NAI NuCare Madison DST
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NAI NuCare Madison DST
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Coyote Plains LLC
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Coyote Plains LLC
Exchange-X along with managing partner Montego Minerals is pleased to announce the offering of Coyote Plains, LLC. Coyote Plains, LLC is a Oil & Gas mineral rights portfolio over 29.262 gross acres and 16 counties which consist of 40 individual properties and six (6) operators. The portfolio currently consists of 235 producing wells, 24 active permits, 56 DUC (drilled but uncompleted), and room for 124 additional wells to be drilled.
Investors will hold the status of co-owners with respect to the Interests. Generally, the Interests will be in producing oil and gas properties: (i) that we reasonably believe will generate positive cash flow from the sale of oil and/or gas derived from the properties and (ii) that will not require active participation by us or the Investors in exploratory or development drilling which exposes us or the Investors to the potential liabilities associated with such activities.
The Grand Forks asset represents 5 individual properties located across the core counties within the Delaware Basin of the Permian. Those counties are Loving and Winkler. The Grand Forks asset has 8 newly drilled wells across 2,720 acres. There are 2 DUCs on the properties that are awaiting completion. The Grand Forks properties sit underneath several of the most active and capitalized operators in the field, ConocoPhillips and Mewbourne Oil Company. These operators bring economies of scale and decades of experience in manufacturing oil and gas across these locations.
The Double Diamond asset is located in a core county of the Permian Basin: Reagan county. The DD asset has 91 current producing horizontal wells, along with 14 newly drilled wells awaiting completion across 5,760 acres. These locations within the Permian Basin are operated by three of the largest oil producers in the industry: Diamondback Energy, Double Eagle and Permian Resources.
The MBP asset is located in three of the most active counties of the Permian Basin: Upton, Glasscock and Midland County. These locations within the Permian Basin are operated by three of the largest oil producers in the industry: Occidental Petroleum, ConocoPhillips, and Diamondback Energy. These operators have collectively drilled 96 new horizontals wells, providing current cash flow to investors. In addition to this current production, the MBP asset has 25 new DUCs awaiting completion, 13 new permits and room for an additional 35 wells to be drilled.
Investment Strategy
Provides exposure to energy real estate through producing and non-producing royalty assets located in our country’s most active shale plays.
Estimated Production Life
Our engineering analysis supports an
estimate of more than 35 years of remaining oil and gas reserves that can be produced from Coyote Plains Properties LLC’s properties.
Diversified Revenue Sources:
• Oil
• Natural Gas
• Natural Gas Liquids (NGL’s)
Coyote Plains, LLC is an all-cash, 0% LTV offering.
The portfolio is eligibility for Percentage depletion. Percentage depletion is a tax advantage available to owners of mineral properties, including oil and gas wells, coal mines, and other natural resource assets.
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LRT RI Coventry Senior Living DST
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LRT RI Coventry Senior Living DST
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Griffin Capital (Heritage – Gonzales, LA) DST
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Griffin Capital (Heritage – Gonzales, LA) DST
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FSC Aviation Infrastructure DST
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FSC Aviation Infrastructure DST
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CF Chestnut Street Multifamily DST
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CF Chestnut Street Multifamily DST
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BV Ernest Health Neuro Rehab DST
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BV Ernest Health Neuro Rehab DST
Summary:
Exchange-X, along with managing partner Bridgeview Real Estate, is pleased to announce the offering of BV Ernest Health Neuro Rehab DST. Opened in January 2023, BV Ernest Health Neuro Rehab DST features a long-term 20-year Absolute Net lease extending through January 4, 2043, which also includes two additional 10-year tenant options. The lease structure incorporates annual rent escalations, providing a stable and growing income stream. The facility boasts 50 total beds and demonstrates strong operational performance with a 95% average occupancy rate as of December 31, 2024. Further bolstering its market position are active overflow referral agreements with prominent healthcare providers Kaiser Permanente and UC-Davis Medical Center.
The Trust owns a ground leasehold interest in the Land (i.e., approximately 6.23 acres of land located at 10 Advantage Court, Sacramento, California 95834) and a fee simple interest in the Improvements, which include a two-story, 59,508-square foot building that is home to the 50-bed Sacramento Rehabilitation Hospital (https://srh.ernesthealth.com/), a state-of-the-art inpatient rehabilitation facility that is Sacramento’s only neurospecialty rehabilitation facility. The Trust is the tenant under the Ground Lease. The Ground Lease has a term of 60 years, which commenced on April 16, 2025 and terminates on March 30, 2085 with no extensions.
