No documented loss found in searched sources. Fewer than 3 outcomes to rate (0 published results, 2 documented sales). NR is not a failing grade. A letter needs 3 counted outcomes or 3 documented sales.
Shown with a free account
Lost or impaired investor capitalCounted outcomes
00
No documented loss found in searched sources as of Sep 4, 2026.
Shown with a free account
Programs found in SEC fundraising filings (Form D)
Share of programs over 3 years old whose status we confirmed
24%
Chapter 2
Which Programs are on the record?
A Program is one filing-level offering record associated with this Sponsor. Results are public and stay next to their source. A loss category stays inside the Grade veil.
ProgramFirst filedSponsor-stated result + sourceCounted as
DTW Air Cargo Logistics DST2025No full-cycle, sale, 721/UPREIT, or foreclosure announcement found; the DTW Romulus Cold Storage property remains owned by the trust and is actively marketed for lease (LoopNet, PropertyShark listings updated May 2026) and JRW Investments' tracking of all 11 Net Lease Capital Advisors DSTs shows none have gone full cycle.Source ↗As reported by the sponsor.
FOUR GSA PROPERTIES HOLDINGS DST2014Matched to the completed/full-cycle Net Lease Capital Advisors track-record row GSA FBI/NARA Portfolio DST.Source ↗As reported by the sponsor.
Sold, result reported by others, not by the sponsorDocument ↗
Shown with a free account
HEALTHCARE LANE HOLDCO, DST2014No public full-cycle, sale, or disposition announcement has been identified for NLCA's Healthcare Lane Holdco DST (635,000 SF Class A office at 9700-9800 Health Care Lane, Minnetonka, MN leased to UnitedHealthCare Services); the 2013 sale-leaseback to Mesirow Financial pre-dates the DST and no subsequent DST-level disposition has surfaced.Source ↗As reported by the sponsor.
NLC Health Investors DSTHealthcare·Location not statedSEC filing, Mar 6, 2026
$145.5M
100%
Almost sold out
Show all 8 active offerings
Office
Government Lease Holdings 2 portfolioOffice·Location not statedSEC filing, Oct 27, 2025
$174.7M
20%
Active
Office
USCIS Headquarters - One Town CenterOffice·Camp Springs, MDSEC filing, Aug 8, 2025
$295.0M
60%
Active
Net lease
Dollar General net-lease portfolioNet lease·Location not statedSEC filing, Jul 18, 2025
$36.0M
78%
Sold out
Net lease
VA Oceanside Holdings DST (Oceanside VA Clinic)Net lease·Oceanside, CASEC filing, Jul 17, 2025
$379.3M
10%
Active
Industrial
Amazon Robotic Fulfillment Center - North AndoverIndustrial·North Andover, MASEC filing, Jul 3, 2025
$591.8M
99%
Sold out
Chapter 4
Who is behind this record?
Net Lease Capital Advisors, also identified as NLCA, is a real estate investment and advisory firm that describes its specialty as triple-net-lease and U.S.-government-occupied property. Its own About Us material states the firm was founded in 1996 by Douglas F. Blough and Bruce S. MacDonald. The firm's acquisitions material reports more than $6.0 billion of single-tenant, investment-grade property acquired, in transactions it sizes from $25 million to more than $750 million. Top1031 tracks 20 Delaware statutory trust programs attributed to the sponsor, the earliest of which carry a first filing year of 2014.
Sponsor-stated figures are as reported by the sponsor.Evidence 1234
Written from SEC filings and cited sources
Platform and strategy
Net Lease Capital Advisors, also identified as NLCA, presents itself as a real estate investment and advisory firm concentrated on triple-net-lease and U.S.-government-occupied properties 1. Its About Us material attributes the firm's 1996 founding to Douglas F. Blough and Bruce S. MacDonald 2. The firm reports having acquired more than $6.0 billion of single-tenant, investment-grade property, in transactions it characterizes as ranging from $25 million to more than $750 million 3.
Delaware statutory trust program record
Top1031 tracks 20 DST programs attributed to the sponsor 4. The earliest carry a first filing year of 2014 — Healthcare Lane Holdco, DST and Four GSA Properties Holdings DST — followed by 295 BR Holdco DST in 2016 and FC Euclid OH Investors DST in 2019. Later tracked entities include NLCA GSA Baltimore DST and FC Tulsa OK Investors DST (2021), Government Lease Holdings DST (2022), Three National Logistics Properties Investors DST (2023), Government Lease Holdings 2 DST (2024), NLC Health Investors DST (2025), and NLC Financial Service HQ DST (2026) 4.
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.
Use the record as a starting point. Compare the current Programs, save offerings to your Watchlist, or ask a licensed specialist about the facts shown here.
