1 completed sale; 0 losses or impairments; 1 counted Program. Fewer than three counted Programs. NR is not a failing grade. A letter needs 3 counted outcomes or 3 documented sales.
Completed sales 1Losses or impairments 0·Counted Programs 1
No documented loss found in searched sources as of Sep 7, 2026.
Programs found in SEC fundraising filings (Form D)
SE FLP (TRI-CITIES), DSTFirst filed 2025Form D filed March 18, 2025 shows total offering of $15,665,000 with $0 sold and first sale yet to occur; the Frito-Lay Distribution Center in Burbank, WA was acquired by the trust and remains in Syndicated Equities Holdings' active portfolio per syndicatedequities.com/frito-lay-distribution-center/ [1][2]. Source ↗
SE 8925 Highway 101 (Savage), DSTFirst filed 2024No public sale, full-cycle, or disposition announcement exists for SE 8925 Highway 101 (Savage) DST (Winnebago Industries Innovation Center, industrial R&D facility, Savage, MN); the property remains in the Syndicated Equities portfolio, net-leased to Winnebago Industries as its primary R&D facility, per the sponsor's property page. LoopNet listing details could not be verified due to fetch failure. Source ↗
SE 333 E. 34TH (NEW YORK) GARAGE, DSTFirst filed 2023The Murray Hill Parking Garage at 333 East 34th Street, New York, NY remains listed as currently owned on Syndicated Equities' portfolio (acquired March 2023 per Spring 2023 Access newsletter noting a projected 7-year hold) with no sale or disposition found in sponsor materials, SEC EDGAR, or trade press. Source ↗
SE 5750 MERCURY (DEARBORN), DSTFirst filed 2023No definitive evidence of a full-cycle sale of the DST; the Carhartt Global Design & Corporate Headquarters at 5750 Mercury Drive remains listed on Syndicated Equities' active DST portfolio (syndicatedequities.com/carhartt-dearborn-mi/), and while a Jun 25, 2026 article at theplatinummanagement.com mentions a 'transaction between two real estate investment firms' for the Mercury Drive property, it does not explicitly identify the DST as the seller and the property remains on the sponsor's active portfolio. Source ↗
SE STL MOB (FENTON), DSTFirst filed 2022The JRW Investments sponsor page lists SE STL MOB (Fenton), DST (SSM Health medical office, Fenton MO) as 'Open' with a projected conditional 4.27% return, indicating it has not yet gone full cycle [1]. Source ↗
Legrand AV Regional HeadquartersIndustrial·Minnetonka, MNSEC filing, Oct 21, 2025
$10.8M
$6.7M
62%Filed Oct 21, 2025
Availability unconfirmed
Show all 4 active offerings
Industrial
Solventum Medical Device ManufacturingIndustrial·Eden Prairie, MNSEC filing, Aug 19, 2025
$11.0M
$7.5M
68%Filed Aug 19, 2025
Availability unconfirmed
Chapter 4
Who is behind this record?
Syndicated Equities is a private real estate investment firm that says it was founded in 1986 and has structured investments for §1031 exchange investors since 1997, offering replacement property through Delaware Statutory Trust and tenancy-in-common structures. The sponsor reports more than 150 investments, $2 billion of total asset value and $600 million of equity invested, with a platform centered on single-tenant net-leased industrial, medical, office and retail buildings held under long-term leases. Recent DST assets include an approximately 95,000-square-foot Labcorp testing facility and clinic in Tampa, Florida acquired in 2025 and an approximately 109,500-square-foot Johnson Controls engineering lab in Glendale, Wisconsin acquired in 2026.
Syndicated Equities presents itself as a private real estate investment firm providing direct real-estate investments, including replacement-property options for 1031 exchanges structured as a Delaware Statutory Trust or tenancy-in-common interest1. The firm says it was founded in 1986 and has been structuring investments for investors completing §1031 exchanges since 1997, with the platform concentrated on single-tenant net-lease industrial, medical, office and retail properties typically leased to investment-grade tenants under long-term leases, and with each investment structured on a property-by-property basis2. It reports 150+ investments since 1986, $2 billion of total asset value and $600 million of equity invested3. Top1031 tracks 24 Syndicated Equities DST programs, the earliest first filed in 2015 and the most recent in 20264.