The Sacramento Rehabilitation Hospital provides specialized services to patients recovering from disabilities caused by accidents, illnesses, or chronic medical conditions. These disabilities occur
regardless of the economic environment. The inpatients receive a multidisciplinary team to maximize their return of functional capabilities, perform daily activities, return to work (or school), and pursue leisure activities. Patients treated in rehab hospitals vs. skilled nursing facilities live longer, have fewer hospital and ER visits, and remain longer in their homes without additional outpatient services.
Ernest Health is a network of rehab and long-term acute care hospitals that see patients who are often recovering from disabilities caused by injuries or illnesses or from chronic or complex medical conditions. Ernest owns 35 facilities (four in California and the others across 13 states). The hospital network has earned national recognition as a healthcare leader, providing patients with the highest level of care.
Located in the Sacramento-Roseville-Folsom, California MSA which boasts a large concentration of major medical providers, including UC Davis Medical Center, California’s only Level 1 trauma center north of the Bay Area. Healthcare accounts for an above-average share of employment in SAC in part because of its importance to neighboring rural counties with fewer providers. The Appraiser is aware of no other known planned rehabilitation hospitals in the local and immediate area that would provide negative competition to the Property.
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FedEx DTW Air Cargo Logistics DST
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FedEx DTW Air Cargo Logistics DST
Exchange-X, along with managing partner Net Lease Capital is pleased to announce the offering of FedEx DTW Air Cargo Logistics DST.
Offering Summary
FedEx DTW Air Cargo Logistics DST is a newly constructed state-of-the-art air cargo facility leased by an affiliate of FedEx Corporation at the Detroit Metropolitan Wayne County Airport. The Property is approximately 63.94 acres of land located at 30500 Superior Road, Romulus, Michigan 48174, together with a 466,483 square foot single-tenant air cargo facility completed in 2024 (consisting of four buildings and two canopies). The property functions as a sortable air cargo facility for FedEx Corporation. Its uses include processing and sorting cargo, aircraft gate parking, storing and handling of aircraft and motor fuels/lubricants, aircraft storage and fueling, de-icing/anti-icing, vehicle parking, GSE and vehicle maintenance, aircraft maintenance and parts storage, vehicle washing, a customer service lobby, and general office space.
The sub-lease starts on the commencement date and ends on October 31, 2054, with Federal Express Corporation having two ten-year renewal options that require 12 months’ notice, assuming no default. Monthly base rent began at $1,821,281.18 on November 1, 2024, calculated as 6.530% of final budget total project costs divided by 12. This base rent will increase 3% annually starting the 13th month after the commencement date. During any renewal term, the annual base rent will be the fair market rent, but it won’t be lower than the previous year’s rent.
The Detroit region is the epicenter of the global automotive industry and home to other high-tech industries, including defense, logistics, health care, and information technology. Metro Detroit has one of the largest metropolitan economies in the U.S. with 17 Fortune 500 companies. Detroit Metropolitan Wayne County Airport (DTW) is one of the world’s leading air transportation hubs with more than 800 flights per day to and from three continents.
Loan Terms
The Property is encumbered by three non-recourse mortgage loans:
A1 Note
Initial Loan Balance: $374,648.103.72
Current Loan Balance: $373,327,665.63
(as of 12/15/24)
Interest Rate: 6.605%
Loan Term: 30 Years
Loan Expiration: 10/15/2054
Current Annual Debt Service: $20,679,326.25
Balloon Balance: $18,732,405.16
B1 NOTE
Initial Loan Balance: $13,576,498.00
Current Loan Balance: $13,572,445.13
(as of 12/15/24)
Interest Rate: 6.90%
Loan Expiration: 10/16/2054
Current Annual Debt Service: $961,025.86
Balloon Balance: $0.00
B2 NOTE
Initial Loan Balance: $14,882,326.00
Current Loan Balance: $16,481,974.89
(as of 12/15/24)
Interest Rate: 8.353%
Loan Expiration: 10/16/2054
Current Annual Debt Service: $56,940.45
Balloon Balance: $175,000,000.00
See PPM for full details.
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Net Leased All Cash 14 DST
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Net Leased All Cash 14 DST
Exchange-X, along with managing partner ExchangeRight is pleased to announce the offering of ExchangeRight Net Leased All Cash 14 DST.
