Top1031

VA Outpatient Clinic and Garage, Birmingham, AL

Class A medical office clinic property in Birmingham, AL — sponsored by Net Lease Capital Advisors

Files with the SEC as NLCA VA BIRMINGHAM REALTY DST

Minimum investment
Not stated
Offering size
$15.7M
How much has sold
None sold yet
Asset type
Class A medical office clinic property
Location
Birmingham, AL
Financing
Leveraged. This offering reports mortgage debt on the property.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

NLCA VA Birmingham Realty DST is a Delaware statutory trust — fractional co-ownership eligible for 1031 exchange treatment — formed by Net Lease Capital Advisors to hold the VA Outpatient Clinic and Garage in Birmingham, Alabama. Sponsor materials describe a build-to-suit Class A clinic leased to the U.S. General Services Administration for the Department of Veterans Affairs.5 One Form D was filed in October 2021, with no amendment since.3

Show sources (11)Hide sources (11)

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.

Chapter 2

What exactly is the property?

Sponsor materials describe a newly constructed, build-to-suit three-story Class A medical-office clinic on a 3.67-acre site in Birmingham.4 A February 3, 2016 project report from builder BL Harbert International said the clinic and its connected eight-story, 2,334-space parking garage had opened ahead of schedule.8 On February 24, 2026, the VA said the clinic and parking deck had marked ten years of service, seeing more than 24,000 veterans annually.6

Reported location
Birmingham, AL
Property size
63,649 rentable square feet
Chapter 3

Who is the tenant, and what's the lease?

Sponsor materials report the building 100% leased to the U.S. General Services Administration, on behalf of the U.S. Government for the Veterans Administration, on a 20-year firm term running from September 21, 2015 to September 30, 2035 with no termination options.5 Rent obligations therefore sit with a federal agency rather than a private company.

Chapter 4

How did it end?

What happened

No sale or other ending on record

Net Lease Capital Advisors' All-Properties portfolio continues to list the Birmingham VA Outpatient Clinic (63,649 SF) and VA.gov confirms the clinic remains operational; no public sale, foreclosure, or full-cycle announcement for NLCA VA BIRMINGHAM REALTY DST was found [1][2].

The NLCA executive summary describes a newly constructed, build-to-suit, three-story Class A medical-office clinic on a 3.67-acre site, with a purchase price of $73,971,343, total debt of $63,985,211, and equity required of $9,986,131 (13.5%).

63,649 rentable square feet
Supporting evidence
Chapter 5

How is it financed, and what does it pay?

This Trust is leveraged rather than all-cash. Sponsor materials describe a first mortgage stacked with two mezzanine loans — debt that sits behind the mortgage in repayment priority — totaling $63,985,211 against a reported $73,971,343 purchase price.7 Each loan is described as a 20-year term ending in a balloon payment.7

Financing
Leveraged. This offering reports mortgage debt on the property.
Chapter 7

What does the paperwork say?

No amendment to the original Form D appears in SEC filing history through August 18, 2026, so public records do not track how the raise progressed after launch.3 The Trust was offered privately under the exemption noted below — no general advertising, with sales limited to accredited investors (those meeting SEC income or net-worth tests) already known to the sponsor.

  1. 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.

Chapter 8

Common questions

What happened to VA Outpatient Clinic and Garage, Birmingham, AL?

Top1031 lists VA Outpatient Clinic and Garage, Birmingham, AL as historical. It is no longer raising money.

Where does Top1031 get the data for VA Outpatient Clinic and Garage, Birmingham, AL?

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?

Public filings do not settle it. SEC records show one Form D for NLCA VA Birmingham Realty DST, filed October 29, 2021, and no amendment through August 18, 2026. That means the SEC record does not show whether the offering closed, was funded, or was withdrawn. Net Lease Capital Advisors and the broker-dealers that distributed the offering are the sources for current status.

Who pays the rent on this building?

Sponsor materials report the clinic 100% leased to the U.S. General Services Administration on behalf of the U.S. Government for the Veterans Administration, on a 20-year firm term from September 21, 2015 through September 30, 2035 with no termination options. A federal lease means the credit behind the rent is a government agency rather than a private corporate tenant.

Is the clinic actually operating today?

Yes. On February 24, 2026, the U.S. Department of Veterans Affairs reported that the Birmingham VA Clinic and its parking deck had celebrated ten years of service, with nearly 250 employees, more than 24,000 veterans served annually, and over 108,000 outpatient visits.

What is the Soreide Law Group investigation about?

On April 30, 2026, Soreide Law Group — a plaintiff-side securities law firm — published a page stating it was investigating potential losses involving NLCA VA Birmingham Realty DST. That is a law firm solicitation, not a regulatory action or court ruling. Research through August 18, 2026 found no court docket, regulatory order, or sponsor response tied to it.

Why do two different street addresses appear for this property?

The Net Lease Capital Advisors executive summary for the Trust identifies 2401 7th Avenue South, while current official VA location pages and 2026 VA reporting list the Birmingham VA Clinic at 2415 7th Avenue South. The parcel relationship between the two addresses is unresolved in public records, so a buyer should have counsel tie the legal description in the PPM to the deed.

What does the mezzanine debt in this structure mean for an investor?

Sponsor materials describe a first mortgage plus two mezzanine loans. Mezzanine debt ranks behind the mortgage for repayment and typically carries a higher interest cost, so total leverage — and the balloon payments due at each loan's maturity — is a central item to trace in the PPM and loan documents.

Chapter 9

In the news