Amazon Last Mile Distribution Center
Industrial (last-mile e-commerce distribution, single-tenant net lease) property in Tallahassee, Florida — sponsored by Secure Properties
Equity $21.93M; 506(c); IG publicly traded e-commerce tenant, LT net lease; Orchard Securities mng BD; $0 sold at 1/28/26
Show sources (7)Hide sources (7)
These links support the public record as a whole; individual details may come from different sources.
What is this, in one paragraph?
A Delaware statutory trust — the structure that lets 1031 exchangers hold fractional interests in one property — owning a single last-mile distribution building in Tallahassee, Florida, leased to Amazon.com Services, LLC through October 2038.1 Secure Properties launched it in January 2026 as the debut acquisition of its Secure Real Estate Exchange platform.2 The sponsor reported the offering fully subscribed on July 21, 2026; it is closed to new investors.
Minimum investment
$21.9M
Offering size
$21.9M
How much has sold
None sold yet
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited 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?
Local reporting tracked the site as "Project Cyprus": Amazon paid $3.4 million for the Northwest Passage land in 2021, and the facility slipped past its original timetable. Sponsor materials say the building was completed in 2023 on roughly 47.82 acres, with warehouse and office space, 12 loading docks, a trucking terminal and 583 parking spaces.1 Baker 1031 reports an off-market purchase at a net $36,602,215 — the seller and closing date are not stated.1
- Property address
- 3799 Northwest Passage, Tallahassee, Florida
- Property size
- single asset; 123,903 square feet
Who is the tenant, and what's the lease?
Baker 1031 reports the building is 100% leased to Amazon.com Services, LLC, a wholly owned subsidiary of Amazon.com, Inc.1 It describes a net lease — the tenant, not the landlord, carries operating costs — running October 2023 to October 2038, with five five-year fair-market renewal options.1
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
The sponsor reported this offering sold out without filing per-sale amendments, so there is no raise history to show.
How is it financed, and what does it pay?
This Trust is leveraged rather than all-cash: investor equity sits alongside a $20,445,000 first-mortgage loan from KeyBank National Association that Baker 1031 describes as interest-only, meaning principal is not paid down during the term and the balance comes due at maturity.1
Who's behind it?
Secure Properties was new to the DST market when this Trust launched: its January 28, 2026 announcement presented the building as the debut acquisition of a new 1031 platform, Secure Real Estate Exchange, with Orchard Securities, LLC as exclusive managing broker-dealer.2 The Form D names Secure Real Estate Exchange, LLC as a promoter.3 AltsWire reported on July 20, 2026 that this offering was fully subscribed and that a second industrial DST, anchored by a GE Aviation-leased facility, had launched.
- Sponsor
- Secure Properties
- May convert to a REIT
- No
- Offerings from this sponsor
- 2 active / 2 total offerings from Secure Properties
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The federal record is the original notice only — no amendment has been filed to reflect the sponsor's July 2026 report that the raise closed, so the SEC file still shows the offering as first noticed. The exemption used permits public advertising, provided each buyer's accredited status is verified rather than self-certified.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- Secure Net Lease Industrial I, DST
- Filings on record
- 1
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- 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
Is Amazon Last Mile Distribution Center still raising money?
Sold out: the source record identifies this offering as Fully Subscribed. The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.
Where does Top1031 get the data for Amazon Last Mile Distribution Center?
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.
Who is the tenant?
Baker 1031's offering page reports the property is 100% leased to Amazon.com Services, LLC, a wholly owned subsidiary of Amazon.com, Inc., under a 15-year lease that commenced in October 2023 and runs through October 2038, with five five-year fair-market-value renewal options and approximately 2.5% annual rent escalations. The lease abstract in the PPM (Private Placement Memorandum, the offering's disclosure document) is what establishes the signing entity, the existence and scope of any parent guaranty, and any master-lease or sublease layer.
Is this Trust still open to new investors?
No, according to sponsor-side sources. Secure Properties said on July 21, 2026 that its debut DST offering, Secure Net Lease Industrial I, DST, had been fully subscribed and that a second, larger industrial DST had launched; AltsWire reported the same on July 20, 2026. No amended Form D has been filed, so the SEC file still reflects the offering as it was first noticed in January 2026. Availability questions go to Secure Properties or to Orchard Securities, the managing broker-dealer.
Is the property leveraged, and on what terms?
Yes. Baker 1031 reports the acquisition was financed with a $20,445,000 interest-only first mortgage from KeyBank National Association, fixed at 5.73% and maturing September 1, 2035, with an in-place loan-to-value ratio of 48.25%. Interest-only means the balance is not amortized down over the term and comes due in full at maturity, so the property must be refinanced or sold by then. The loan summary and sources-and-uses table in the PPM are the controlling documents. Debt matters to a 1031 exchanger because replacement debt may be needed to match debt retired on the relinquished property.
What did the Trust pay for the building?
Baker 1031 reports a net purchase price of $36,602,215 on an off-market acquisition. The sources reviewed do not identify the seller or the date the property closed. The SEC Form D — a short notice of a private placement — records the securities offering, not the real estate transaction, so it is not a source for purchase price or closing date. The PPM's sources-and-uses and acquisition-fee disclosures set out how purchase price, loan proceeds, equity and fees fit together.
Why does the SEC record look different from the sponsor's announcements?
A Form D is a short notice an issuer files when it sells securities under a private-placement exemption to accredited investors — people who meet SEC income or net-worth tests. It captures a snapshot at the time of filing and is refreshed only when the issuer files an amendment. This Trust has one Form D on record, filed in January 2026 at launch, with no amendment reflecting the July 2026 sponsor-side reports that the offering was fully subscribed and closed. The federal file and the sponsor's marketing record differ simply because nobody has updated the former.
What does 'last-mile' mean for a building like this?
Last-mile refers to the final leg of delivery — a facility that stages parcels for vans running routes to nearby households, rather than moving bulk freight between regional hubs. Sponsor materials describe 2023 completion on roughly 47.82 acres with 12 loading docks, a trucking terminal and 583 parking spaces. Because such buildings are configured around one occupier's delivery operation, re-tenanting assumptions are a standard subject of diligence; specifications, condition reports and any environmental review are described in the PPM.
Chapter 9Secure Properties Fully Subscribes Debut DST, Launches Second Seeking $28.6MSecure Properties fully subscribed its first Delaware statutory trust, Secure Net Lease Industrial I, DST (a $21.93M offering launched in late January 2026), and simultaneously launched a second, larger $55.4M vehicle, Secure Net Lease Industrial II, DST, seeking $28.6M in equity anchored by a GE Aviation-leased industrial facility, with Orchard Securities as managing broker-dealer for both. Secure Properties Launches DST Platform, Closes First Net-Lease Industrial DealSecure Properties launched the Secure Real Estate Exchange DST platform and closed its first deal, the Secure Net Lease Industrial I, DST, on a 123,000-square-foot industrial facility in Tallahassee, Florida net leased to a publicly traded investment-grade e-commerce tenant.