Offering Summary
Net Leased All Cash 14 DST is a diversified retail portfolio consisting of 4 net-lease properties in 2 states with national corporate leases backed primarily by investment-grade and recession resilient tenants starting at a 5.20% year-1 net target cash flow from in-place lease revenue. The portfolio is focused on retail properties that are leased to national tenants operating essential businesses with a weighted-average lease term of 11.3 years.
National credit tenants include Tractor Supply Company, Wawa, Dollar Tree, and Dollar General. The properties are located in Alabama and Pennsylvania. The Trust acquired the following portfolio of six properties located at (i) 2050 Point Mallard Drive SE, Decatur, Alabama 35601; (ii) 5597 Cielito Lindo Boulevard, Laredo, Texas 78046; (iii) 1709 Frederick Road, Opelika, Alabama 36801; and (iv) 1949 York Road, Jamison, Pennsylvania 18929-1615 and 1937 York Road, Jamison, Pennsylvania 18929-1615.
The Properties are 100% occupied.
Loan Terms
All Cash. (0.00% LTV)
See “PPM” for details.
Property Cash Flow
5.20% Year one cash flow.
See “PPM” for details.
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Cove Essential Net Lease Portfolio 89 DST
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Cove Essential Net Lease Portfolio 89 DST
Exchange-X, along with managing partner Cove Capital, is pleased to announce the offering of Cove Essential Net Lease Portfolio 89 DST.
Cove Essential Net Lease Portfolio 89 DST is an industrial portfolio that includes locations at 3015 South Prosperity Avenue in Joplin, Missouri, and 38 Smoky Mountain Drive in Sylva, North Carolina. Generally, the tenants occupying these properties are responsible for covering most of the operating expenses associated with the improvements, such as general maintenance, utilities, real estate taxes, and insurance.
The property, located at 3015 South Prosperity Avenue in Joplin, Missouri, is an industrial distribution facility fully occupied by Lowe’s. It comprises one single-story building constructed in 2022, encompassing a gross area of 63,000 square feet on a 5.09-acre land parcel. The building features a concrete slab foundation, aluminum panel, sheet metal, and cinder block exterior walls, and a central, forced-air HVAC rooftop packaged system.
Lowe’s is a prominent home improvement retailer with 1,746 stores across the United States, offering a wide array of products and services for homeowners, DIYers, and professionals. Known for its focus on quality, affordability, and customer satisfaction, Lowe’s provides everything from hardware to home décor, supported by knowledgeable staff. The company is committed to innovation and sustainability, offering online shopping with various delivery options. In 2023, Lowe’s reported revenues of $97.1 billion. The current lease term expires on July 31, 2030, and includes five 3-year renewal options. The current base rental rate is approximately $8.44 per rentable square foot, resulting in a current annual base rent of $515,970. Annual rent escalations are scheduled each August 1st from 2025 ($531,720) through 2029 ($598,500).
Located in the Joplin MSA which encompasses Jasper and Newton counties in southwestern Missouri. It is centered around the city of Joplin, which serves as the primary economic and cultural hub of the region. Joplin is positioned at the crossroads of I-44 and U.S. 71, providing easy access to major metropolitan areas like Kansas City, Tulsa, and Springfield.
The property located at 38 Smoky Mountain Drive in Sylva, North Carolina, is a fully occupied industrial facility used for Frito-Lay distribution. The property consists of a single one-story building constructed in 2024, offering both a gross building area and a gross rentable area of 5,967 square feet on an 8.95-acre site. It features a concrete slab foundation and exterior walls made of aluminum panels, sheet metal, and cinder blocks.
Frito-Lay North America, Inc. (FLNA) is the branded food and snack business unit of PepsiCo (NYSE: PEP). The snack division of PepsiCo, responsible for popular brands like Lay’s, Doritos, and Cheetos in the US and Canada. They utilize independent distributors and retailers and have a joint venture for Sabra dips. The current lease term expires on July 14, 2034, and includes two 5-year renewal options. The current base rental rate is approximately $46.72 per square foot, resulting in a current annual base rent of $278,796. Annual rent escalations are scheduled each August 1st from 2025 ($284,371.92) through 2033 ($333,187.08).
Located in Sylva, North Carolina, in the southwestern part of the state near Macon and Jackson Counties, is the county seat of Jackson County and is known for its natural beauty and small-town charm. The town benefits from strong transportation links, primarily through U.S. Highway 74, which runs east-west and connects Sylva to major North Carolina cities like Asheville, Charlotte, and Wilmington. Its proximity to Asheville, a significant regional city about 70 miles to the east with a vibrant economy, offers additional business and market access. The ongoing expansion of the Franklin Industrial Park is set to enhance Sylva’s industrial sector by providing modern facilities for manufacturing and distribution.
