Clark County Department of Family Services Building
Net lease property in Las Vegas, NV — sponsored by Thompson National Properties
Files with the SEC as TNP 121 S. Martin Luther King Blvd., DST
Minimum investment
$25k
Offering size
$7.9M
How much has sold
38.0%
Asset type
Net lease property
Location
Las Vegas, NV
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
A Delaware Statutory Trust — the co-ownership structure 1031 exchangers use to hold fractional title to real estate — that owns a two-story Las Vegas office building occupied by the Clark County Department of Family Services, a Nevada county agency. Thompson National Properties bought 121 S. Martin Luther King Blvd. from The American Nevada Co. for $12.2 million in August 2010.1 The Trust's first Form D followed weeks later.
Show sources (8)Hide sources (8)
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?
Thompson National Properties acquired the two-story office building at 121 S. Martin Luther King Blvd. in Las Vegas from The American Nevada Co. for $12.2 million, CoStar reported on August 18, 2010.1 The sponsor's June 2010 offering summary described the building as 100% occupied with no vacant space.2 Clark County's official business listing still places Family Services at that address.3
- Reported location
- Las Vegas, NV
- Property size
- 63,365 sq ft
Who is the tenant, and what's the lease?
The sole tenant is the Clark County Department of Family Services, on what the offering described as a triple-net lease — the tenant carries taxes, insurance and maintenance. The June 2010 sponsor summary put the term at February 1, 2010 through January 30, 2020, with 3% annual rent bumps.2 The Review-Journal later reported five one-year renewal options.4
How did it end?
No ending on record
No full-cycle sale announcement was found for the TNP 121 S. Martin Luther King Blvd., DST (CIK 0001499963, sponsor: Thompson National Properties); the underlying 121 S. Martin Luther King Jr. Blvd., Las Vegas property is still occupied by the Clark County Department of Family Services per official county records.
Single-tenant, triple-net-leased office building housing the Clark County Department of Family Services (NV county government); leased to Clark County under a 10-year NNN government lease at the time of the 2010 offering; 8.00% starting cash-on-cash with scheduled bumps; TNP sponsor; Las Vegas Symphony Park area adjacent to I-15/US-95 interchange.
63,365 sq ftSupporting evidence
How is it financed, and what does it pay?
This Trust was offered with mortgage debt rather than all-cash: the June 2010 sponsor summary reported a $7,930,000 fixed-rate senior loan with a 10-year term amortized over 30 years.2 Investor equity therefore sits behind a lender's claim on the building.
Who's behind it?
Thompson National Properties is the sponsor named in the June 2010 offering summary and the buyer of record in the 2010 acquisition.2 On June 2, 2014, the Las Vegas Review-Journal reported that county property records still showed Thompson National Properties as owner and that the building was being offered for sale at $18 million, without naming a buyer or a completed sale.4 No disposition for this Trust appears in the SEC record.
- Sponsor
- Thompson National Properties
- Legal Trust name
- TNP 121 S. Martin Luther King Blvd., DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 0 active / 11 total offerings from Thompson National Properties
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The entire SEC record here is an original Form D plus a single amendment that updated the reported amount sold and the investor count. Both were made under the private-placement exemption that bars general advertising and limits sales to accredited investors — those meeting SEC income or net-worth tests. Nothing has been filed since.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- 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 Clark County Department of Family Services Building?
Top1031 lists Clark County Department of Family Services Building as historical. It is no longer raising money.
Where does Top1031 get the data for Clark County Department of Family Services Building?
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.
Is this Trust still open to new investors?
Public filings do not settle it. The SEC record for this Trust ends with a Form D amendment filed December 1, 2010, and no later filing appears. Anyone approached about units in a 2010-vintage offering should confirm current status, ownership, and any secondary-transfer terms directly with the sponsor and in the PPM (the private placement memorandum).
Who is the tenant, and is it still in the building?
The Clark County Department of Family Services, a Nevada county government agency, was the single tenant at the time of the 2010 offering. Clark County's official business listing places Family Services at 121 S. Martin L. King Jr. Blvd., Las Vegas, NV 89106. That listing establishes the agency's address; it does not state lease terms, a renewal, or an occupancy percentage.
Did the property ever sell?
No completed sale is documented in the sources on record. On June 2, 2014, the Las Vegas Review-Journal reported that property records showed Thompson National Properties as owner and that the building was being offered for sale at $18 million, without identifying a buyer or a closed transaction. No outcome for this Trust has been reported since.
Why do the offering size figures differ between the sponsor material and the SEC filing?
They were published for different purposes and the available documents do not reconcile them. The June 2010 sponsor executive summary listed a total offering size of $5,790,000, while the Form D filed with the SEC on September 14, 2010 reported a total offering amount of $7,880,000. The PPM and any supplements should explain which figure governs.
What does the county's plan for a new Family Services building mean here?
On June 2, 2014, the Review-Journal reported that Clark County was planning a new Family Services home at its Government Center campus on South Grand Central Parkway, describing an approximately five-year process to move in. Tenant relocation plans bear directly on renewal risk for a single-tenant government-leased building, and the PPM and any lease amendments are where that is settled.
Can this Trust convert into REIT shares through a 721 exchange?
No 721/UPREIT exit — a structure where investors swap property interests for operating-partnership units in a REIT — is indicated for this Trust in the data on record. Any exit mechanics would be described in the trust agreement and the PPM.
Chapter 9Clark County Family Services plans for new $33-million homeLocal newspaper reports that the 63,365-sf building at 121 S. Martin Luther King Jr. Blvd is owned by Thompson National Properties, according to property records; the county subsequently approved a new Family Services facility.