Carhartt Global Design & Corporate Headquarters
Office property in Dearborn, MI · sponsored by Syndicated Equities
Carhartt Global Design & Corporate Headquarters was a DST sponsored by Syndicated Equities that owned an office property in Dearborn, MI (58,722 sq ft). Its last Form D was filed Dec 27, 2023.
How it ended
No outcome recorded · under 7 years
Last Form D filed Dec 27, 2023.
Key facts
- Minimum investment
- Not in the Form DFrom the Form D
- Offering size
- $5,920,000Equity offered, per the Form D
- Sold
- 42.2%Form D, Dec 27, 2023; the % is our arithmetic
- Investors reported
- Form D, Dec 27, 202324
- Selling commissions
- Form D Item 15; the % is our arithmetic$0 · 0.0% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
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: Carhartt Global Design & Corporate Headquarters. Top1031 is not a broker-dealer.What did the Trust own?
The building was a build-to-suit for Carhartt in 2002 and stands two stories on a 7.7-acre parcel at 5750 Mercury Drive in Dearborn, Michigan. 1 Syndicated Equities acquired it in 2023 and placed it into a Delaware Statutory Trust so that 1031 exchange investors could take fractional interests. Connect CRE reported on January 31, 2024 that the building traded at $9.8 million as part of a larger Net Lease Office Properties disposition. 2
- Reported location
- Dearborn, MI
- Property size
- 58,722 sq ft
How was it financed, and what did it cost to sell?
The Form D does not disclose whether the Trust carries mortgage debt, and no reviewed source names a lender or loan terms. The capital structure is set out in the Trust's offering documents.
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $0 · 0.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- None named in the Form D
- Date of first sale
- Nov 30, 2023
- Minimum investment
- Not in the Form D
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 the Trust?
Syndicated Equities is a Chicago-based real estate investment firm that buys commercial properties and syndicates them to private investors; Crain's Detroit Business covered its purchase of the Carhartt headquarters on January 30, 2024. 4 The firm presents the Dearborn building on its own website as a 1031 exchange offering held in trust. 1 Its other Delaware Statutory Trust programs are summarized in the counts below.
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust's paperwork is a single Form D — the brief notice an issuer files with the SEC for an exempt private offering — reporting a $5,920,000 offering as of December 27, 2023. Because it relies on Rule 506(b), the Trust may not advertise publicly and sells to accredited investors through pre-existing relationships.
- Legal Trust name
- SE 5750 MERCURY (DEARBORN), DST
- SEC CIK
- 2005625
- First Form D
- Dec 27, 2023
- Latest Form D
- Dec 27, 2023
- Filings on record
- 1
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D | $5,920,000 | $2,503,064 | 24 | 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 Carhartt Global Design & Corporate Headquarters?
- Carhartt Global Design & Corporate Headquarters is a Historical offering. Last Form D filed Dec 27, 2023.
- What does this Trust actually own?
- A single office building of 58,722 square feet on a 7.7-acre parcel at 5750 Mercury Drive in Dearborn, Michigan, which Carhartt uses as its corporate headquarters and as its design, research and development facility. It was a build-to-suit for Carhartt in 2002, and Syndicated Equities acquired it in 2023.
- Who is the tenant and what are the lease terms?
- Carhartt is the sole tenant and leases the whole building on a net-lease basis, meaning the tenant bears property-level operating costs. Trade coverage citing CoStar and Net Lease Office Properties documents reported annual rent of roughly $750,000 with contractual annual increases. The lease expiration date is not established in the sources reviewed; the offering documents would state it.
- Does the Trust use mortgage debt?
- Not established. A Form D does not require leverage disclosure, and no sponsor or third-party source reviewed identifies a loan, lender, or loan-to-value for this Trust. An investor would find the debt structure, if any, in the offering documents.
- Is there a 721/UPREIT exit path?
- Nothing in the filing record indicates a planned 721 exchange, in which a DST's property is contributed to a REIT's operating partnership in return for partnership units instead of cash. Top1031's data shows no REIT-conversion feature for this Trust.
- Who owned the building before Syndicated Equities?
- It came out of Net Lease Office Properties. Connect CRE reported on January 31, 2024 that the Carhartt building sold for $9.8 million within a portfolio transaction involving four U.S. office properties that generated approximately $43.1 million in gross proceeds.
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.