Top1031

PC Fund I Master, DST

Net lease property in Bakersfield, CA · sponsored by Passco Companies

HistoricalLast Form D filed Feb 1, 2011 (opens in a new tab)

PC Fund I Master, DST was a DST sponsored by Passco Companies that owned a net lease property in Bakersfield, CA. Its last Form D was filed Feb 1, 2011.

How it ended

No public outcome found

Last Form D filed Feb 1, 2011.

Passco Companies has 4 active offerings on record →

Key facts

Minimum investment
$50,000
From the Form D
Offering size
$2,845,000
Equity offered, per the Form D
Sold
37.9%
Form D, Feb 1, 2011; the % is our arithmetic
Investors reported
1
Form D, Feb 1, 2011
Selling commissions
$192,038 · 6.7% of offering
Form D Item 15; the % is our arithmetic
Financing
Leveraged. This offering reports mortgage debt on the property.
How it is financed ↓
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.

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 →

Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.

Ask a 1031 specialist about this recordFree. About: PC Fund I Master, DST. Top1031 is not a broker-dealer.

What did PC Fund I Master, DST own?

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

Tenant and lease terms are not in the SEC filings or cited sources.

How was it financed, and what did it cost to sell?

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.

Debt

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

Costs and terms from the Form D

Selling commissions
$192,038 · 6.7% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$423,379 · 14.8% of offering
Form D Item 16
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Jan 19, 2011
Minimum investment
$50,000

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.

What does the SEC record show?

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.

Legal Trust name
PC Fund I Master, DST
SEC CIK
1511724
First Form D
Feb 1, 2011
Latest Form D
Feb 1, 2011
Filings on record
1
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D$2,845,000
$1,080,000
1
EDGAR

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 PC Fund I Master, DST?
PC Fund I Master, DST is a Historical offering. Last Form D filed Feb 1, 2011.
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 offering documents 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 offering documents 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.

In the news

Sources

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These links support the record as a whole; individual details may come from different sources.

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.