Three National Logistics Properties Investors DST
Industrial — sponsored by Net Lease Capital Advisors
Minimum investment
Not stated
Offering size
$812.1M
How much has sold
20.0%
Asset type
Industrial
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?
Three National Logistics Properties Investors DST is a Delaware statutory trust — a fractional-ownership vehicle 1031 exchangers use to replace sold property — sponsored by Net Lease Capital Advisors and raising up to $812,108,972 from accredited investors.1 Its filings label the asset type industrial but name no property, tenant, or address.2 The most recent Form D amendment on record is dated June 6, 2024.3
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 name points to three logistics properties, but the public record does not deliver them: no address, no square footage, and no count of buildings appears in the entity's filings.2 No sponsor press release, trade-press article, or marketplace listing identifying the underlying assets was located. The SEC filing classifies the offering only as "Other Real Estate"; Top1031 categorizes the asset type as industrial.1
Who is the tenant, and what's the lease?
No tenant, lease type, lease term, or occupancy figure is disclosed anywhere in this entity's public record.2 Net Lease Capital Advisors' business is single-tenant net lease — leases under which the tenant, not the landlord, carries most operating costs — but nothing filed for this Trust confirms that structure here.
How did it end?
No ending on record
As of 2026-08-11, Top1031, SEC EDGAR/Form D records, and the reviewed sponsor-related sources provide no direct evidence that this exact DST's property was sold, UPREIT-converted, foreclosed on, distressed, or affirmatively still owned and operated, so the ultimate outcome is unknown.
Regulation D Rule 506(b) private placement sponsored by Net Lease Capital Advisors, LLC (Nashua, NH). Cumulative amount sold reported as $812,108,972 across multiple Form D filings between Feb 16, 2023 (first sale Jan 13, 2023) and Jun 6, 2024. Trust name implies three logistics/industrial properties, but the Form D filings do not disclose property addresses, tenants, or square footage, and no sponsor press release, trade-press article, or marketplace listing identifying the underlying properties was found. No public statement of fully-subscribed, sold-out, or closed status was located.
Supporting evidence
How is it financed, and what does it pay?
No lender, loan amount, or debt terms appear in the filings, so whether the Trust used mortgage financing or bought all-cash is not established in the public record.2
Who's behind it?
Net Lease Capital Advisors is a Nashua, New Hampshire firm built around single-tenant net-lease and government-occupied real estate; its website states more than $17 billion in closed transactions. A sponsor profile by Real Estate Transition Solutions lists earlier vehicles including NLCA DTW Air Cargo Logistics DST and Net-Leased Capital Advisors Government Lease Holdings DST. The Form D gives the issuer's contact address as 10 Tara Boulevard, Suite 501, Nashua.4
- Sponsor
- Net Lease Capital Advisors
- Legal Trust name
- THREE NATIONAL LOGISTICS PROPERTIES 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 initial notice reported no sales and a $150,000 minimum investment; an amendment six days later cut the stated minimum to $60,000, and every later amendment left the minimum blank while updating the running raise. The exemption claimed bars general advertising, so interests reach only accredited investors the sponsor already knows.
- 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
- 9
- 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 Three National Logistics Properties Investors DST?
Top1031 lists Three National Logistics Properties Investors DST as historical. It is no longer raising money.
Where does Top1031 get the data for Three National Logistics Properties Investors 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 properties does this Trust actually own?
That is not public. The name implies three logistics or industrial properties, but the Form D filings for Three National Logistics Properties Investors DST disclose no property name, address, building count, square footage, or tenant, and a research run on August 29, 2026 found no sponsor release, trade-press article, or marketplace listing that identifies them. Property, lease, and debt detail of this kind would normally sit in the PPM — the private placement memorandum the sponsor gives prospective investors.
Is the offering still open?
Top1031 lists the Trust as raising. The most recent Form D amendment on record is dated June 6, 2024, and no public statement that the offering is fully subscribed, sold out, or closed was located. Because the SEC record stops at that June 2024 filing, nothing about the Trust's status after that date is established from public filings.
What is the minimum investment?
It has changed across the filings. The first Form D, filed February 16, 2023, stated a $150,000 minimum for outside investors; the February 22, 2023 amendment stated $60,000; every amendment from June 27, 2023 onward left the field blank. Anyone evaluating the Trust would need the current PPM and subscription documents for the operative minimum.
Why is there a law-firm page about this Trust online?
The White Law Group, a securities law firm, published a page dated March 28, 2025 describing Three National Logistics Properties Investors DST as a Regulation D private placement sponsored by Net Lease Capital Advisors. Such investigation pages are marketing for investor-claims practices and are treated here as a secondary lead only: the August 29, 2026 research run found no primary record establishing a foreclosure, default, disposition, or other distress event at this Trust.
What does Rule 506(b) mean for how I can invest?
506(b) is the private-placement exemption that lets an issuer raise unlimited capital without registering with the SEC, provided it does no general advertising or public solicitation. In practice that means the Trust is offered only through broker-dealers and representatives to accredited investors — people meeting SEC income or net-worth tests — with whom a relationship already exists, which is why so little marketing material for it exists publicly.
Chapter 9Three National Logistics Properties Investors DST: InvestigationSecurities-firm blog post identifying the Three National Logistics Properties Investors DST as a Regulation D private placement sponsored by Net Lease Capital Advisors, LLC that filed a Form D in 2023 and reportedly raised more than $812 million across its offerings focused on national logistics properties.