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(b)Not advertised publicly. Offered through existing relationships.
- 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
What happened to Emerald Pass Industrial?
Top1031 lists Emerald Pass Industrial as historical. It is no longer raising money.
Where does Top1031 get the data for Emerald Pass Industrial?
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.
Can I still invest in Emerald Pass Industrial?
No. The Trust is Historical — closed to new investors. Its most recent Form D amendment, filed January 30, 2026, reported the offering complete with nothing left to be sold. Interests in a closed DST can sometimes change hands privately, but the sponsor is no longer raising capital for this Trust.
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.
What does Rule 506(b) mean for this offering?
Rule 506(b) is the private-placement exemption that lets an issuer raise money without registering with the SEC, provided it does not advertise the offering publicly. Investors typically learn of a 506(b) deal through an existing relationship with the sponsor or a broker-dealer, and must generally be accredited — meeting SEC income or net-worth thresholds.
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 private placement memorandum, the offering document given to prospective investors.
Chapter 812100 Emerald Pass, El Paso, TX 79928Cushman & Wakefield / Pires International listing for a 209,153 SF Class A industrial building at 12100 Emerald Pass in El Paso, TX 79928 — the underlying asset associated with the Net Lease Capital Advisors DST offering. Project TABS2020017958 - 12101 Emerald Pass Dr, El Paso, TXTDLR project record confirming a $191.6M new-construction industrial project at 12101 Emerald Pass Dr in El Paso, TX that backs the DST.