Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
PrimeDST Net Lease 1, DST is a Delaware statutory trust (DST) — a co-ownership vehicle whose interests can serve as 1031 replacement property. Sponsored by PrimeDST, it filed one SEC Form D on July 26, 2023 for a Rule 506(b) offering, sold privately to accredited investors meeting SEC income or net-worth tests.1 The public record names no property, tenant, or lender.
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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?
No property is identified anywhere in this Trust's public record. A Form D discloses offering mechanics, not real estate, and no amendment or third-party filing reviewed as of August 31, 2026 names an address, a building, a purchase price, or a closing date. Those facts would live in the Trust's private placement memorandum (PPM), the sponsor's full offering document, which is not filed publicly.
Who is the tenant, and what's the lease?
The Trust's name points to a net lease — a structure in which the tenant, rather than the trust, carries most operating costs, taxes, and insurance — but the public record does not name the tenant, the rent, or the lease term.
How did it end?
No sale or other ending on record
Per sponsor JRW Investments' PrimeDST directory page, PrimeDST Net Lease 1 DST remains an Active offering with no full-cycle or disposition announcement located in press coverage or trade media.
Who's behind it?
PrimeDST is a sponsor with a short SEC footprint. JRW Investments, a 1031 exchange brokerage, lists PrimeDST as the investment sponsor of Net Lease 1, DST and gives an investment date of July 11, 2023.2 That same page marks the Trust active while labeling its offering table closed — an inconsistency the public record does not resolve.2 Nothing has been added to the Trust's SEC file since July 2023.
- Sponsor
- PrimeDST
- Legal Trust name
- PrimeDST Net Lease 1, DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 0 active / 2 total offerings from PrimeDST
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The paperwork here is thin: an initial Form D notice — the short filing an issuer submits when a private offering begins — with no amendments behind it. The exemption noted below permits sales to accredited investors reached through pre-existing relationships and bars general advertising.
- 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 PrimeDST Net Lease 1, DST?
Top1031 lists PrimeDST Net Lease 1, DST as historical. It is no longer raising money.
Where does Top1031 get the data for PrimeDST Net Lease 1, 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 investors?
The public record does not settle it. The SEC file for PrimeDST Net Lease 1, DST holds one Form D, filed July 26, 2023, and no later filing or amendment. JRW Investments' PrimeDST page both marks Net Lease 1, DST as active and labels its offering table closed, so the sponsor is the only source that can confirm current availability.
What property does this Trust own?
Unknown from public sources. A Form D reports offering terms, not real estate, and research through August 31, 2026 found no filing, sponsor page, or public record identifying the address, tenant, size, occupancy, purchase price, or acquisition date for this Trust. Those items appear only in the PPM, the sponsor's private offering document.
What is the minimum investment and what are the selling costs?
The July 26, 2023 Form D reports a minimum investment of $100,000 and estimated sales commissions of $2,273,114 for the offering. That same filing reported no proposed payments to executive officers, directors, or promoters, and no finders' fees.
What does Rule 506(b) mean for me as an investor?
Rule 506(b) is the private-placement exemption that lets an issuer sell without registering the offering, provided it does not advertise publicly and sells to accredited investors — people meeting SEC income or net-worth tests — typically reached through an existing relationship with the sponsor or a broker-dealer. You will not find a 506(b) DST advertised openly, and a subscription requires the PPM.
Is the Trust leveraged?
Not disclosed. No lender, mortgage amount, loan-to-value, or all-cash designation for PrimeDST Net Lease 1, DST appears in the SEC filing or in the sponsor material reviewed as of August 31, 2026. Debt matters in an exchange because replacement debt affects how much boot you recognize, so this is a question for the sponsor and the PPM.
Has any outcome — a sale or a 721/UPREIT roll-up — been reported?
No outcome has been reported. There is no public filing, sponsor release, or third-party report describing a sale, refinancing, or 721 exchange (a contribution of the property into a REIT's operating partnership in return for OP units) for this Trust. The record shows only the 2023 Form D.