Syndicated Equities

Firm profile

Syndicated Equities is a private Chicago real estate investment firm founded in 1986 by Richard Kaplan that structures single-tenant net-lease industrial, medical, office, and retail investments as Delaware Statutory Trust or Tenancy-in-Common interests for Section 1031 exchange investors ¹. The firm reports aggregate scale of roughly $2 billion in total asset value, about $600 million of invested equity, and more than 150 investments since 1986 ². SEC EDGAR lists CIK 0002060454 (SE FLP (Tri-Cities), DST / Syndicated Equities Interests, LLC) as a public-record anchor for its DST offerings ³, and Top1031 tracks 24 SE-named DST programs with first filing years spanning 2015 to 2026 ⁴.

Representative realized exits

Syndicated Equities reports several realized exits, each sponsor-reported. It sold Stone Falls of Ada, a 210-unit apartment community in Ada, Michigan, for $71.5 million in 2022, four years after acquiring it for $45.8 million with Highgate Capital Group, reporting an approximately 1.9x equity multiple and roughly 20.5% IRR ⁵. It sold the Mars Petcare cold-storage facility in Columbus, Ohio, on March 11, 2022, after about five years, reporting an approximately 2.0x equity multiple and roughly 18.37% IRR ⁶. It sold the Providence Pavilion Shopping Center on July 29, 2025, after about six years, reporting an approximately 1.61x equity multiple and roughly 10.34% IRR ⁷.

Recent activity

Recent DST acquisitions have centered on single-tenant net-lease properties. In 2025 the firm acquired the Labcorp testing facility and clinic in Tampa, Florida (about 95,000 square feet, fully leased to Labcorp) ⁸, the Solventum medical-device manufacturing facility in Eden Prairie, Minnesota (about 110,900 square feet, leased to Solventum Corp.) ⁹, the Legrand AV headquarters in Minnetonka, Minnesota (about 98,500 square feet) ¹⁰, and the Frito-Lay distribution center in Burbank, Washington (about 107,200 square feet) ¹¹. In 2024 it acquired the Winnebago Industries Innovation Center in Savage, Minnesota, as a DST ¹². Connect CRE independently reported the Legrand AV Minnetonka acquisition ¹³. Outside its DST program, the firm is undertaking a ground-up joint venture to develop the Pendry Hotel & Residences by Montage in Nashville, Tennessee, with a groundbreaking in October 2024 ¹⁴.