Government Lease Holdings 2 portfolio
Legal trust name Government Lease Holdings 2 DST
Talk to a 1031 specialistData updated Oct 27, 2025
Offering size$174.7M
Asset typeOffice
LocationMulti-state
FinancingNot disclosed
Regulation D exemptionRule 506(c)
Sponsor-reported potential 721/UPREIT exitNo
First filedNov 20, 2024
Last filedOct 27, 2025
Minimum$100k
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.
Government Lease Holdings 2 DST is a Delaware statutory trust sponsored by Net Lease Capital Advisors holding two properties leased to the United States through the General Services Administration: a VA outpatient clinic in Kernersville, North Carolina, and the USCIS headquarters in Camp Springs, Maryland. The Camp Springs asset is a 10-story, 574,767-square-foot Class A office built in 2020. The federal leases run to 2035, with a seven-year renewal option on Camp Springs. Sponsor materials describe roughly $174.7 million maximum equity and $227.7 million of property-level debt, implying about 56.6% loan-to-value.
Sponsor Net Lease Capital; multi-property GSA portfolio; min $100k; $34.8M/$174.7M sold as of 10/25 D/A
Based on issuer-filed Form D notices through Oct 27, 2025. Amounts are self-reported, may lag current subscriptions, and do not confirm availability. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Reported sold as a percentage of stated offering amount20.0%
Capital sold, per latest Form D$34,757,548
Remaining amount reported in latest Form D$139,894,848
Investor count reported in latest Form D99
Stated minimum investment$100,000
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First filedNov 20, 2024
Latest filingOct 27, 2025
Filings tracked5
View filing on SEC EDGARForm D is an issuer notice filing. A filing does not mean the SEC approved, endorsed, or verified the offering.
Offering profile
SEC filings + cited sources
Portfolio and tenancy
Government Lease Holdings 2 DST, sponsored by Net Lease Capital Advisors, holds two federally leased properties with the United States acting through the General Services Administration as tenant 2. The first is a VA outpatient clinic at 1695 Kernersville Medical Parkway, Kernersville, NC, under a 20-year GSA lease commencing 12/11/2015 and expiring 12/10/2035. The second is the USCIS headquarters at 5900 Capital Gateway Drive, Camp Springs, MD, under a 15-year GSA lease commencing 1/17/2020 and expiring 1/16/2035 with one 7-year renewal option 2.
The Camp Springs headquarters is a 10-story Class A office built in 2020 on a 10.71-acre site, offering 574,767 rentable square feet plus seven parking-garage levels with 1,770 spaces, a Security Level IV design, and amenities including a roughly 300-seat conference center, dining, a fitness center, a courtyard, and training rooms 2.
Capitalization
Sponsor materials describe a maximum equity raise of $174,652,396, total debt of $227,745,000, and an all-in acquisition cost of $402,397,396, implying a 56.60% loan-to-value 2. Property-level financing includes $186,745,000 on Kernersville at 2.872% fixed (20-year term maturing 7/1/2035, lender US Bank Trust Company NA) and $41,000,000 on Camp Springs at 4.83% fixed (15-year term maturing 3/14/2035, extendable to 3/14/2042 upon a GSA renewal, lender Wells Fargo Trust Company) 2.
Offering status
An issuer-filed Form D/A dated 2025-10-27 reported a total offering amount of $174,652,396 with $34,757,548 sold as of that filing 1. These are issuer-filed amounts as of the filing date and do not establish current availability.
Sponsor
Net Lease Capital Advisors is a Nashua, NH-based real estate investment and advisory firm specializing in triple-net lease and U.S. Government-occupied properties. Co-founded in 1996 by Bruce S. MacDonald and Douglas F. Blough, the firm reports more than $17 billion in transactions closed and approximately $9.2 billion in assets under management over 25 years 3.
In the news
Frequently asked questions
Is Government Lease Holdings 2 portfolio currently active?
Government Lease Holdings 2 portfolio is classified by Top1031 as active. “Active” reflects the latest public record and does not confirm that interests remain available.
Where does Top1031 get the data for Government Lease Holdings 2 portfolio?
Top1031 tracks this offering from SEC Form D filings and cited sponsor disclosures. Filing data may lag current subscriptions and does not mean the SEC approved or verified the offering.