Top1031

MDRR XXV DST 1

Single-tenant net lease retail property in Pensacola, FL

Sold outReported fully subscribed · latest Form D Dec 30, 2025 (opens in a new tab)

MDRR XXV DST 1 is a DST that owns a single-tenant net lease retail property in Pensacola, FL. Its latest Form D, filed Dec 30, 2025, lists a $8.5 million offering with a $100,000 minimum.

Key facts

A free account shows how much of each active offering has sold and the Sponsor Grade letters.
Minimum investment
$100,000
From the Form D
Offering size
$8,586,240
Equity offered, per the Form D
Sold so far
Not reported after the first Form D (Dec 30, 2025)
Form D, Dec 30, 2025
Selling commissions
$601,037 · 7.0% 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(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 →

Can I still invest?

A free account shows how much of each active offering has sold and the Sponsor Grade letters.

No new interests: the offering is reported fully subscribed.

Active net lease offerings in the directory →

Availability changes without a filing. The sponsor or a registered representative can confirm what is open.

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Ask a 1031 specialist about this recordFree. About: MDRR XXV DST 1. Top1031 is not a broker-dealer.
MDRR XXV DST 1 image 1 of 3

MDRR XXV DST 1 · Pensacola, FL · Photo: northescambia.com

City-level mapPensacola, FL metroMap shows the city, not the exact address.

What does MDRR XXV DST 1 own?

Medalist Diversified, through a wholly owned subsidiary, bought the building from an unaffiliated seller on July 18, 2025, and the company's filings describe the single-story sales, service and distribution facility as substantially renovated that year. 1 On November 7, 2025 the property was contributed to the Trust for total consideration of $14,554,504. 2 Medalist reported the building was 100% leased to Tesla as of December 31, 2025. 1

Property address
312 E. 9 Mile Road, Pensacola, FL
Property size
45,461 SF on 3.498 acres

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

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

The Trust holds the building subject to mortgage debt rather than free and clear, so the lender's claim on the property ranks ahead of investor equity. Medalist reported that the Trust entered a $7,710,000 mortgage loan with Pinnacle Bank on November 7, 2025, the day the property was contributed. 2

Debt

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

Costs and terms from the Form D

Selling commissions
$601,037 · 7.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$581,149 · 6.7% of offering
Form D Item 16
· The filing’s note: “Sponsor will receive an acquisition fee of $254,704 and an organizational + offering reimbursement of $50,000 + $276,445 for contribution closing cost reimbursements.”
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
Not in the Form D
Minimum investment
$100,000

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.

What does the SEC record show?

A single Form D — the short notice an issuer files with the SEC for a private placement — was filed as the offering launched and never amended, so the federal record never tracked the raise or marked its close. The exemption used permits general advertising but limits purchasers to accredited investors whose income or net worth has been verified.

Legal Trust name
MDRR XXV DST 1
SEC CIK
2094613
First Form D
Dec 30, 2025
Latest Form D
Dec 30, 2025
Filings on record
1
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount sold
Form D$8,586,240
$0
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

Can I still invest in MDRR XXV DST 1?
No new interests: MDRR XXV DST 1 is reported fully subscribed. Top1031 lists it as recently fully subscribed and does not count it as an active offering.
Who is the tenant, and what kind of lease is it?
Tesla, Inc. is the sole tenant of the Pensacola sales, service and delivery facility, and Medalist's Form 10-K reports the building was 100% leased to Tesla as of December 31, 2025. The sponsor's offering documents describe the lease as triple net — the tenant, not the Trust, pays property taxes, insurance, maintenance and repairs — with a twelve-year initial term commencing April 25, 2025 and expiring May 31, 2037 and 3.0% compounded annual rent escalations. Those lease terms come from offering materials rather than an independently reviewed executed lease. Guarantor provisions and early-termination rights are matters for the offering documents.
Who is the lender, and what are the loan terms?
Medalist Diversified's Form 8-K dated November 7, 2025 reports that the Trust entered into a $7,710,000 mortgage loan with Pinnacle Bank that day, secured by the Pensacola property, in connection with the property contribution. Its Form 10-K for the year ended December 31, 2025 states the loan bears interest at one-month SOFR plus 2.5%, requires monthly interest-only payments, and matures November 7, 2030, and that at closing the Trust entered an interest-rate swap fixing the rate at 5% through that maturity. Prepayment mechanics and lender consents are loan-document and offering-document matters.
Does Medalist Diversified still own part of the Trust?
Its stake was sold down in stages. Medalist's Form 10-Q for the quarter ended June 30, 2026 reports that the company had sold 84.7% of the Trust's Class 1 beneficial interests by that date, retained a 15.3% beneficial ownership interest, and deconsolidated the Trust on June 30, 2026 after determining it was no longer the primary beneficiary. An 8-K filing reported that as of September 1, 2026 Medalist had sold 100% of the Class 1 interests, generating approximately $7,983,278 in net cash proceeds. A company press release dated August 6, 2026 refers instead to a June 20, 2026 deconsolidation of the Pensacola Tesla property vehicle; the dates in the public record do not fully agree.
Why do sources report different square footage for the building?
They differ, and nothing in the reviewed public record reconciles them. Medalist Diversified's SEC filings, including the Form 8-K dated November 7, 2025, describe the Tesla property as a 45,461-square-foot building on 3.498 acres — the issuer-filed figures carried in the property rows on this page. AltsWire coverage dated August 10, 2026 describes the same building at 312 East Nine Mile Road as 45,190 square feet. Both are retained with attribution rather than averaged.
What was the minimum investment, and how was the Trust offered?
The Form D filed December 30, 2025 lists a $100,000 minimum investment and reports sales commissions of $601,037. It was offered under Rule 506(c), the private-placement exemption that allows general advertising but restricts purchasers to accredited investors — those meeting SEC income or net-worth tests — whose status has been verified. Coverage dated August 17, 2026 described the offering as available only to accredited investors through registered broker-dealers and investment advisers.

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.