United Healthcare Services, Inc. Headquarters Building
Class A office / corporate headquarters property in Minnetonka, MN — sponsored by Net Lease Capital Advisors
Files with the SEC as HEALTHCARE LANE HOLDCO, DST
Minimum investment
Not stated
Offering size
$177.1M
How much has sold
74.0%
Asset type
Class A office / corporate headquarters property
Location
Minnetonka, MN
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?
Healthcare Lane Holdco, DST is a Delaware statutory trust (DST) sponsored by Net Lease Capital Advisors that holds the two-building UnitedHealthcare headquarters complex at 9700–9800 Health Care Lane in Minnetonka, Minnesota.1 A DST lets 1031 exchangers hold fractional real estate as replacement property. The entire complex is leased to United HealthCare Services, a UnitedHealth Group subsidiary, under a 20-year absolute-net lease the sponsor reports runs through May 2033.1
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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 Trust's asset is the Class A office complex at 9700–9800 Health Care Lane in Minnetonka, Minnesota.1 It opened in 2013 as UnitedHealth's benefits headquarters, consolidating roughly 3,300 employees from four divisions onto one campus. In May 2013 UnitedHealth Group sold both buildings for $146 million to an affiliate of Mesirow Financial and leased them back for 20 years.2 The Trust owns the beneficial interests in Healthcare Lane Propco, DST, the entity holding title.1
- Reported location
- Minnetonka, MN
- Property size
- 635,000 square feet; two-building complex
Who is the tenant, and what's the lease?
United HealthCare Services, Inc., described by the sponsor as a wholly owned subsidiary of UnitedHealth Group, occupies the entire complex under a 20-year absolute-net lease to May 31, 2033 — the tenant, not the Trust, carries operations, maintenance, repairs, replacements, roof and structure.1
How did it end?
No ending on record
No public full-cycle, sale, or disposition announcement has been identified for NLCA's Healthcare Lane Holdco DST (635,000 SF Class A office at 9700-9800 Health Care Lane, Minnetonka, MN leased to UnitedHealthCare Services); the 2013 sale-leaseback to Mesirow Financial pre-dates the DST and no subsequent DST-level disposition has surfaced.
The NLCA executive summary identifies the property as the UnitedHealthcare Services, Inc. headquarters building, 100% leased to UnitedHealthcare; the Star Tribune describes the two-building campus and occupancy by approximately 3,300 employees.
635,000 square feet; two-building complexSupporting evidence
How is it financed, and what does it pay?
The sponsor's executive summary describes $152 million of non-recourse debt — a $126 million A-Note and a $26 million B-Note — at the property-owning DST; non-recourse means the lender's remedy runs to the building, not to investors' other assets.1
Who's behind it?
Net Lease Capital Advisors structures 1031 exchange programs around single-tenant corporate real estate leased to large credit tenants; the Form D lists this Trust as Delaware-formed with a Nashua, New Hampshire address in care of the firm.3 The offering follows that pattern: a long-dated absolute-net lease to a subsidiary of a large public company, held through a two-tier Holdco/Propco DST structure.1 Research through August 18, 2026 surfaced no later filings for this Trust and no sponsor update on it.
- Sponsor
- Net Lease Capital Advisors
- Legal Trust name
- HEALTHCARE LANE HOLDCO, 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?
A single Form D — the short notice an issuer files after selling unregistered securities — was filed under Rule 506(b), the private-placement exemption that bars public advertising and limits purchasers to accredited investors; it reports a first sale on August 26, 2013.3 No amendment or termination notice follows, so the public record does not show a close.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- 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 United Healthcare Services, Inc. Headquarters Building?
Top1031 lists United Healthcare Services, Inc. Headquarters Building as historical. It is no longer raising money.
Where does Top1031 get the data for United Healthcare Services, Inc. Headquarters Building?
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.
Is this Trust still open to new investors?
The public record does not settle it. One Form D was filed for Healthcare Lane Holdco, DST, reporting a first sale on August 26, 2013, and no amendment or termination notice has been filed since.[3] The offering dates to 2013–2014, so current availability is a question for the sponsor's own records rather than SEC filings.
What does an "absolute-net" lease mean here?
It is the most tenant-heavy form of net lease. The sponsor's executive summary reports that United HealthCare Services is responsible for operations, maintenance, repairs, replacements, and the roof and structural portions of the buildings, leaving the Trust with few direct property expenses.[1] A PPM will spell out any carve-outs and the landlord's remaining obligations.
Who is the tenant, and is UnitedHealth Group on the hook?
The tenant is United HealthCare Services, Inc., which the sponsor describes as a wholly owned subsidiary of UnitedHealth Group; the complex is reported as 100% leased to it.[1] Whether the parent guarantees the subsidiary's lease obligations is not established in the public record and must be checked in the lease and PPM.
Why are there two DSTs involved?
Title to the property is held by Healthcare Lane Propco, DST, and all beneficial interests in that owner trust are held by Healthcare Lane Holdco, DST — the entity that filed with the SEC and in which investors hold interests.[1] Two-tier structures are common in leveraged net-lease programs; investor rights at each level differ and are defined in the trust agreements.
Is the Trust leveraged?
The sponsor's executive summary reports $152 million of non-recourse debt, split into a $126 million A-Note and a $26 million B-Note, at the property-owning DST.[1] That figure is sponsor-reported for the 2013 capitalization and is not independently verified; loan terms, maturity, and any extension rights should be read in the PPM and loan documents.
Has anything happened to the property since the offering?
Research through August 18, 2026 established no verified disposition, refinancing, or occupancy change for 9700–9800 Health Care Lane. A 2023 report about a 20-acre UnitedHealth Group headquarters campus being marketed for lease could not be tied to this specific address and is excluded.[4]
Chapter 9UnitedHealth opens new headquartersThe Star Tribune reported that UnitedHealth's two-building headquarters at 9700 and 9800 Health Care Lane in Minnetonka unified approximately 3,300 employees from four benefits divisions.