Loan Terms
All Cash. (0.00% LTV)
See “PPM” for details.
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SE FLP (Tri-Cities) DST
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SE FLP (Tri-Cities) DST
Exchange-X along with managing partner Syndicated Equities is pleased to announce the exclusive offering of SE FLP (Tri-Cities) DST.
An investment opportunity in a newly constructed, approximately 107,200 square foot, Class A distribution facility in Burbank, Washington that is 100% net leased and serves as a distribution warehouse for Frito-Lay. The Property is leased to PepsiCo Global Real Estate, Inc, which leases to its affiliate Rolling Frito-Lay Sales, LP. The lease is double net, with a 10-year term that runs through October 31, 2033, and includes annual rent increases of 3%.
The Property, located at 458 and 464 2nd Avenue, Burbank, WA, is a 104,000 sq ft Class A industrial building with warehouse, office, and garage space and features high ceilings, numerous loading docks, and ample parking for trucks and vehicles. The property is designed to be a 24/7 operating facility that will employ 80-130 people with room for expansion. Frito-Lay’s extensive trucking fleet utilizes the facility for sorting and redistribution. The facility is a “mission critical distribution hub” feeding over 20 last mile facilities.
The tenant is Rolling Frito-Lay Sales, LP, a subsidiary of PepsiCo. PepsiCo Global Real Estate, the leasing entity, is backed by a $200 million note from PepsiCo (S&P: A+). Frito-Lay North America (FLNA) is a major revenue generator for PepsiCo, with $24.91 billion in net revenue and $6.76 billion in operating profit in 2023. Their “Direct Store Delivery” system is a significant competitive advantage. PepsiCo is a global food and beverage giant with a diverse portfolio. In 2023, PepsiCo reported $91.47 billion in revenue, $9.16 billion in net income, and $18.50 billion in shareholder’s equity and has an S&P rating of A+. In 2023 the Property was a build-to-suit for Frito-Lay. The 10-year lease commenced in October 2023 at an initial base rental rate of $14.25 per square foot, with 3% annual base rent increases. The current lease term expires in October 2033 and The Tenant has two 5-year renewal options and must provide notice no earlier than 1 year and no later than 6 months prior to lease expiration. Rent in each option period is to be at fair market value but not less than the preceding year’s rental rate plus 3%.
The Property is centrally located between Seattle, Portland, Spokane, and Boise, in Burbank, Washington, and is part of the Tri-Cities MSA, comprising the Kennewick-Pasco-Richland metropolitan area. The Property is situated in the Burbank Business Park, a 98-acre area zoned for commercial and light industrial uses near the confluence of the Columbia and Snake Rivers, 6 miles south of the City of Pasco and 35 miles west of the City of Walla Walla. The Burbank Business Park is adjacent to U.S. Highway 12 and minutes from Interstate 395. Major employers in the area include: Batelle, Lockheed Martin, Amazon, and numerous food processing companies. The Tri-Cities is located in Washington State, which does not have a personal or corporate income tax, incentivizing companies to open new factories and production facilities. Washington’s agriculture industry ranks 2nd in the country, with $10.6 billion in agriculture production and over $20.1 billion in food processing revenues.
Loan Terms
6.24% interest, 9-year term, 36 months of interest-only payments followed by a 30-year amortization
See “PPM for details
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Moody Med Center 1 DST
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Moody Med Center 1 DST
Exchange-X along with managing partner Moody National is pleased to announce the offering of Moody Med Center I DST.
Moody Med Center I DST more commonly known as Courtyard Houston Medical Center/NRG Park by Marriott hotel, is a hospitality offering situated on approximately 2.12 acres located at 7702 Main St, Houston, TX 77030. The Project is an 8-story, 197-room interior corridor select-service hotel that operates as a Courtyard by Marriott®. The Project features a Bistro restaurant and bar, guest pantry, business center, 1,935 square feet of meeting space, fitness center, outdoor pool and hot tub, guest laundry facilities and wireless high-speed internet. The Project was built in 2008 and 2009 and has undergone various renovations and updates over the years. The Project provides 144 parking spaces including 101 surface spaces, 38 lower-level spaces under the hotel and 6 handicap spaces. The Master Tenant was granted a non-exclusive license to use the Courtyard by Marriott® hotel brand at the Project pursuant to the Franchise Agreement with Marriott International, Inc. The Trust does not have any rights to such license.
