FOUR GSA PROPERTIES HOLDINGS DST
Net lease property — sponsored by Net Lease Capital Advisors
Minimum investment
Not stated
Offering size
$359.0M
How much has sold
None sold yet
Asset type
Net lease property
Location
Not stated
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Four GSA Properties Holdings DST is a Delaware statutory trust — a passive co-ownership structure that qualifies for 1031 exchanges — that held four single-tenant buildings leased to the United States government through the GSA: a National Archives facility in St. Louis and FBI offices in Minneapolis, Cincinnati and Portland.1 Sponsor Net Lease Capital Advisors brought it to market in January 2014; it is closed to new investors today.
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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?
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
Who is the tenant, and what's the lease?
Every building was leased to the United States of America acting through the General Services Administration, the federal agency that rents space for users such as the FBI and the National Archives.1 The leases ran to June 12, 2031 in St. Louis and to January, February and March 2032 for the three FBI buildings.1
How did it end?
Sold after 7.6 years; sponsor reported 1.60x
Matched to the completed/full-cycle Net Lease Capital Advisors track-record row GSA FBI/NARA Portfolio DST.
Form D filed Jan 22, 2014 (CIK 0001597862). Four single-tenant net-lease properties leased to the United States of America (acting through the GSA), held in a Holding DST. Sponsor Net Lease Capital Advisors (Bruce MacDonald). No property-level addresses, square footages, or marketing name were published in available sources.
4 properties1.60×Equity multiple · as reported by the sponsor
6.4%Annualized return · as reported by the sponsor
Supporting evidence
How is it financed, and what does it pay?
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.
Who's behind it?
Net Lease Capital Advisors is a net-lease investment firm that sponsors Delaware statutory trusts; its January 2014 memorandum states the firm identified and secured this federal portfolio.1 Bruce MacDonald is the principal named in the Trust's record. Nothing further about this particular Trust — a sale, refinancing or lease change — surfaced in the reviewed public record through August 2026.
- Sponsor
- Net Lease Capital Advisors
- Legal Trust name
- FOUR GSA PROPERTIES 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 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
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- 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 FOUR GSA PROPERTIES HOLDINGS DST?
Top1031 lists FOUR GSA PROPERTIES HOLDINGS DST as historical. It is no longer raising money.
Where does Top1031 get the data for FOUR GSA PROPERTIES HOLDINGS DST?
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 Four GSA Properties Holdings DST?
No. The Trust is closed to new investors and is carried as historical. Its only SEC filing is a Form D dated January 22, 2014, and no amendment or later offering document for this entity (CIK 0001597862) appears in the public record.
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.
Chapter 9NLCA Four GSA DST 1031 Executive SummaryExecutive summary describing the offering as four single-tenant properties leased by the United States (acting through GSA) and held in a Holding DST.