NLCA GSA BALTIMORE DST
Other property in Baltimore, MD — sponsored by Net Lease Capital Advisors
Minimum investment
Not stated
Offering size
$40.6M
How much has sold
19.0%
Asset type
Other property
Location
Baltimore, MD
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
NLCA GSA Baltimore DST is a Delaware statutory trust — a passive co-ownership vehicle whose interests can be used in a 1031 exchange — sponsored by Net Lease Capital Advisors. It began raising in late 2021 under Rule 506(b), the private-placement rule that bars public advertising. Its two Form D filings never name the property, tenant, or lease, so the underlying asset cannot be confirmed from the public record.1
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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?
Neither of the Trust's two Form D filings identifies a property address, asset type, or square footage, so the building behind this offering cannot be established from the public record.1 Net Lease Capital's own property page lists an "SSA – Baltimore" asset in Baltimore, Maryland, at 538,000 square feet, but no filing connects that listing to this Trust or its SEC identifier.2
- Reported location
- Baltimore, MD
Who is the tenant, and what's the lease?
No filing names a tenant or discloses lease terms.1 The legal trust name references GSA — the U.S. General Services Administration, which leases space on behalf of federal agencies — but that reference alone does not establish who occupies the property, or under what lease.
How did it end?
No ending on record
No public full-cycle announcement, sale, foreclosure, or disposition notice was found for NLCA GSA BALTIMORE DST (Net Lease Capital Advisors, raised $40.6M in 2022); the property is not listed in NLCA's Dispositions portfolio and only general investor-loss allegations were located [1][2].
The retrieved trust-level article reports a purported $40,625,951 offering but does not publicly identify the underlying property's marketing name, street address, asset type, or size; those fields are therefore unresolved.
Supporting evidence
How is it financed, and what does it pay?
Neither Form D discloses mortgage debt, a lender, or leverage, so whether this Trust was capitalized with financing or all cash cannot be determined from the public record.1
Who's behind it?
Net Lease Capital Advisors sponsors net-lease real estate programs from Nashua, New Hampshire, the contact address listed on this Trust's Form D, which names Douglas F. Blough and Bruce S. MacDonald as executive officers, with MacDonald signing the notice.1 On May 24, 2024, The White Law Group, a securities law firm, published a securities investigation notice referencing the Trust and the offering amount shown in its Form D.
- Sponsor
- Net Lease Capital Advisors
- Legal Trust name
- NLCA GSA BALTIMORE 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?
Net Lease Capital Advisors filed the original Form D — the short SEC notice of an exempt private offering — for this Trust, then amended it once to report sales; that amendment states the first sale occurred December 2, 2021.1 The offering is made under Rule 506(b), which bars general advertising and public solicitation.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- 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 NLCA GSA BALTIMORE DST?
Top1031 lists NLCA GSA BALTIMORE DST as historical. It is no longer raising money.
Where does Top1031 get the data for NLCA GSA BALTIMORE 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.
What property does NLCA GSA Baltimore DST own?
The public record does not say. Both Form D filings for this Trust omit any property name, street address, asset type, or square footage, and no amendment has added them. Net Lease Capital lists an SSA–Baltimore, Maryland asset of 538,000 square feet on its own website, but nothing in the SEC filings ties that listing to this Trust. The PPM is the only place to settle it.
Is the tenant a federal government agency?
Not established. The legal trust name includes "GSA," a reference to the U.S. General Services Administration, which leases space for federal agencies, but no filing names a tenant, states a lease term, or confirms federal occupancy. Treat the tenant as unverified until the PPM and lease abstract are reviewed.
How large is the offering?
The Form D amendment signed January 4, 2022 reported a total offering amount of $40,625,951. That figure is filed by the issuer; the SEC does not verify it. The White Law Group cited the same amount in its May 24, 2024 notice about the Trust.
What does Rule 506(b) mean for me as an investor?
Rule 506(b) is the private-placement exemption that lets an issuer sell without registering with the SEC, but bars general advertising or public solicitation. Interests are offered through existing relationships, substantially to accredited investors, and all deal terms live in the private placement memorandum rather than a public prospectus.
Is this Trust still raising money?
Only two filings exist on record: the original Form D and one amendment filed January 5, 2022. As of a review of SEC EDGAR on August 18, 2026, no later Form D amendment was located for this Trust, so its current status is not settled by the public record. Ask the sponsor whether the offering closed.
What is the White Law Group notice about?
The White Law Group, a securities law firm, published a page dated May 24, 2024 headlined "NLCA GSA Baltimore DST: Securities Investigation," reporting that SEC filings showed the Trust filed a Form D and stating the purported total offering amount. The publication is a law firm notice, not a regulatory action or finding against the Trust.
Chapter 9NLCA GSA Baltimore DST: Securities InvestigationThe White Law Group reported that SEC filings showed NLCA GSA Baltimore DST filed a Form D to raise capital and said the purported total offering amount was $40,625,951.