Minimum investment
$100k
Offering size
$136.9M
How much has sold
100.0%
Asset type
Industrial (semiconductor manufacturing) property
Location
Temecula, CA
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
NexPoint Semiconductor Manufacturing DST is a Delaware Statutory Trust — a passive co-ownership structure whose interests can be received in a 1031 exchange — holding a single-tenant semiconductor fab in Temecula, California, leased to Skorpios Technologies on a 15-year triple-net lease.5 NexPoint announced on September 29, 2025 that the offering was fully subscribed at its $137 million equity goal, so it is closed to new investors.5
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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 property is a single-tenant industrial and laboratory fab at 41915 Business Park Drive in Temecula, California, fully leased to Skorpios Technologies.1 Commercial Real Estate Direct reported that NexPoint Real Estate Advisors paid $190 million for the building in 2023.2 Skorpios stated the building was purchased and leased to it on April 7, 2023.3 The tenant announced on March 4, 2024 that further funding had closed to complete its relocation there.4
- Reported location
- Temecula, CA
- Property size
- 450,568 sq ft
Who is the tenant, and what's the lease?
NexPoint identifies Skorpios Technologies — which performs contract and next-generation semiconductor fabrication — as the tenant under a lease with a 15-year initial term and extension options.5 Skorpios described the structure as 15 years with two ten-year extension options.3 The lease is triple-net, meaning the tenant rather than the Trust bears taxes, insurance and maintenance.
How did it end?
Closed to new investment · still operating
No full cycle, sale, 721 UPREIT, or foreclosure announcement has been issued; NexPoint announced the Semiconductor Manufacturing DST was fully subscribed on Sep 29, 2025 ($137M raised for the Skorpios Technologies-leased Temecula, CA property) and NexPoint's DSTs page lists it as Active with a 5.19% annual cash flow.
Single-tenant industrial fab in Temecula, CA leased to Skorpios Technologies on a 15-year NNN lease. Total raise of approximately $137M; fully subscribed by September 29, 2025.
450,568 sq ftSupporting evidence
Counted on NexPoint’s Record Card as: Still operating Document
How is it financed, and what does it pay?
Form D captures only the equity side of an offering, so it says nothing about mortgage debt. Neither the filings on record nor NexPoint's public announcements reviewed here state whether this Trust is leveraged or all-cash; the private placement memorandum (PPM) is where the loan terms, if any, would appear.
Who's behind it?
The Form D names NexPoint Real Estate Advisors IV, L.P. as the sponsor of this Trust.6 The sponsor announced the offering on October 19, 2023, describing a semiconductor manufacturing property in Temecula, California, acquired for a 1031 exchange program.7 It announced on September 29, 2025 that the raise had been completed.5
- Sponsor
- NexPoint
- Legal Trust name
- NexPoint Semiconductor Manufacturing DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 6 active / 17 total offerings from NexPoint
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The record opens with a Form D — the short SEC notice an issuer files for an offering exempt from registration — following the first sale on November 20, 2023.6 Nearly two years of amendments followed, each stepping the reported sales figure upward until the final amendment closed out the raise.
- 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
- 26
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- 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 Skorpios Technologies semiconductor facility – Temecula, CA?
Top1031 lists Skorpios Technologies semiconductor facility – Temecula, CA as historical. It is no longer raising money.
Where does Top1031 get the data for Skorpios Technologies semiconductor facility – Temecula, CA?
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.
Can I still invest in this Trust?
No. NexPoint announced on September 29, 2025 that the NexPoint Semiconductor Manufacturing DST was fully subscribed at its $137 million equity goal, and the final Form D amendment filed October 7, 2025 reported nothing left to sell.[5] The Trust is closed to new investors and is now a historical offering.
Who occupies the building?
Skorpios Technologies Inc., a semiconductor company that NexPoint says performs contract fabrication and next-generation fabrication, occupies the Temecula property as sole tenant.[5] Commercial Property Executive reported that Skorpios fully leases the manufacturing plant at 41915 Business Park Drive.[1] Because there is one tenant, the Trust's rent depends entirely on that company's ability to keep paying.
What does the 15-year triple-net lease mean for an investor?
Triple-net means the tenant pays property taxes, insurance and maintenance directly, so the landlord's obligations are lighter than in a gross lease. NexPoint states the initial term runs 15 years with extension options, and Skorpios described two ten-year options.[3] Renewal is the tenant's choice, not the Trust's.
How much debt does the Trust carry?
Not confirmed in public records. Form D filings do not report loan terms, and NexPoint's announcements reviewed here do not state a loan-to-value or lender. A third-party listing site publishes debt and LTV figures for this Trust, but research could not confirm them in SEC filings or sponsor material, so they are not reported here. The PPM is the source of record.
Why do reported square footages differ?
Sponsor, tenant and third-party materials describe the fab as roughly 450,000 square feet, and Skorpios called it a 450,000-square-foot state-of-the-art site in its March 4, 2024 announcement.[4] One independent report, Commercial Property Executive's September 30, 2025 coverage, cited 391,231 square feet.[1] Top1031 carries the larger figure used across sponsor and tenant sources.
Is there a 721/UPREIT exit here?
The record shows no provision for converting investor interests into operating-partnership units of a REIT — the so-called 721 or UPREIT exit. In DSTs that do offer it, investors can end up holding REIT units instead of real estate, which changes the tax picture. Any exit mechanics for this Trust would be described in the PPM.
Chapter 9NexPoint Fully Subscribes $137 Million Semiconductor Manufacturing DSTAltsWire coverage confirming the offering reached its $137M raise target and is fully subscribed. NexPoint Launches NexPoint Semiconductor Manufacturing DST OfferingLaunch announcement for the $137M DST acquiring the Skorpios Technologies semiconductor fab in Temecula, CA on a 15-year NNN lease.