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
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These links support the public record as a whole; individual details may come from different sources.
- SEC EDGAR — MDRR XXV DST 1 Form D ↗
- SEC EDGAR — Medalist Diversified REIT, Inc. Form 8-K ↗
- SEC EDGAR — Medalist Diversified REIT, Inc. Form 10-K ↗
- SQX Alts — Medalist Diversified-Sponsored DST Program Closes Fully Subscribed Inaugural Offering ↗
- AltsWire — Medalist Diversified Fully Subscribes Debut DST ↗
- SEC EDGAR — Medalist Diversified REIT, Inc. Form 10-Q ↗
- Medalist DST — Current 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.1 It owns one Pensacola, Florida building net-leased to Tesla, Inc. as a sales, service and delivery facility.2 It was the debut offering of Medalist Diversified's DST platform, and the sponsor reports the offering closed fully subscribed on August 7, 2026; it is closed to new investors.4
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 closed on the Pensacola facility on July 18, 2025.3 A wholly owned subsidiary, MDRR XXV Depositor 1, LLC, contributed its ownership interest to the Trust on November 7, 2025 for total consideration of $14,554,504, paid in cash and DST beneficial interests.2 Sponsor materials describe a building renovated in 2025 to Tesla's build-to-suit specifications, with more than 20 service bays, eight Supercharger stations and over 150 parking spaces.4
- 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 whole building under a single-tenant net lease — the tenant, not the Trust, carries the property's operating costs.2 AltsWire reported a 12-year term running to May 31, 2037, with 3% annual rent escalations and three five-year renewal options.5 The sponsor's closing release describes Tesla as BBB-rated with a stable outlook from S&P Global Ratings.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 borrowed against the building rather than owning it free and clear, so investor equity sits behind Pinnacle Bank's first claim on the property. Medalist's Form 10-K describes the loan as floating-rate, indexed to one-month SOFR, with interest-only monthly payments and a November 7, 2030 maturity.3
- Financing
- Leveraged. This offering reports mortgage debt on the property.
- Loan-to-value
- 47.32%altswire.com
Who's behind it?
MDRR Sponsor TRS is the wholly owned subsidiary through which Nasdaq-listed Medalist Diversified, Inc. runs its DST platform; this Trust was its first offering. Medalist's Form 10-K says the sponsor formed the Trust to hold title and offer interests to accredited investors in a Regulation D private placement.3 Medalist held 73.6% of the beneficial interests as of March 31, 2026, having sold 26.4% during that quarter.6 It announced a second DST, an all-cash Caliber Collision property, on August 25, 2026.
- 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?
One Form D — the brief 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 public 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. Active means a filing within the past 15 months; it does not by itself establish current subscription availability.
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's DST offering page lists MDRR XXV DST 1 / Tesla Service Center as sold out and fully subscribed, and identifies the Caliber Collision Net Lease DST as the next open offering; that page was checked September 4, 2026. A sponsor release dated August 11, 2026 said the inaugural offering closed on August 7, 2026 against total capitalization of $16,296,240. The single Form D on file with the SEC was filed December 30, 2025 and never amended, so the federal filing record itself marks no closing date.
Who is the tenant, and what kind of lease is it?
Tesla, Inc. A Medalist Diversified Form 8-K dated November 7, 2025 describes the asset as a single-tenant, net-leased Tesla sales, service and delivery facility, and the sponsor's August 11, 2026 closing release says the building is 100% leased to Tesla, which the sponsor describes as BBB-rated with a stable outlook from S&P Global Ratings. Under a net lease the tenant, not the Trust, carries operating costs such as taxes, insurance and maintenance. AltsWire reported on August 10, 2026 that the lease runs 12 years to May 31, 2037, with 3% annual rent escalations and three five-year renewal options, and reported base annual rent of $894,487. The lease document itself is a private placement memorandum (PPM) question.
When was the property acquired, and how did it get into the Trust?
Medalist Diversified's Form 10-K for the year ended December 31, 2025 states that the company closed on the acquisition of the Tesla sales, service and delivery facility on July 18, 2025. A Form 8-K dated November 7, 2025 states that MDRR XXV Depositor 1, LLC, a wholly owned subsidiary, then contributed its ownership interest in the property to MDRR XXV DST 1 for total consideration of $14,554,504, with the company receiving $6,932,061 in cash and DST beneficial interests with an approximate aggregate net value of $7,622,443.
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 March 31, 2026 describes the property as a 45,461-square-foot single-story building on 3.498 acres — the issuer-filed figure carried in the property record here. AltsWire and the sponsor's August 2026 closing release describe the same building at 312 East Nine Mile Road as 45,190 square feet on 3.47 acres. Both are retained with attribution rather than averaged.
Does Medalist Diversified still own part of the Trust?
It reported a majority as of the most recent quarter in the reviewed record, then reported stepping back. Medalist Diversified's Form 10-Q for the quarter ended March 31, 2026 states that the company held 73.6% of the beneficial ownership interests in MDRR XXV DST 1, with non-affiliated owners holding 26.4%, after selling 26.4% of its interest during that quarter; the same filing classified the Tesla Pensacola property as held for sale on the company's balance sheet. A company press release reported on August 6, 2026 described the June 20, 2026 deconsolidation of the Pensacola Tesla property vehicle — removing it from the company's consolidated financial statements — as part of a broader program of dispositions and debt reduction.
Who is the lender, and what was the minimum investment?
A Form 8-K dated November 7, 2025 states that MDRR XXV DST 1 entered into a loan agreement with Pinnacle Bank for $7,710,000 on that date. Medalist Diversified's 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 on November 7, 2030. The Form D filed December 30, 2025 lists a $100,000 minimum investment. Loan covenants, prepayment terms and the borrower's recourse profile are PPM and loan-document questions.
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.