Kindeva Drug Delivery Global Headquarters

Property and tenant

The trust's asset is a 137,811-square-foot life-sciences and industrial facility at 11200 Hudson Road in Woodbury, Minnesota, built to suit in 2021 on roughly 11.7 acres. The building spans two floors plus a mezzanine, offers 33-to-36-foot-plus clearance and 250 parking spaces, and includes 43,565 square feet of R&D and cGMP space. It serves as the global headquarters of Kindeva Drug Delivery L.P., a contract development and manufacturing organization focused on complex drugs and combination products. Kindeva is owned by funds managed by Altaris Capital Partners and was formed in 2020 when Altaris acquired 3M's Drug Delivery Systems business for approximately $650 million ¹.

Lease structure

The property is net-leased to Kindeva under a 15-year lease that commenced September 17, 2021 and expires September 30, 2036, with three five-year extension options; the tenant is responsible for maintenance and services. The trust holds the asset subject to a master lease to 11200 Hudson Leaseco, LLC, an unaffiliated, thinly capitalized master tenant funded by a $1,900,000 sponsor-financed demand note ².

Capitalization and debt

As disclosed on March 31, 2026, NexPoint reported total acquisition cost of $59,094,426 and total capitalization of $61,961,253, supported by a $30,661,253 loan at 4.50% fixed interest over a 10-year term—three years interest-only, then 25-year amortization with a November 2032 balloon—implying loan-to-capitalization of 50.52%. The property was acquired indirectly by a sponsor affiliate at a $57,750,000 purchase price against a $59,000,000 as-is appraisal ².

Offering

NexPoint launched the Life Sciences III DST in January 2024 as a Delaware Statutory Trust to raise about $31 million for the Woodbury property ³. An issuer-filed Form D/A dated January 13, 2026 reported a $30,661,253 total offering amount with $25,178,789 sold as of that filing date ⁴.