Legrand AV Regional Headquarters
Industrial / R&D and corporate office (single-tenant net lease) property in Minnetonka, MN — sponsored by Syndicated Equities
Files with the SEC as SE 10900 Red Circle (Minnetonka), DST
Minimum investment
$1k
Offering size
$10.8M
How much has sold
62.0%
Asset type
Industrial / R&D and corporate office (single-tenant net lease) property
Location
Minnetonka, MN
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Legrand AV Regional Headquarters is a Delaware Statutory Trust (DST) — the structure 1031 exchange investors use to hold fractional interests in a single property — sponsored by Syndicated Equities. It owns a single-tenant industrial, research and corporate office building in Minnetonka, Minnesota, 100% leased to Legrand AV Inc. under a net lease guaranteed by parent Legrand Holding, Inc.1 The Trust is raising.
100% leased to Legrand AV Inc (Legrand Holding guaranty); Form D 10/21/25: $6.70M of $10.75M sold; min $1,000
Show sources (9)Hide sources (9)
These links support the public record as a whole; 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?
Buhl Investors upgraded the building's façade and renovated its 1980s office space, then signed a long-term lease with Legrand AV that brought it to full occupancy; Finance & Commerce reported on October 23, 2025 that Buhl sold it to Syndicated Equities for $23 million.2 REBusinessOnline reported on October 17, 2025 that a $4 million renovation was underway. Legrand | AV said it officially opened the headquarters on October 8, 2025.3
- Property address
- 10900 Red Circle Drive, Minnetonka, MN
- Property size
- ~98,500 SF
Who is the tenant, and what's the lease?
Legrand AV Inc. occupies the whole building on a net lease — the tenant, not the Trust, carries property operating costs — with parent Legrand Holding, Inc. guaranteeing the obligations.1 The Twin Cities Business Journal reported on April 28, 2025 that Legrand signed a 10-year lease for the entire building, with room for up to 350 employees.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.
62.0% reported sold
- Amount sold
- $6,698,913
- Still available
- $4,051,087
- Investors reported
- 27
- Total offering
- $10,750,000
Not enough filings yet to show a trend.
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How is it financed, and what does it pay?
No source reviewed here names a lender, a loan amount or a loan-to-value, so leverage is unresolved rather than absent: a Form D does not require property-level debt disclosure.5 Any borrowing, or its absence, would be spelled out in the PPM, the private placement memorandum delivered to prospective investors.
Who's behind it?
Syndicated Equities, based in Chicago, sponsors single-asset private placements and bought this property from Buhl Investors.2 The Form D names SE 10900 Red Circle (Minnetonka) Sponsor, LLC as the issuer's sponsor entity and Syndicated Equities Interests, LLC as manager of the trust's operating company.6 The firm's Winter Access 2026 newsletter, dated March 9, 2026, lists the Legrand AV Regional Headquarters acquisition among closed investments with a closing date of October 16, 2025 — the property purchase, not the offering.
- Sponsor
- Syndicated Equities
- Legal Trust name
- SE 10900 Red Circle (Minnetonka), 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 single filing on record is an original Form D notice rather than an amendment, reporting a first sale on September 24, 2025 against a $10,750,000 total offering.5 The claimed exemption bars general solicitation, so interests reach accredited investors — people meeting SEC income or net-worth tests — 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
Is Legrand AV Regional Headquarters still raising money?
Top1031 lists Legrand AV Regional Headquarters as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for Legrand AV Regional 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.
Who is the tenant at 10900 Red Circle Drive?
Legrand AV Inc. Syndicated Equities states the facility is 100% leased to Legrand AV Inc., with a guaranty from parent Legrand Holding, Inc. Legrand | AV announced that it officially opened the Minnetonka headquarters on October 8, 2025, joining multiple business functions at one location. On July 6, 2026, trade outlets rAVe [PUBS] and AVNation carried a Minnetonka-datelined release reporting that Legrand | AV won 18 industry awards at InfoComm 2026 across its Da-Lite, Chief and cloud platform lines.
How long is the lease, and when does it expire?
The Twin Cities Business Journal reported on April 28, 2025 that Legrand signed a 10-year lease for the entire building at 10900 Red Circle Drive, describing space for up to 350 employees. The SEC Form D does not describe lease terms, and the sponsor materials reviewed state the net lease and the Legrand Holding, Inc. guaranty without a commencement date, escalation schedule, renewal options or termination rights. Those provisions are summarized in the Private Placement Memorandum (PPM) delivered to prospective investors.
When did the Trust acquire the property, and what did it pay?
Finance & Commerce reported on October 23, 2025 that Buhl Investors sold the 10900 Red Circle Drive flex property to Chicago-based Syndicated Equities for $23 million. Syndicated Equities' Winter Access 2026 newsletter, dated March 9, 2026, lists the acquisition as closed on October 16, 2025. The sponsor's own acquisition announcements, covered by AltsWire on October 16, 2025 and Connect CRE on October 14, 2025, did not state a price. Reported dates across these accounts differ and may reflect different milestones.
Does the Trust use mortgage debt?
The public record reviewed here does not say. Neither the Form D nor the sponsor materials reviewed name a lender, loan amount, interest rate, maturity or loan-to-value. A Form D does not require debt disclosure, so its silence is not proof the property is unlevered. Any debt terms would appear in the PPM.
What condition is the building in?
Finance & Commerce reported that the prior owner, Buhl Investors, made façade upgrades and renovated the 1980s office space before leasing the building to Legrand AV. REBusinessOnline reported on October 17, 2025 that the property was undergoing a $4 million renovation. Legrand | AV said the headquarters officially opened on October 8, 2025. No source reviewed here reports whether that renovation is complete.
Is this Trust still open to new investors?
The Form D filed October 21, 2025 reported the offering as partly sold with an amount still remaining; those figures appear in the sales rows on this page. EDGAR showed one Form D and no later amendment or closing notice for this issuer as of August 29, 2026, and the materials reviewed do not confirm whether interests remained available on that date. Note that the sponsor lists the underlying property acquisition as closed, which is a different thing from the offering being closed. Current availability should be confirmed with Syndicated Equities.
Chapter 9Legrand AV Celebrates Grand Opening of New Headquarters in MinnetonkaLegrand AV announces the grand opening of its new regional headquarters in Minnetonka, MN, part of its growth strategy bringing together key functions and product development. Legrand | AV Wins 18 Awards at InfoComm 2026Trade-publication syndication of the same MINNETONKA-datelined press release about Legrand | AV (the DST's tenant) sweeping 18 InfoComm 2026 awards across the Da-Lite Myriad Reveal screen, Unified Cloud Platform, Chief Tempo flat-panel mount and Chief Velocity outdoor pedestal. Winter Access 2026 NewsletterSyndicated Equities' Winter 2026 sponsor newsletter references the Legrand AV Regional Headquarters acquisition closing on 10/16/25 as a closed investment. Syndicated Equities Announces Minnesota Acquisition for $10.75M DST OfferingAltsWire reports Syndicated Equities acquired the Legrand AV Global Headquarters in Minnetonka, MN for a $10.75M Delaware Statutory Trust offering. Syndicated Equities Group Acquires Headquarters Property in MinnesotaConnect CRE reports Syndicated Equities acquired the Legrand AV Global Headquarters in Minnetonka, MN, integrating all core functions for the AV brand.