GOVERNMENT LEASE HOLDINGS DST
Net lease property — sponsored by Net Lease Capital Advisors
Minimum investment
$100k
Offering size
$153.8M
How much has sold
100.0%
Asset type
Net lease property
Location
Not stated
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Government Lease Holdings DST is a Delaware statutory trust — a passive co-ownership structure that can serve as replacement property in a 1031 exchange — sponsored by Net Lease Capital Advisors.1 Sponsor marketing describes a four-property portfolio of three FBI field offices and one National Archives facility. The Rule 506(b) offering, sold only to accredited investors without general advertising, closed to new investors in 2022.
Show sources (9)Hide sources (9)
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?
The Trust's assets were never itemized in its public filings. Sponsor marketing describes three FBI field offices plus one National Archives and Records Administration records facility, with no addresses, cities, building sizes, or purchase prices published.5 The Form D filings name no property at all, so the specific buildings behind this Trust remain unidentified in the public record.5
- Property size
- 4 properties
Who is the tenant, and what's the lease?
No tenant name, rent schedule, lease term, or expiration date appears anywhere in the Trust's SEC filings. Sponsor marketing points to federal occupancy, but the public record does not confirm who signs the leases, how long they run, or how renewals work.5
How did it end?
No ending on record
No public disposition or full-cycle announcement could be located for this Net Lease Capital Advisors-sponsored government-lease DST; the SEC Form D (2022) raised up to ~$153.84M but no follow-on sale news was found.
Form D filed Mar 10 – Aug 23, 2022 (CIK 0001916056). Sponsor Net Lease Capital Advisors; related persons Douglas F. Blough and Bruce S. MacDonald. Per sponsor marketing, the portfolio consists of three FBI field offices plus one National Archives and Records Administration facility. No specific addresses, sizes, or asset values were published.
4 propertiesSupporting evidence
How is it financed, and what does it pay?
Nothing in the Form D record or in located public sources discloses whether this Trust carries mortgage debt, who any lender is, or on what terms. Leverage here is simply unknown rather than confirmed all-cash.
Who's behind it?
The sponsor is a Nashua, New Hampshire firm focused on net-leased real estate; the Trust's SEC record lists its mailing address in care of that firm and organizes the entity in Delaware.1 Douglas F. Blough signed the filings as manager, with Blough and Bruce S. MacDonald listed as executive officers.4 On March 15, 2025, securities law firm The White Law Group published an investor alert referencing this Trust.
- Sponsor
- Net Lease Capital Advisors
- Legal Trust name
- GOVERNMENT LEASE 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 filed an initial Form D — the short SEC notice used for private offerings exempt from registration — and then amended it repeatedly as sales accumulated, each amendment updating the amount sold and the investor count.2 The final amendment reported the offering fully subscribed and stated it was expected to last more than one year.3
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 8
- 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 GOVERNMENT LEASE HOLDINGS DST?
Top1031 lists GOVERNMENT LEASE HOLDINGS DST as historical. It is no longer raising money.
Where does Top1031 get the data for GOVERNMENT LEASE 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 Government Lease Holdings DST?
No. This Trust is Historical — closed to new investors. Its final Form D amendment, filed August 23, 2022, reported the offering fully subscribed, so no interests remain available through the sponsor.[3]
What properties does the Trust actually own?
That is not established in the public record. Sponsor marketing describes three FBI field offices and one National Archives and Records Administration facility, but no addresses, cities, square footage, or acquisition prices were published, and the Form D filings name no property.[5]
What does Rule 506(b) mean for this offering?
Rule 506(b) is a private-placement exemption that lets an issuer raise money without registering with the SEC, provided it does not advertise publicly and sells essentially only to accredited investors — people meeting SEC income or net-worth thresholds. Investors typically come through pre-existing relationships with the sponsor or its broker-dealers.
Who ran this Trust?
Net Lease Capital Advisors sponsored it. SEC filings list Douglas F. Blough as manager and name Blough and Bruce S. MacDonald as executive officers, with the issuer's address in care of Net Lease Capital Advisors LLC in Nashua, New Hampshire.[4]
Has the Trust sold its properties or reported an outcome?
No outcome has been reported yet in sources reviewed through August 19, 2026. Targeted searching did not surface a confirmed sale, refinancing, or other property-level event, and the SEC record for this entity ends with the August 23, 2022 Form D amendment.[3]
Is there a 721/UPREIT exit?
The data on file shows no 721 exchange or UPREIT feature — that is, no disclosed path for investors to swap their interests into operating-partnership units of a REIT. Any conversion mechanics would only appear in the private placement memorandum given to investors at the time of the offering.
Chapter 9Government Lease Holdings DST: Investor AlertInvestor-alert article confirming Government Lease Holdings DST was sponsored by Net Lease Capital Advisors; references a portfolio of three FBI field offices and one NARA records facility.