Fountain Square III
Office property in Tampa, FL · sponsored by REVA Properties
Fountain Square III was a DST sponsored by REVA Properties that owned an office property in Tampa, FL. Its last Form D, filed Jan 5, 2026, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Jan 5, 2026, reports the offering fully sold.
Key facts
- Minimum investment
- $50,000From the Form D
- Offering size
- $32,000,000Equity offered, per the Form D
- Sold
- 100%Form D, Jan 5, 2026; the % is our arithmetic
- Investors reported
- Form D, Jan 5, 2026131
- Selling commissions
- Form D Item 15; the % is our arithmetic$1,600,000 · 5.0% 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: Fountain Square III. Top1031 is not a broker-dealer.What did Fountain Square III own?
Fountain Square III is a four-story, Class A office building of 176,150 square feet at 4900 Memorial Highway in Tampa, Florida. 1 CBRE brokered its sale by Net Lease Office Properties to Re Gain Investment Fund LLC, closing August 19, 2025. 1 Connect CRE put the price at $25.18 million, and the Tampa Bay Business Journal reported it traded below its 2010 price. The public sale record names Re Gain rather than the Trust, so the Trust's title position is unresolved. 1
- Reported location
- Tampa, FL
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
The Trust holds the property with mortgage debt rather than all cash, so investor equity sits behind a lender. At the August 19, 2025 closing, CBRE reported $12.59 million of financing from Ameris Bank on the building. 1
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $1,600,000 · 5.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,220,000 · 3.8% of offeringForm D Item 16
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- FNEX Capital, LLC · CRD 166316
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Jul 24, 2025
- 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. The issuer marked these amounts as an estimate.
Who's behind Fountain Square III?
REVA Properties is the sponsor; Top1031's records also associate the group with the name REVA Kay Companies. The issuing entity is organized in Delaware and files its own Form D notices with the SEC. 3 None of the 2025 transaction coverage reviewed names REVA or a DST in connection with the Tampa building, so what is publicly documented about the sponsor's role here comes mainly from its SEC filings. 1
- Sponsor
- Offerings on record
What does the SEC record show?
The Form D — the short SEC notice sponsors file for a private placement — reported a first sale date of July 24, 2025, months before it reached EDGAR. 4 A later amendment updated the reported progress of the raise. Rule 506(c) lets the sponsor advertise publicly but requires it to verify that every buyer is accredited.
- Legal Trust name
- REVA Fountain Square 3 DST
- SEC CIK
- 2095050
- First Form D
- Nov 3, 2025
- Latest Form D
- Jan 5, 2026
- Filings on record
- 2
- 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 | $32,000,000 | $32,000,000+$740,808 | 131+7 | EDGAR | |
| Form D | $32,000,000 | $31,259,192 | 124 | 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 Fountain Square III?
- Fountain Square III is a Historical offering. The last Form D, filed Jan 5, 2026, reports the offering fully sold.
- What building does the Trust hold?
- Fountain Square III, a Class A, four-story office building of 176,150 square feet at 4900 Memorial Highway in suburban Tampa, Florida, near the airport. CBRE arranged its August 19, 2025 sale by Net Lease Office Properties to Re Gain Investment Fund LLC.
- Who is the tenant, and how long is the lease?
- JPMorgan Chase occupies the building, which CBRE described as fully leased at the time of the 2025 sale. CoStar reported on March 31, 2025 that the bank was renewing space at its longtime Tampa hub, naming this address. The lease's remaining term, renewal options, and expense structure are not stated in the public sources reviewed; the offering documents govern those terms.
- Is there a mortgage on the property?
- Yes. The Trust is structured as leveraged rather than all-cash, meaning property-level debt sits ahead of investor equity. CBRE reported $12.59 million of financing from Ameris Bank at the August 19, 2025 closing. Loan maturity, rate, and amortization are not disclosed in the Form D filings.
- Do public records show the Trust itself owning the building?
- Not in the sources reviewed. The CBRE release naming the August 2025 transaction identifies Re Gain Investment Fund LLC as the buyer, not REVA Fountain Square 3 DST, so how the Trust holds title or interest in that asset is unresolved from public reporting. The sponsor's offering documents and title documents would be the place to resolve it.
- Could this Trust convert into REIT shares through a 721/UPREIT exit?
- The record shows no REIT conversion path for this Trust. A 721 or UPREIT exit is where a DST's property is contributed to a REIT's operating partnership in exchange for units; nothing in the filing data indicates that route here, so the exit contemplated is a sale of the property.
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.