Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
PEM NOV DST is a Delaware statutory trust — the fractional ownership structure 1031 exchangers use to defer capital gains — sponsored by Houston-based Principle Equity Properties. Its asset was a then-new office, manufacturing and distribution building in Oklahoma City leased to National Oilwell Varco.4 The Trust is closed to new investors: one Form D reached EDGAR and was never amended.
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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 Trust's asset is a then-new 76,600-square-foot office, manufacturing and distribution building at 6602 Newcastle Road in Oklahoma City, per the sponsor's offering summary.4 Oklahoma County land-sale reporting lists PEM NOV DST as buyer from SBS 6602 Newcastle LP for $13,000,000 in August 2010.3 Trade coverage that month described the newly constructed building on roughly 10 acres, sold by the Simpkins Group.5
Who is the tenant, and what's the lease?
National Oilwell Varco, LP — a subsidiary of the oilfield equipment company — was named tenant and lease guarantor under an initial 15-year absolute net lease, meaning the tenant rather than the Trust carried taxes, insurance and maintenance, with two five-year renewal options, according to the sponsor's offering summary.4
How did it end?
No ending on record
The Oklahoman and Journal Record identify the $13 million 2010 transfer as PEM NOV DST's acquisition of 6602 Newcastle Road, while the Oklahoma County Assessor's record produced August 17, 2026 lists NOV I OWNER LLC and the property as unoccupied and SEC EDGAR shows only the July 7, 2011 Form D; no direct full-cycle sale, 721/UPREIT, foreclosure, distress, or investor-return evidence was located, so the ultimate trust outcome remains unknown.
No reliable non-SEC, offering-specific public source was found for PEM NOV DST's property or portfolio, address, size, photos, or news coverage; those fields are therefore left unresolved.
How is it financed, and what does it pay?
The sponsor's offering summary described assumable non-recourse mortgage debt of $7,150,000 on the property — non-recourse meaning the lender's claim runs to the building rather than to investors personally.4 The Form D itself registers only equity securities and does not settle the debt question either way.2
Who's behind it?
Principle Equity Properties, LP is a Houston real estate firm; the Form D lists it as a related person of the Trust, at the Trust's own address of 10777 NW Freeway, Suite 850.1 The Trust was organized as a Delaware business trust in 2010.1 The sponsor's footprint in SEC-registered 1031 offerings is small, and nothing filed since 2011 appears on this Trust's EDGAR history.
- Sponsor
- Principle Equity Properties
- Legal Trust name
- PEM NOV DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 0 active / 2 total offerings from Principle Equity Properties
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The Trust reported its first sale on July 21, 2010, about a year before its single Form D notice reached EDGAR, and no amendment followed.2 It was offered under Rule 506(b), the private-placement path that bars general advertising and effectively limits buyers to accredited investors.
- 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 PEM NOV DST?
Top1031 lists PEM NOV DST as historical. It is no longer raising money.
Where does Top1031 get the data for PEM NOV 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.
Can I still invest in PEM NOV DST?
No. This Trust is Historical — closed to new investors. Its offering reported a first sale on July 21, 2010, and the single Form D notice was filed with the SEC on July 7, 2011 with no later amendment on record.
What property backs the Trust?
Sponsor offering material identifies a then-new 76,600-square-foot office, manufacturing and distribution building at 6602 Newcastle Road in Oklahoma City. Oklahoma County land-sale reporting dated August 21, 2010 lists PEM NOV DST buying the property from SBS 6602 Newcastle LP for $13,000,000, and August 13, 2010 trade coverage put the building on roughly 10 acres.
Who was the tenant?
Sponsor material names National Oilwell Varco, LP as tenant and lease guarantor, described as a wholly owned subsidiary of National Oilwell Varco, Inc. that services and builds downhole tools for the oilfield industry. The stated structure was an initial 15-year absolute net lease with two five-year tenant renewal options.
Did the Trust use mortgage debt?
Sponsor offering material describes assumable non-recourse mortgage debt of $7,150,000 secured by the property. The Form D itself classifies the securities sold as equity and does not disclose property-level debt, so the loan terms have to be confirmed in the PPM and loan documents.
Is there a reported outcome — was the property sold?
No disposition by the Trust is reported in any source located. An Oklahoma County Assessor display produced August 7, 2026 for that parcel lists the owner reference as NOV I OWNER LLC and the occupancy field as UNOCCUPIED, but it does not name PEM NOV DST or evidence a transfer. A RealNex page dated July 21, 2026 markets the property for sale, which establishes marketing activity only.
What does Rule 506(b) mean here?
Rule 506(b) is the private-placement exemption that lets an issuer raise money without SEC registration, provided it does not generally advertise the offering and sells essentially only to accredited investors — those meeting SEC income or net-worth thresholds. Investors typically come through pre-existing relationships with the sponsor or its selling brokers.