Two life sciences industrial properties
Life sciences property in Philadelphia, Pennsylvania · sponsored by NexPoint
Two life sciences industrial properties was a DST sponsored by NexPoint that owned a life sciences property in Philadelphia, Pennsylvania. Its last Form D, filed Nov 20, 2025, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Nov 20, 2025, reports the offering fully sold.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $40,489,695Equity offered, per the Form D
- Sold
- 100%Form D, Nov 20, 2025; the % is our arithmetic
- Investors reported
- Form D, Nov 20, 2025112
- Selling commissions
- Form D Item 15; the % is our arithmetic$3,542,849 · 8.7% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
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Ask a 1031 specialist about this recordFree. About: Two life sciences industrial properties. Top1031 is not a broker-dealer.Two life sciences industrial properties · Philadelphia, Pennsylvania · Photo: adarepharmasolutions.com
What did the Trust own?
The Trust holds two neighboring life-sciences industrial buildings at 1100 Orthodox Street and 7722 Dungan Road. 1 NexPoint reported on May 17, 2023 that they were acquired from Frontida Biopharm, LLC, a company in the Adare Pharma Solutions group. 2 CoStar described the transaction as a sale-leaseback, in which the seller remained in the buildings as tenant. 1
- Reported location
- Philadelphia, Pennsylvania
- Property size
- two separate properties; nearly 18 acres; more than 250,000 square feet of interior space
How was it financed, and what did it cost to sell?
The Trust carries mortgage debt rather than owning free and clear. CoStar reported the acquisition was financed with a commercial mortgage-backed securities loan from KeyBank — a mortgage packaged into a bond pool rather than held on one bank's books. 1 The loan amount and terms are not in the public record.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $3,542,849 · 8.7% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $792,938 · 1.9% of offeringForm D Item 16· The filing’s note: “Item 16 is an estimate of offering expenses and acquisition fees that may accrue to one or more Related Persons.”
- Broker-dealers named in the Form D
- 19 named in the Form D
Show the firms
- Arkadios Capital · CRD 282710
- Aurora Securities · CRD 46147
- Centaurus Financial, Inc. · CRD 30833
- Concorde Investment Services, LLC · CRD 151604
- DFPG Investments, LLC · CRD 155576
- DMK Advisor Group, Inc. · CRD 41067
- Emerson Equity LLC · CRD 130032
- Great Point Capital LLC · CRD 114203
- Infinity Financial Services · CRD 144302
- Innovation Partners LLC · CRD 146344
- Lightpath Capital, Inc. · CRD 34617
- Moloney Securities Co., Inc. · CRD 38535
- Patrick Capital Markets, LLC · CRD 16518
- Realized Financial, Inc. · CRD 22333
- Realta Equities, Inc. · CRD 23769
- Saxony Securities, Inc. · CRD 115547
- TCFG Wealth Management, LLC · CRD 164153
- Westpark Capital, Inc. · CRD 39914
- World Equity Group, Inc. · CRD 29087
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Jun 20, 2023
- Minimum investment
- $100,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind the Trust?
The Form D names NexPoint Real Estate Advisors IV, L.P. as sponsor of the issuer, with Matthew Goetz signing as an executive officer. 5 NexPoint runs a repeat 1031 program with a life-sciences line: it launched a separate Life Sciences III DST on January 16, 2024 for a Kindeva-occupied manufacturing property in Woodbury, Minnesota. On September 12, 2023, NexPoint disclosed an initial 6% co-investment alongside investors in this Trust.
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust filed an initial Form D — the notice private offerings file with the SEC — in mid-2023 and amended it repeatedly as subscriptions accumulated, the last amendment reporting the offering fully sold. It is offered under Rule 506(c), the exemption that permits public advertising provided every investor's accredited status is verified.