The Project is located in the Medical Center District of Houston, Texas, approximately 5 miles southwest of downtown Houston, with convenience access to U.S. Highway 90 and IH-610. The Project is located in close proximity to various demand generators including TMC, several medical centers and institutions, numerous universities with medical, nursing, dentistry, public health, pharmacy and other health-related schools, NRG Stadium and the Houston Zoo, and is approximately 9 miles northwest of Houston Hobby Airport.
Loan Terms
All Cash. (0.00% LTV)
See “PPM” for details.
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Messenger Place DST
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Messenger Place DST
Exchange-X, along with managing partner Bonaventure, is pleased to announce the offering of Messenger Place DST.
Messenger Place DST is Messenger Place DST is a 1031 Exchange-eligible investment offering up to 100% beneficial ownership in a Class A multifamily property in downtown Historic Manassas, Virginia. Since 2021, Messenger Place has been owned and managed by Bonaventure’s multifamily fund (BMIT OP). BMIT OP retains an option to repurchase the property at fair market value after a two-year hold, providing DST investors with a strategic, tax-deferred exit via a 721 Exchange into Bonaventure’s diversified multifamily fund.
The property, commonly known as “Messenger Place,” is a Class A multifamily community consisting of 94 units, located at 9009 Church Street, Manassas, VA 20110, including two parcels in close proximity, 9004 Church Street and 9314 Centerville Road. Completed in 2019, Messenger Place is a 5-story building on approximately 1.78 acres and contains 70,510 net rentable square feet comprised of three primary multifamily unit types with an average of 750 square feet per unit. The Property also contains 4 retail spaces comprising 3,509 net rentable square feet. The Property features community amenities including on-site parking, a video entry system, on-site property management, and elevators. In-unit amenities include stainless-steel appliances, granite countertops, private patios, faux-wood flooring, 9-foot ceilings, and Energy Star certified appliances.
The Property is master leased to BMIT Messenger Place Master Tenant, LLC, a Delaware limited liability company, a wholly owned subsidiary of the Operating Partnership and an affiliate of Sponsor. The Master Tenant sub-leases the apartment units to the end-user tenants pursuant to residential leases and sub-leases the commercial units to the end-user tenants pursuant to commercial leases.
Northern Virginia is a thriving economic hub with a diverse workforce exceeding 1.5 million jobs, spanning government consulting, technology, defense, finance, and sciences. Its economic resilience is supported by an exceptionally high median household income of over $140,000, nearly double the national average. Recent investments, including Amazon’s HQ2, will add 30,000 new tech jobs by 2030, further diversifying the region’s economic landscape. The area’s talent pipeline remains strong, with 30+ universities and nearly 400,000 enrolled students.
As of February 2025, the Property’s multifamily units were 98.9% leased.
Loan Terms
All Cash. (0.00% LTV)
See “PPM” for details.
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Net Leased All Cash 13 DST
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Net Leased All Cash 13 DST
Exchange-X along with managing partner ExchangeRight is pleased to announce the offering of ExchangeRight Net Leased All Cash 13 DST.
Net Leased All Cash 13 DST is a diversified retail portfolio consisting of 6 net-lease properties in 3 states with national corporate leases backed primarily by investment-grade and recession resilient tenants starting at a 5.20% year-1 net target cash flow from in-place lease revenue. The portfolio is focused on retail properties that are leased to national tenants operating essential businesses with a weighted-average lease term of 12.9 years.
National credit tenants include Tractor Supply Company, Dollar Tree, and Reasor’s. The properties are located in Oklahoma, Pennsylvania, and Missouri. The Trust acquired the following portfolio of six properties located at (i) 2700 West Kenosha Street, Broken Arrow, Oklahoma 74012; (ii) 12325 South Pennsylvania Avenue, Oklahoma City, Oklahoma 73170; (iii) 915 East Main Street, Yukon, Oklahoma 73099; (iv) 446 South Elm Street, Jenks, Oklahoma 74037; (v) 735 North West End Boulevard, Quakertown, Pennsylvania 18951-4103; and (vi) 5555 Bay Road, Saginaw, MI 48604.
The Properties are 100% occupied.
Loan Terms
All Cash. (0.00% LTV)
See “PPM” for details.
