Top1031

Four GSA Properties Holdings DST

Net lease property · sponsored by Net Lease Capital Advisors

Historical · soldSold · last Form D Jan 22, 2014baker1031.com (opens in a new tab)

Four GSA Properties Holdings DST was a DST sponsored by Net Lease Capital Advisors that owned 4 net lease properties. Sold.

How it ended

Sold, result reported by others, not by the sponsor

Sold.

Held
7.6 years

Source: cited report (opens in a new tab)

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
$359,006,396
Equity offered, per the Form D
Sold
Not reported after the first Form D (Jan 22, 2014)
Form D, Jan 22, 2014
Selling commissions
$4,671,302 · 1.3% of offering
Form D Item 15; the % is our arithmetic
Financing
Zero coupon. Cash flow from the property goes to servicing the debt.
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: Four GSA Properties Holdings DST. Top1031 is not a broker-dealer.

What did the Trust own?

Net Lease Capital Advisors identified and secured the portfolio, then structured it as a Holding Trust owning all beneficial interests in separate Delaware statutory realty trusts, one per building. 1 The largest asset is a 474,690-square-foot National Archives and Records facility in St. Louis; the others are FBI headquarters buildings in Minneapolis (162,530 sf), Cincinnati (108,874 sf) and Portland (134,159 sf), 880,253 square feet in all. 1 Street addresses were never published.

Property size
4 properties

Tenant and lease terms are not in the SEC filings or cited sources.

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

Each property carried two layers of debt — a first mortgage and separate acquisition notes — and the sponsor's summary shows the mortgages maturing within days of each lease's expiration in 2031 and 2032, with balloon balances due at those maturities. 1 No lender was named in the available materials.

Debt

Financing
Zero coupon. Cash flow from the property goes to servicing the debt.

Costs and terms from the Form D

Selling commissions
$4,671,302 · 1.3% 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
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Not in the Form D
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 SEC footprint is a single, never-amended Form D, the brief notice an issuer files to claim a private-placement exemption. That filing flags that the estimated offering amount may vary depending on negotiated terms, and under Rule 506(b) the interests could be sold only privately, to accredited investors meeting SEC income or net-worth tests. 2

Legal Trust name
FOUR GSA PROPERTIES HOLDINGS DST
SEC CIK
1597862
First Form D
Jan 22, 2014
Latest Form D
Jan 22, 2014
Filings on record
1
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 sold
Form D$359,006,396
$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 Four GSA Properties Holdings DST?
Four GSA Properties Holdings DST is a Historical offering. Sold.
Who was the tenant?
All of the buildings were leased to the United States of America, acting through the General Services Administration — the agency that leases real estate on behalf of federal users. The occupants were the National Archives and Records Administration in St. Louis and the FBI in Minneapolis, Cincinnati and Portland.
What does a "Holding DST" mean here?
Rather than owning the real estate directly, the Trust owned all beneficial interests in separate Delaware statutory realty trusts, each holding one property. Investors bought interests in the top-level Holding Trust, which is a common way to keep each asset and its mortgage legally separate while offering one pooled interest.
Where were the properties?
St. Louis, Missouri (a 474,690-square-foot National Archives and Records facility); Minneapolis, Minnesota (162,530 sf); Cincinnati, Ohio (108,874 sf); and Portland, Oregon (134,159 sf) — the last three FBI offices. The sponsor's summary gave cities and square footage but no street addresses.
Did this Trust go full cycle?
No completed outcome is confirmed for this entity. A third-party track record references a GSA FBI/NARA portfolio sale, but the available material does not tie that record to this Trust's legal name or CIK, and no primary sale document was located. No outcome is reported yet for CIK 0001597862.
How was the portfolio financed?
Each property carried a first mortgage plus separate acquisition notes, per the sponsor's December 6, 2013 property summary. The mortgage maturities were set within days of the matching lease expirations in 2031 and 2032, with balloon balances coming due at those dates. No lender is identified in the available materials.

In the news

Sources

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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.