Carhartt Global Design & Corporate Headquarters
Office in Dearborn, MI — sponsored by Syndicated Equities
Files with the SEC as SE 5750 MERCURY (DEARBORN), DST
Minimum investment
Not stated
Offering size
$5.9M
How much has sold
42.0%
Asset type
Office
Location
Dearborn, MI
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
This is a Delaware Statutory Trust (DST) — a passive fractional-ownership vehicle whose interests qualify for 1031 exchange treatment — holding one Dearborn, Michigan office building that Carhartt occupies as its corporate headquarters and its design, research and development facility.1 Syndicated Equities acquired the property in 2023 and structured it for exchange investors. The Trust is still raising from accredited investors under a Form D filed December 27, 2023.
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These links support the historical public record; individual details may come from different 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?
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
Who is the tenant, and what's the lease?
Carhartt, the workwear maker, leases the entire building and has occupied it since construction in the early 2000s, according to CoStar data cited in trade coverage.3 The lease is described as net — the tenant carries property-level operating costs — and the sources reviewed do not establish its expiration date.
How did it end?
Closed to new investment · still operating
No definitive evidence of a full-cycle sale of the DST; the Carhartt Global Design & Corporate Headquarters at 5750 Mercury Drive remains listed on Syndicated Equities' active DST portfolio (syndicatedequities.com/carhartt-dearborn-mi/), and while a Jun 25, 2026 article at theplatinummanagement.com mentions a 'transaction between two real estate investment firms' for the Mercury Drive property, it does not explicitly identify the DST as the seller and the property remains on the sponsor's active portfolio.
Single-tenant net-leased office; Carhartt utilizes the property as its design, research, and development facility and corporate headquarters. The property was a build-to-suit for Carhartt in 2002. Syndicated Equities structured the acquisition as a Delaware Statutory Trust (DST) in 2023 to accommodate 1031 exchange investors. Sponsor: SE 5750 Mercury (Dearborn) DT, LLC (a Syndicated Equities vehicle). The Property sits on a 7.7-acre parcel.
58,722 sq ftSupporting evidence
Counted on Syndicated Equities’s Record Card as: Still operating Document
How is it financed, and what does it pay?
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 private placement memorandum (PPM), the sponsor's confidential offering document.
Who's behind it?
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
- Syndicated Equities
- Legal Trust name
- SE 5750 MERCURY (DEARBORN), DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 4 active / 10 total offerings from Syndicated Equities
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- 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
What happened to Carhartt Global Design & Corporate Headquarters?
Top1031 lists Carhartt Global Design & Corporate Headquarters as historical. It is no longer raising money.
Where does Top1031 get the data for Carhartt Global Design & Corporate Headquarters?
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.
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.[1] 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.[3] The lease expiration date is not established in the sources reviewed; the PPM would state it.
Is the Trust still open to new investors?
Yes. Top1031's pipeline data classifies it as raising, based on the Form D filed December 27, 2023, which reported a $5,920,000 offering. The Trust is offered under Rule 506(b), so participation is limited to accredited investors — broadly, those meeting SEC income or net-worth tests — who have a pre-existing relationship with the sponsor or its selling agents.
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 private placement memorandum.
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.[2]
Chapter 9Carhartt HQ Building, Design Facility Acquired by Syndicated EquitiesConnect CRE reports Syndicated Equities has acquired Carhartt's Global Design and Corporate Headquarters property in Dearborn, Michigan. Syndicated Equities acquires Carhartt's corporate headquartersREJournals reports Syndicated Equities' acquisition of Carhartt's 58,722-square-foot global design and corporate headquarters in Dearborn, Michigan. Carhartt HQ snagged by Chicago real estate firmCrain's Detroit Business reports a Chicago-based company (Syndicated Equities) has purchased the Carhartt Inc. headquarters in Dearborn.