Government Lease Holdings 2 portfolio

Availability unconfirmed. Active means a filing within the past 15 months; it does not by itself establish current subscription availability.

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.

Two federally leased buildings, according to the sponsor's executive summary: the U.S. Citizenship and Immigration Services headquarters at 5900 Capital Gateway Drive in Camp Springs, Maryland, described as constructed in 2020 on 10.71 acres with 574,767 rentable square feet, and a VA clinic at 1695 Kernersville Medical Parkway in Kernersville, North Carolina, described as a 2015 build-to-suit on 39.26 acres with 353,238 rentable square feet. The SEC Form D filings identify the issuer and the offering economics but do not name the properties, tenants, leases, or debt, so those identifications are sponsor-reported. No source reviewed states when the Trust acquired either building or what it paid.

The U.S. General Services Administration is the lessee at both properties, according to the sponsor's executive summary, with USCIS occupying Camp Springs and the Department of Veterans Affairs occupying Kernersville. Rent obligations therefore sit with a federal leasing agency rather than a private corporate tenant, subject to the government's own termination, renewal, and appropriation rights. The public record reviewed does not settle whether these are full-service, modified-gross, or net leases, and the sponsor material gives no numeric occupancy percentage — the lease exhibits and summaries in the PPM, the private placement memorandum that serves as the offering's full disclosure document, govern.

The sponsor reports that the GSA lease covering Kernersville commenced December 11, 2015, runs an initial 20-year term, and expires December 10, 2035, and that the GSA lease covering Camp Springs commenced January 17, 2020, runs an initial 15-year term, and expires January 16, 2035, with one seven-year renewal option subject to advance written notice. Whether that renewal option has been exercised is not established by any source reviewed. All of these dates are sponsor-reported; the lease documents attached to the PPM control.

Yes. The sponsor's executive summary reports total offering debt of $227,745,000, an all-in offering size of $402,397,396 against a maximum equity raise of $174,652,396, and a 56.60% offering loan-to-value. The same summary lists two loans — a U.S. Bank Trust Company NA loan with a $186,745,000 balance and a Wells Fargo Trust Company loan with a $41,000,000 balance — but the research reviewed here does not establish which loan encumbers which building, nor the interest rates or maturity dates. The Form D filings do not address leverage at all, so the loan documents and the debt section of the PPM control.

The most recent SEC filing on record is a Form D amendment filed October 27, 2025, and no filing on record reports a closing, so the Trust is treated here as still raising. Research through September 6, 2026 located no later Form D amendment and no issuer source that independently confirms current availability. One marketplace listing for the offering showed a separate $7,000,000 allocation that closed June 30, 2025, which is a listing figure rather than an SEC filing figure and does not establish that the whole offering closed. Confirm current availability with the sponsor or your own representative before relying on any of it.

No 721/UPREIT exit appears in the record — that is the structure in which a DST's property is later contributed to a REIT's operating partnership in exchange for units, converting real estate into securities. Investors here would look to a property-level outcome instead, and the exit provisions described in the PPM control. The Trust is offered under Rule 506(c), the Regulation D exemption that permits public advertising provided the issuer verifies accredited status, with a $100,000 minimum investment reported in the Form D amendment filed October 27, 2025.