SSA – Birmingham
Net lease property in Birmingham, AL — sponsored by Net Lease Capital Advisors
Files with the SEC as GSA Birmingham Government Lease Investors DST
Minimum investment
Not stated
Offering size
$111.3M
How much has sold
97.0%
Asset type
Net lease property
Location
Birmingham, AL
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?
GSA Birmingham Government Lease Investors DST is a Delaware statutory trust — a passive co-ownership vehicle whose interests qualify for 1031 exchanges — holding the 587,528-square-foot Social Security Administration Southeastern Program Service Center in Birmingham, Alabama, leased to the federal General Services Administration. Net Lease Capital Advisors sponsored it and began filing with the SEC in 2022. The sponsor now carries the Trust as completed.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?
The eight-story office building was completed in January 2008, certified LEED Silver, and paired with a 1,750-space parking garage.2 A partnership of Net Lease Capital Advisors, a private investor and Rainier Capital Management bought it from 8th and 14th LLC in October 2009 for $147 million.2 It houses the Social Security Administration's Southeastern Program Service Center, which SSA lists at 1200 Reverend Abraham Woods Jr. Blvd.3
- Reported location
- Birmingham, AL
- Property size
- 587,528 SF
Who is the tenant, and what's the lease?
The General Services Administration leases the building on behalf of the Social Security Administration, the agency whose Southeastern Program Service Center occupies it; REBusinessOnline reported a 20-year GSA lease in place at the 2009 sale.2 No current lease expiration date appears in the public filings reviewed.
How did it end?
Sold after 12.2 years; sponsor reported 2.64x
Listed as a completed/full-cycle program on Net Lease Capital Advisors's published track record.
Single-tenant net-lease DST for the SSA Southeastern Program Service Center in Birmingham, AL — a 587,528 SF eight-story LEED-Silver office building completed January 2008 and fully leased to the GSA on behalf of SSA. Originally acquired by a partnership of Net Lease Capital Advisors, a private investor and Rainier Capital Management in October 2009 for $147 million. Form D filed May 26, 2022 by GSA Birmingham Government Lease Investors DST (CIK 0001931116), c/o Net Lease Capital Advisors LLC, 10 Tara Boulevard, Suite 501, Nashua, NH 03062; related person Douglas F. Blough. Amended Form D filed March 3, 2023 shows total offering $111,338,114, amount sold $67,760,300, amount remaining $43,577,814 (offering still open / not fully subscribed at last SEC filing). Marketed as a 1031 exchange vehicle through broker-dealers nationwide.
587,528 SF2.64×Equity multiple · as reported by the sponsor
8.3%Annualized return · as reported by the sponsor
Supporting evidence
How is it financed, and what does it pay?
Neither the Form D filings nor the sponsor's property page states a mortgage balance, lender, or loan terms, so the Trust's leverage is not established anywhere in the public record.
Who's behind it?
Net Lease Capital Advisors, based at 10 Tara Boulevard in Nashua, New Hampshire, structures net-lease and government-lease investments; Douglas F. Blough is the related person named on the Trust's Form D. A July 27, 2026 Top1031 update reports the sponsor carries this Trust as completed on its track record, following a sale after a 12.2-year hold.1 On July 15, 2025, The White Law Group announced an investigation into potential securities-fraud claims involving the Trust — an announcement, not a finding.4
- Sponsor
- Net Lease Capital Advisors
- Legal Trust name
- GSA Birmingham Government Lease Investors 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 was offered under Rule 506(b), the private-placement exemption that bars general advertising and in practice limits sales to accredited investors the sponsor already knows. A run of amendments updated the running sales tally; the last one reported a first sale on June 8, 2022 and still showed interests unsold.5
- 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
- 7
- 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 SSA – Birmingham?
Top1031 lists SSA – Birmingham as historical. It is no longer raising money.
Where does Top1031 get the data for SSA – Birmingham?
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 does this Trust actually own?
A single-tenant office building in Birmingham, Alabama: the 587,528-square-foot Social Security Administration Southeastern Program Service Center, an eight-story LEED-Silver building completed in January 2008 with a 1,750-space parking garage.[2] The Social Security Administration lists the center at 1200 Reverend Abraham Woods Jr. Blvd.[3]
Who is the tenant?
The U.S. General Services Administration, the federal government's real estate arm, which leases space on behalf of the Social Security Administration. REBusinessOnline reported a 20-year GSA lease on the building at the time of its 2009 sale.[2] No current lease expiration date was found in the public record.
Is this Trust still raising money?
The most recent Form D amendment on file, dated March 3, 2023, reported a first sale of June 8, 2022 and still showed interests unsold.[5] Separately, a July 27, 2026 Top1031 update reports that Net Lease Capital Advisors now carries the Trust as completed on its track record.[1] No SEC filing after March 3, 2023 was identified.
Has any outcome been reported?
Yes, but only from sponsor-sourced material. A July 27, 2026 Top1031 update reports a sale after a 12.2-year hold.[1] Baker 1031's sponsor profile page for Net Lease Capital Advisors lists GSA SSA Birmingham DST with a sponsor-reported 12.21-year hold, a 2.64x equity multiple and an 8.29% annual return.[6] No underlying disposition record — date, buyer, or price — was located.
What is the White Law Group investigation about?
On July 15, 2025, The White Law Group, a plaintiff-side securities law firm, announced it was investigating potential securities-fraud claims involving GSA Birmingham Government Lease Investors DST.[4] That is a law-firm announcement soliciting investor contact, not a regulatory action or a court finding. No primary court or regulator record establishing any claim was identified.
What is a DST, and why does this one matter for a 1031 exchange?
A Delaware statutory trust holds title to real estate and issues beneficial interests that the IRS treats as replacement property for a 1031 exchange, so an exchanger can defer capital gains without managing the building. Investors are passive: they cannot renegotiate the lease, refinance, or force a sale. This Trust was offered under Rule 506(b) to accredited investors, with the private placement memorandum governing all terms.
Chapter 9GSA Birmingham Government Lease Investors, DST: InvestigationAnnounces investigation into potential securities-fraud claims involving GSA Birmingham Government Lease Investors DST, citing the amended Form D showing $111,338,114 total offering, $67,760,300 sold, $43,577,814 remaining, $100,000 minimum investment, Rule 506(b) exemption for this Net Lease Capital Advisors-sponsored single-tenant net-lease DST. Social Security Building Sold for $147 MillionReports that a partnership of Net Lease Capital Advisors, a private investor and Rainier Capital Management purchased the 587,528-square-foot SSA Southeastern Program Service Center in Birmingham from 8th and 14th LLC for $147 million; the LEED-Silver, eight-story building completed January 2008 is fully leased to GSA for SSA.