- Legal Trust name
- NexPoint Life Sciences II DST
- SEC CIK
- 1980223
- First Form D
- Jun 22, 2023
- Latest Form D
- Nov 20, 2025
- Filings on record
- 19
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $40,489,695 | $40,489,695+$925,939 | 112+3 | EDGAR | |
| Form D/A | $40,489,695 | $39,563,756+$2,567,438 | 109+4 | EDGAR | |
| Form D/A | $40,489,695 | $36,996,318+$5,937,291 | 105+16 | EDGAR | |
| Form D/A | $40,489,695 | $31,059,027+$2,028,231 | 89+10 | EDGAR | |
| Form D/A | $40,489,695 | $29,030,796+$1,166,766 | 79+4 | EDGAR | |
| Form D/A | $40,489,695 | $27,864,030+$8,432,853 | 75+17 | EDGAR | |
| Form D/A | $40,489,695 | $19,431,177+$22,064 | 58+4 | EDGAR | |
| Form D/A | $40,489,695 | $19,409,113+$610,942 | 54+1 | EDGAR | |
| Form D/A | $40,489,695 | $18,798,171+$7,515,754 | 53+16 | EDGAR | |
| Form D/A | $40,489,695 | $11,282,417+$1,094,175 | 37+3 | EDGAR | |
| Form D/A | $40,489,695 | $10,188,242+$456,383 | 34+2 | EDGAR | |
| Form D/A | $40,489,695 | $9,731,859+$2,062,082 | 32+10 | EDGAR | |
| Form D/A | $40,489,695 | $7,669,777+$1,339,020 | 22+5 | EDGAR | |
| Form D/A | $40,489,695 | $6,330,757+$3,503,360 | 17+4 | EDGAR | |
| Form D/A | $40,489,695 | $2,827,397+$1,066,690 | 13+5 | EDGAR | |
| Form D/A | $40,489,695 | $1,760,707+$761,485 | 8+3 | EDGAR | |
| Form D/A | $40,489,695 | $999,222+$477,842 | 5+3 | EDGAR | |
| Form D/A | $40,489,695 | $521,380+$100,000 | 2+1 | EDGAR | |
| Form D | $40,489,695 | $421,380 | 1 | EDGAR |
Show all 19 SEC Form D filings
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
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.
Common questions
- What happened to Two life sciences industrial properties?
- Two life sciences industrial properties is a Historical offering. The last Form D, filed Nov 20, 2025, reports the offering fully sold.
- Who occupies the buildings?
- Adare Pharma Solutions, a contract development and manufacturing organization (CDMO) that makes drug products for pharmaceutical clients. Adare's affiliate Frontida Biopharm sold the two properties to the Trust in 2023 and remained as tenant under a sale-leaseback. Pennsylvania's economic development agency said in August 2024 that Adare was moving its headquarters to the Dungan Road building.
- What is a sale-leaseback, and why does it matter here?
- In a sale-leaseback the occupant sells its real estate and signs a lease to keep using it. For an investor, the building's value and cash flow are tied closely to that one operating company. Here, the seller and tenant are in the Adare Pharma Solutions group, so the Trust's income depends substantially on that tenant's performance and lease compliance.
- How is the property financed?
- CoStar reported that the acquisition was financed with a commercial mortgage-backed securities (CMBS) loan from KeyBank, meaning the mortgage was securitized rather than held by a single lender. The loan amount, interest rate, maturity and loan-to-value are not disclosed in the public record; those terms would appear in the offering documents.
- Could this Trust roll into a REIT?
- The record shows no 721/UPREIT exit feature — the arrangement in which DST investors contribute their interests to an operating partnership in exchange for REIT units. Absent that, an exit would normally come from a sale or refinancing of the properties. No disposition or full-cycle event has been reported for this Trust.
- What key facts are still unknown?
- The public record does not establish the lease term or rent, the purchase price for the two-property portfolio, the mortgage amount or loan-to-value, or any distribution history. Those figures would be set out in the offering documents and the closing documents, not in the SEC Form D filings.
In the news
Sources
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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 offering documents before investing.