Sponsor-reported, from SEC filings and cited sources.
Chapter 1
What the record shows
Net Lease Capital Advisors, also identified as NLCA, describes itself as a real-estate investment and advisory firm specializing in triple-net-lease and U.S.-government-occupied properties, and states that it has closed more than $17 billion in transactions over more than 25 years. Top1031's sponsor record attributes 20 Delaware statutory trust programs to the firm, with first filing years spanning 2014 through 2026. Recent trusts include Government Lease Holdings 2 DST, which recorded a first sale in November 2024, NLC Health Investors DST in October 2025, NLC VA 14 Raleigh Healthcare DST in January 2026, and NLC Financial Service HQ DST in April 2026.
Sponsor-stated figures are as reported by the sponsor.Evidence 123456
Published Grade summary
Public records track 20 Programs across 12 years, with 4 lifecycle-eligible and 3 seasoned; of the 4, 2 remain levered and unresolved past 10 years and 2 were sold with the result unknown. The outcome-disclosure ledger records 2 with a figure published, 0 acknowledged without a figure, and 0 silent, and 8 citations at a proof depth of 3 support the file. No material adverse events and 0 distress events appear in the record, which is not evidence of safety.
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4Programs with an ending or 7+ years of history
0 of 4Programs with a documented problem
100%Finished Programs with a published result
YesPublishes its own track record
Chapter 2
Raising money now
Classified active by Top1031 from the SEC filings. That does not confirm an offering is still available to buy.
HHarm recordDocumented problems, weighed against everything at stake35% weight
LLifecycle outcomesHow programs old enough to finish actually ended25% weight
RMarket acceptanceHow each raise went against comparable offerings25% weight
TDisclosure candorWhether completed programs come with published results15% weight
Weighted blend35% H + 25% L + 25% R + 15% TThe published result applies the anti-washout ceilings, evidence gates, and adverse floors below after this blend. Top1031 does not publish an intermediate score.
AProven71 and above
BEstablished61–70
CUnproven50–60
DWarning36–49
FAdverseBelow 36
NRNot ratedRecord too small or identity under review
Ceilings
The result cannot exceed H + 10 or L + 15, so stronger sales evidence cannot wash out a weaker harm or lifecycle record.
Evidence gates
A and B require minimum proof depth, lifecycle history, and channel evidence. A also requires qualifying disclosure coverage.
Adverse floors
An Integrity alert sets an F floor. A dominant documented capital loss or multiple independent severe events sets D or lower.
Proof depth50.0Published-outcome coverage100%
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Published Grade historyOne published letter, unchanged since
C2026-Q3 · Moved from C. Binding constraints: proof depth below 4; fewer than 10 lifecycle-eligible Programs; H below 85.
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Chapter 4
Programs on the record
A Program is the filing-level offering record associated with this sponsor. Published-result figures are shown only with sponsor attribution and adjacent sources.
Net Lease Capital Advisors, also identified as NLCA, describes itself as a real-estate investment and advisory firm specializing in triple-net-lease and U.S.-government-occupied properties, and states that it has closed more than $17 billion in transactions over more than 25 years 1. Top1031's sponsor record attributes 20 Delaware statutory trust programs to the firm, with first filing years running from 2014 through 2026 2.
Recent trust programs
Government Lease Holdings 2 DST recorded its first sale on November 8, 2024, and an amendment signed October 24, 2025 reported a total offering amount of $174,652,396 3.
NLC Health Investors DST recorded its first sale on October 15, 2025, and an amendment signed March 5, 2026 reported a total offering amount of $145,476,941 4.
NLC VA 14 Raleigh Healthcare DST recorded its first sale on January 22, 2026, and an amendment signed July 2, 2026 reported a total offering amount of $167,619,086 5.
NLC Financial Service HQ DST recorded its first sale on April 27, 2026, and a 2026 amendment reported a total offering amount of $137,692,566 6.
Colliers closes sale of Huntington Tower in downtown DetroitIndustry trade press coverage of the Colliers-brokered sale of Huntington Tower, 2025 Woodward Avenue, Detroit, to a Net Lease Capital Advisors-affiliated DST buyer for a record-setting price.
DTW Romulus Cold StorageProperty listing confirming DTW Romulus Cold Storage as a ±21-acre industrial/cold-storage site at 15670 Wahrman Rd, Romulus, MI positioned for high-performance logistics near Detroit Metro Airport.
