MDRR XXV DST 1
Single-tenant net lease retail/automotive (Tesla sales, service & delivery facility) property in Pensacola, Florida — sponsor not disclosed
Tesla Inc NNN 12yr, 3%/yr esc; 47% LTV ($7.71M Pinnacle Bank); min $100K; 6.0% yr1 CoC; acquired $14.5M 7/2025
Show sources (11)Hide sources (11)
These links support the public record as a whole; individual details may come from different sources.
- SEC EDGAR — Medalist Diversified, Inc. Form 8-K exhibit 99.1 ↗
- SEC EDGAR — Medalist Diversified, Inc. Form 10-Q (quarter ended June 30, 2026) ↗
- SEC EDGAR — Medalist Diversified REIT, Inc. Form 8-K ↗
- Medalist DST — MDRR XXV DST 1 Fully Subscribed ↗
- SEC EDGAR — Medalist Diversified, Inc. Form 8-K exhibit 99.1 ↗
- Medalist Diversified, Inc. — press release ↗
- SQX Alts — Medalist Diversified-Sponsored DST Program Closes Fully Subscribed Inaugural Offering ↗
- sec.gov ↗
- sec.gov ↗
- medalistreit.com ↗
- medalistdst.com ↗
What is this, in one paragraph?
MDRR XXV DST 1 is a Delaware statutory trust — a passive co-ownership vehicle that 1031 exchange buyers can swap into. It holds one Pensacola, Florida building net-leased to Tesla, Inc. as a sales, service and delivery facility.1 It was the debut offering of Medalist Diversified's DST platform, and the parent reported the offering closed fully subscribed on August 7, 2026, so it is closed to new investors.2
Minimum investment
$100k
Offering size
$8.6M
How much has sold
None sold yet
Financing
Leveraged. This offering reports mortgage debt on the property.
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?
Medalist Diversified bought the Pensacola property for about $14.5 million in July 2025 and completed its contribution into the Trust on November 7, 2025.3 A parent filing exhibit describes the building as Tesla's sales, service and delivery hub for Northwest Florida and Southern Alabama, with more than 20 service bays, eight Supercharger stations and more than 150 parking spaces.1
- Property address
- 312 E. 9 Mile Road, Pensacola, Florida
- Property size
- 45,461 SF on 3.498 acres
Who is the tenant, and what's the lease?
Tesla, Inc. occupies the entire building under a net lease, meaning the tenant rather than the Trust carries the property's operating costs.4 Sponsor material reported a twelve-year term running through May 31, 2037, 3% annual rent escalations, and three five-year renewal options on the same escalation structure.4
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?
The Trust carries mortgage debt rather than owning the building free and clear, so investor equity sits behind the lender's first claim on the property. It entered into a loan agreement for a $7,710,000 loan on November 7, 2025.3 Sponsor material identifies Pinnacle Bank as the lender on a non-recourse first mortgage.4
- Financing
- Leveraged. This offering reports mortgage debt on the property.
- Loan-to-value
- 47.32%altswire.com
Who's behind it?
Medalist Diversified, Inc. is an SEC-reporting REIT; its subsidiary MDI Sponsor, LLC — formerly MDR Sponsor TRS, LLC — formed the Trust in 2025 to hold title to the Tesla property as the platform's first DST.2 The parent deconsolidated the Trust on June 22, 2026 after selling a majority of the Class 1 beneficial interests, and reported that it had sold 100% of them as of September 1, 2026.5 The sponsor announced a second DST, an all-cash Caliber Collision property in Overland Park, Kansas, on August 25, 2026.6
- Sponsor
- Sponsor not disclosedThe filing does not identify a sponsor we can confirm.
- May convert to a REIT
- No
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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 buyers to accredited investors, whose income or net worth must be verified.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- MDRR XXV DST 1
- 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 MDRR XXV DST 1 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 MDRR XXV DST 1?
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 MDRR XXV DST 1?
No. Medalist Diversified reported that the Trust completed the closing of its inaugural DST offering on August 7, 2026, with 100% of the beneficial interests placed with accredited 1031 exchange investors. Sponsor-side coverage dated August 11, 2026 reported the offering fully subscribed against total capitalization of $16,296,240. The single Form D on file with the SEC was never amended, so the federal filing record itself marks no closing.
Who is the tenant, and what kind of lease is it?
Tesla, Inc. A Medalist Diversified filing exhibit dated May 6, 2026 describes the asset as a single-tenant, net-leased Tesla sales, service and delivery facility in Pensacola, Florida, serving Northwest Florida and Southern Alabama. Under a net lease the tenant, not the Trust, carries property operating costs. Sponsor material dated August 11, 2026 reported a twelve-year term running through May 31, 2037, 3% annual rent escalations, three five-year renewal options, and described Tesla as rated BBB with a stable outlook by S&P Global Ratings. The lease document itself is a private placement memorandum (PPM) matter.
Does Medalist Diversified still own part of the Trust?
Its stake was sold down in stages. Medalist Diversified's Form 10-Q for the quarter ended June 30, 2026 reported an 84.7% share of the Class 1 beneficial interests sold and a remaining 15.3% beneficial ownership interest held by the company. An 8-K exhibit dated September 1, 2026 reported that the company deconsolidated the Trust on June 22, 2026 after selling a majority of the Class 1 interests, and that as of September 1, 2026 it had sold 100% of them, generating approximately $7,983,278 in net cash proceeds. The November 7, 2025 8-K said the company expected to continue controlling the property's operations as trust manager.
Who is the lender, and what secures the loan?
Medalist Diversified's November 7, 2025 Form 8-K reports that MDRR XXV DST 1 entered into a loan agreement for a $7,710,000 loan that day. Sponsor material dated August 11, 2026 identifies the lender as Pinnacle Bank on a non-recourse first mortgage and says the loan was swapped to a 5% fixed rate. Because the debt is secured by the building, the lender's claim comes ahead of investor equity. Full loan covenants, maturity and recourse carve-outs are PPM and loan-document matters.
Why do sources report different square footage for the building?
They differ, and nothing in the reviewed public record reconciles them. Medalist Diversified's Form 10-Q for the quarter ended June 30, 2026 describes the Tesla Pensacola property as a 45,461-square-foot single-story building on 3.498 acres — the issuer-filed figures carried in the property rows here. Later trade coverage of the August 2026 close 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 was there third-party due diligence?
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 whose income or net worth is verified, and coverage described placement through registered broker-dealers and investment advisers. A Medalist Diversified filing exhibit dated May 6, 2026 stated that the Trust completed independent third-party due diligence through FactRight and Mountain Dell Consulting.
Chapter 9Medalist's first DST offering fully subscribed and closedMedalist's current-offering page states MDRR XXV DST 1, the single-tenant Tesla Service Center in Pensacola, FL, is fully subscribed and closed to new investment. Medalist Diversified launches DST platform with Tesla leaseMirror/republication of the Business Wire press release announcing Medalist's DST platform launch and MDRR XXV DST 1 Tesla-leased Pensacola property.