Recent DST acquisitions
The sponsor identifies the Labcorp Testing Facility & Clinic in Tampa, Florida as a 2025 acquisition of approximately 95,000 square feet, 100% leased to Labcorp and held in a Delaware Statutory Trust5. It identifies the Johnson Controls Engineering Lab & Innovation Center in Glendale, Wisconsin as a 2026 acquisition of approximately 109,500 square feet, 100% leased to Johnson Controls, Inc. and held in a Delaware Statutory Trust6. In its Winter 2026 newsletter, Syndicated Equities reported four 2025 acquisitions totaling $47,755,000 of equity raised and $86,589,800 of transaction volume, and described its DST acquisitions as narrowed to healthcare, industrial and corporate-headquarters real estate, continuing a focus on industrial and R&D-oriented properties leased to credit tenants7.
Reported completed outcomes
The same newsletter reports the 2025 disposition of the Providence Pavilion Shopping Center in Mableton, Georgia at a 1.61x equity multiple and a 10.34% IRR7. Syndicated Equities reports selling the Mars Petcare facility in Columbus, Ohio on March 11, 2022 after five years of ownership at a 2.0x equity multiple and an 18.37% annualized return8. Its Spring 2023 newsletter reports the December 28, 2022 sale of the Rio 21 and Texan 28 properties in Austin, Texas after roughly eight years at a 0.92x equity multiple9. Top1031's validated outcome record shows a property sale dated August 29, 2025 for SE North Florida, DST10.
Syndicated Equities PortfolioSyndicated Equities' portfolio listing includes the Frito-Lay Distribution Center (Burbank, WA) under its 1031/DST investments.
Frito-Lay Distribution CenterSyndicated Equities' property portfolio page describing the Frito-Lay Distribution Center DST acquisition — a net-lease industrial facility serving as a Frito-Lay/PepsiCo distribution warehouse in Burbank, Washington (Tri-Cities region), acquired in a Delaware Statutory Trust.
Winnebago Industries Innovation CenterSyndicated Equities' property detail page describes the Winnebago Industries Innovation Center DST in Savage, Minnesota, a light industrial R&D facility leased to Winnebago Industries as its primary research and development facility.
Johnson Controls named to 2026 Top 100 Intern Programs listJohnson Controls reported recognition in Yello's Top 100 Internship Programs for the fourth year and noted that interns toured the Warren Johnson Engineering Lab, providing property-specific tenant coverage.
Johnson Controls raises outlook as orders hit record $21BThe Milwaukee Business Journal reported that Johnson Controls raised its annual earnings outlook to $5.05 per share as a record $21 billion backlog and data-center cooling demand drove growth, and it mentioned the company's Glendale Innovation Center/Warren Johnson Engineering Lab.
Johnson Controls Reports Strong Q3 Results; Raises FY26 GuidanceJohnson Controls reported strong third-quarter results, including 9% sales growth, 27% organic order growth and a $21.0 billion backlog, while raising FY26 guidance; the release is company-wide and does not specifically name the Glendale property.
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.
Labcorp to Announce Second Quarter 2026 Financial Results on July 30, 2026BURLINGTON, N.C. announcement from Labcorp Holdings Inc. (NYSE: LH), the 100% net-lease tenant of the DST's Tampa testing facility and clinic, that it will release Q2 2026 financial results before market open on Thursday, July 30, 2026 and host a 9:00 a.m. ET webcast that day.
Winter Access 2026 NewsletterSyndicated Equities' Winter 2026 sponsor newsletter describes the Johnson Controls engineering lab and innovation center in Glendale, WI as a property projected to close in April 2026.
Johnson Controls Opens New Innovation Center in GlendaleJohnson Controls announces the opening of its new 109,000 sq ft Innovation Center in Glendale, WI, housing approximately 250 employees focused on smart building and OpenBlue engineering.
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