12100 Emerald Pass, El Paso, TX 79928Cushman & Wakefield / Pires International listing for a 209,153 SF Class A industrial building at 12100 Emerald Pass in El Paso, TX 79928 — the underlying asset associated with the Net Lease Capital Advisors DST offering.
Ribbon Cut on Garner VA Clinic, Now Largest Outpatient FacilityLocal newspaper coverage of the ribbon-cutting ceremony for the Garner VA Clinic (VA Raleigh Community Based Outpatient Clinic) in Garner, NC, the VA's largest outpatient facility at over 240,000 square feet, reporting on the property without naming the NLC VA 14 DST or Net Lease Capital Advisors.
Amazon tests new scanning machine in North Andover during Prime WeekLocal newspaper coverage of Amazon's North Andover, MA robotic fulfillment facility, featuring GM Gareth Watkins discussing AI-enabled robots and a new package-scanning machine piloted during Prime Week at the property that underlies the Boston Logistics Property DST.
Garner VA ClinicThe VA's official location page confirms the Garner VA Clinic at 2700 Benson Road in Garner, NC (Wake County, Raleigh area) is a fully operational 240,000-square-foot outpatient facility consolidating the Raleigh I, II, and III clinics and expanding specialty care for Veterans in central North Carolina.
Detroit's most expensive office-building sale ever just closedReports the record $156 million sale of the Huntington Bank tower at 2025 Woodward Avenue in downtown Detroit to Nashua, NH-based Net Lease Capital Advisors; described as the highest-priced office sale in Detroit history.
Are Dollar Stores Still a Reliable NNN Investment in 2026?Market commentary discussing Dollar General's continued expansion with NNN leases featuring 15-year initial terms and 10% rent increases every five years, providing context for DG-backed DST offerings.
June 2025 DST Fundraising Soars to Year-HighAltsWire's monthly fundraising roundup names DTW Air Cargo Logistics DST as a notable industrial offering seeking to raise nearly $73M in Romulus, MI.
GSA Birmingham Government Lease Investors, DST: InvestigationAnnounces investigation into potential securities-fraud claims involving GSA Birmingham Government Lease Investors DST, citing the amended Form D showing $111,338,114 total offering, $67,760,300 sold, $43,577,814 remaining, $100,000 minimum investment, Rule 506(b) exemption for this Net Lease Capital Advisors-sponsored single-tenant net-lease DST.
Three National Logistics Properties Investors DST: InvestigationSecurities-firm blog post identifying the Three National Logistics Properties Investors DST as a Regulation D private placement sponsored by Net Lease Capital Advisors, LLC that filed a Form D in 2023 and reportedly raised more than $812 million across its offerings focused on national logistics properties.
Government Lease Holdings DST: Investor AlertInvestor-alert article confirming Government Lease Holdings DST was sponsored by Net Lease Capital Advisors; references a portfolio of three FBI field offices and one NARA records facility.
Oceanside VA Clinic | VA San Diego Health CareVA facility page describing the Oceanside VA Clinic at 1300 Rancho Del Oro Drive, Oceanside, CA — an outpatient VA-operated clinic providing primary care and specialty services to San Diego-area veterans, consistent with the likely underlying property for a government-tenant net-lease DST.
Net Lease Capital Advisors — DST sponsor profileSponsor profile describing Net Lease Capital Advisors as a firm specializing in triple-net-lease and U.S. Government-occupied properties, consistent with the 'VA Oceanside Holdings' trust name.
Net Lease Capital Advisors - DST Sponsor SpotlightSponsor profile of Net Lease Capital Advisors noting that the firm invests in logistics centers, distribution hubs and defense-related industrial properties and lists multiple closed DST offerings including NLCA DTW Air Cargo Logistics DST (Detroit, MI), NLCA DG Investment Grade Portfolio 1 DST, and Net-Leased Capital Advisors Government Lease Holdings DST.
Net Lease Capital Advisors - About UsSponsor site describes Net Lease Capital as a single-tenant net-lease firm with more than $17 billion in closed transactions across triple-net-lease and GSA-occupied properties and DST sponsorship, the sponsor behind the Three National Logistics Properties Investors DST.
FC Grand Rapids MI Investors DST – Investor AlertSecurities-attorney investor alert confirming FC Grand Rapids MI Investors DST is a 2020 Delaware Statutory Trust sponsored by Net Lease Capital Advisors that raised approximately $24 million.
