PC Fund I Master, DST
Net lease property in Bakersfield, CA — sponsored by Passco Companies
Minimum investment
$50k
Offering size
$2.8M
How much has sold
38.0%
Asset type
Net lease property
Location
Bakersfield, CA
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
PC Fund I Master, DST is a Delaware Statutory Trust — fractional, passive property ownership that can receive 1031 exchange proceeds — sponsored by Passco Companies. Its sponsor summary describes four single-tenant CVS pharmacy stores: one in Bakersfield, California, and three in Texas, at Leander, Bastrop and Burleson.1 The Trust used debt, and interests were offered privately to accredited investors — those meeting SEC income or net-worth tests.
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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?
Passco's offering summary describes four freestanding CVS stores, each with a drive-thru pharmacy: Bakersfield at 9628 Rosedale Highway on 1.259 acres, Leander at 500 North Bagdad Road on 2.69 acres, Bastrop at 1671 State Highway 71 East on 2.172 acres, and Burleson at 1421 South Wilshire Boulevard on 1.619 acres.1 The same summary reports a portfolio purchase price of $21,829,124. KGET reported that CVS scheduled the Rosedale Highway store to close on July 23, 2024.2
- Reported location
- Bakersfield, CA
- Property size
- 4 properties: 13,013 square feet in Bakersfield and 12,900 square feet each in Leander, Bastrop, and Burleson
Who is the tenant, and what's the lease?
The tenant is CVS, and Passco's summary gives each store a lease running from December 17, 2010 to January 31, 2036, with ten successive five-year renewal options; it describes them as guaranteed 25-year credit-tenant leases and cites CVS ratings of BBB+ from Standard & Poor's and Baa2 from Moody's.1
How did it end?
No ending on record
Passco-sponsored 4-property CVS pharmacy portfolio; no full-cycle announcement, sale, foreclosure, or 721 UPREIT exchange naming the DST has been found, and a LoopNet listing of the Bakersfield property was withdrawn without a closing notice [1][2].
Passco Companies' executive summary describes a Delaware Statutory Trust acquiring four separate single-tenant CVS pharmacy/retail stores. Each property had a CVS lease beginning December 17, 2010 and ending January 31, 2036, with ten successive five-year extension options; the document states a projected eight-year holding period and 86.97% loan-to-value. No news article located in the research stated that the DST offering itself was fully subscribed, sold out, or closed.
4 properties: 13,013 square feet in Bakersfield and 12,900 square feet each in Leander, Bastrop, and BurlesonSupporting evidence
How is it financed, and what does it pay?
Leveraged means the Trust borrowed against the properties, so mortgage debt sits ahead of investor equity; the sponsor summary calls the investment highly leveraged.1 Neither the lender nor the loan amount appears in the public filing record.
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
Passco Companies is an Irvine, California sponsor; its material for this Trust describes the firm as specializing in acquiring, developing and managing multifamily and commercial investment properties.1 The Form D lists the Trust's principal business address as 96 Corporate Parkway, Suite 200, Irvine, California.3 Research through August 16, 2026 located no later issuer filing or sponsor statement addressing this particular Trust.
- Sponsor
- Passco Companies
- Legal Trust name
- PC Fund I Master, DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 4 active / 31 total offerings from Passco Companies
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
A Form D is the short notice a private issuer files with the SEC after its first sale; this one reported a first sale on January 19, 2011 and said the offering was not intended to last more than one year.3 No amendment followed. The exemption cited bars general advertising, so interests could be shown only through existing relationships.
- 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 PC Fund I Master, DST?
Top1031 lists PC Fund I Master, DST as historical. It is no longer raising money.
Where does Top1031 get the data for PC Fund I Master, DST?
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. The only SEC filing is a Form D dated February 1, 2011, which reported a first sale on January 19, 2011 and stated the offering was not intended to last more than one year. No amendment, closing notice, or article located in research reported the offering fully subscribed or terminated. Anyone approached about interests today should ask the sponsor for current status in writing.
What happened to the Bakersfield CVS?
KGET reported on June 11, 2024 that CVS, citing a company spokesperson, scheduled its store at 9628 Rosedale Highway to close on July 23, 2024. No disposition, replacement tenant, refinancing, foreclosure, or post-closure operating status for that property was established in research through August 16, 2026.
Does a closed store mean the rent stops?
Not automatically. In a net lease, a tenant that vacates, or "goes dark," can remain obligated to pay rent for the balance of the term, but whether that is true here depends on the actual lease language and on any subsequent amendment, termination, or assignment. Those documents are described in the PPM and lease exhibits, not in the SEC filing.
How long do the CVS leases run?
Passco's offering summary states each of the four leases began December 17, 2010 and terminates January 31, 2036, with ten successive five-year extension options exercisable by the tenant. Renewal is the tenant's choice, not the Trust's.
What does the debt on this Trust mean for me?
The Trust financed the portfolio with mortgage debt, which the sponsor summary describes as highly leveraged. Lenders are paid before investor equity, and in a DST investors are generally not asked for additional capital — the lender's remedy runs to the properties. The specific loan amount, lender, and maturity are not disclosed in the SEC filing and must be read in the PPM and loan documents.
Who is Passco Companies?
Passco Companies is a real estate sponsor based in Irvine, California, described in its own offering material for this Trust as specializing in acquiring, developing and managing multifamily and commercial investment properties. Top1031 tracks its other offerings on the sponsor's page.
Chapter 9CVS Pharmacy on Rosedale Hwy to close in JulyKGET reported that the CVS Pharmacy at 9628 Rosedale Highway was scheduled to close on July 23, 2024.