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BR Diversified Industrial Portfolio V DST
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BR Diversified Industrial Portfolio V DST
Exchange-X along with managing partner Bluerock is pleased to announce the offering of Diversified Industrial Portfolio V DST.
Diversified Industrial Portfolio V DST (the trust) is a portfolio of two (2) industrial properties located in Fayetteville, North Carolina and Conway, South Carolina.
The 920 Dunn Property is a highly functional, class A, newly constructed industrial property located at 920 Dunn Road, Fayetteville, North Carolina 28312. The 920 Dunn Property, built in 2024, is comprised of two buildings consisting of 151,352 square feet along with highly coveted outdoor storage space and large footprint spanning across 31.115 acres. The 920 Dunn Property is currently leased to a single-tenant, NVR, Inc and includes 32-foot clear heights, eight dock high doors, eight drive-in doors, and more than 8,500 square feet of office space. The 920 Dunn Property is located 0.5 miles from Interstate-95 business loop and less than three miles from Interstate-95, providing its tenant with seamless access to major population nodes up and down the East Coast.
The tenant of the 920 Dunn Property, NVR, operates in two business segments: homebuilding and mortgage banking. NVR has over 6,600 employees servicing 36 metropolitan areas across 16 states. The homebuilding segment sells and constructs homes under national brands Ryan Homes, NVHomes and Heartland Homes brands. NVR provides various business and support services for its subsidiaries and affiliates. These services include sales and marketing, human resources, and information technology services. Ryan Homes has been building homes since 1948, with a presence in 36 metros and 16 states. NVHomes has been building luxury homes since 1979, becoming one of the premier luxury homebuilders. NVHomes has a presence in the Mid-Atlantic and Northeast United States across six states. Heartland Homes is Pittsburgh’s premier luxury homebuilder, building homes since 1984. NVR is a publicly traded company on the NYSE (NVR), with a market cap of approximately $30.1 billion. NVR was ranked the fourth largest home builder in 2024 by Builder.com. NVR’s Fayetteville facility, located at the 920 Dunn Property, serves as a critical manufacturing facility for wall panels and trusses, servicing homebuilding efforts across the Carolinas and Virginia.
The 920 Dunn Property is located in the Fayetteville metropolitan statistical area adjacent to Interstate-95, the longest north-south interstate. The Fayetteville Metro offers convenient access to major East Coast markets. Additionally, the Fayetteville Metro is only 30 miles from Interstate-40, providing east-west connectivity. The Fayetteville Metro’s proximity to major highways, deepwater ports, and the presence of the Fayetteville Regional Airport enhances its appeal for logistics and manufacturing companies. Recent investments in industrial parks and incentives for businesses have attracted a diverse range of industries, contributing to job creation and economic diversification in the area.
The 651 Century Property is a “mission-critical” storage and warehousing facility comprised of three industrial buildings, one canopy building, and one guardhouse, with a gross building area of 106,725 square feet. The 651 Century Property, is situated on a nearly 20-acre site, along with highly coveted outdoor storage space, located at 651 Century Circle, Conway, South Carolina 29526. The 651 Century Property is located in the Myrtle Beach metropolitan statistical area and is just off of Highway 501, connecting Conway to Myrtle Beach and only 5.5 miles from Highway 378. Both Highway 501 and Highway 378 provide connection to Interstate-95, the East Coast’s most vertical interstate, providing connection from Florida to Boston. Built in 2002, the 651 Century Property is leased to a single tenant – BFS Operations LLC, which is the successor-by-merger to Builders FirstSource – Southeast Group, LLC. The 651 Century Property provides clear heights of 28 to 33 feet and has 10 dock high doors and one drive-in door.
The tenant of the 651 Century Property, Builders FirstSource, is the largest U.S. supplier of building products, prefabricated components, and value added services to the professional builder for new residential construction and repair and remodeling. Builders FirstSource also provides services to sub-contractors, remodelers, and consumers in the United States. Formed in 1998, Builders FirstSource now has over 29,000 employees operating at approximately 570 distribution and manufacturing locations, with a presence in 43 states and 90 of the top 100 metropolitans. Builders FirstSource is publicly traded on the NYSE (BLDR), with a market cap of approximately $22.4 billion. As of September 30, 2024, Builders FirstSource has year-to-date revenue of $12.6 billion, net income of $887.7 million, and total assets of $10.9 billion. In 2023, Builders FirstSource was named the fastest growing company by Fortune magazine.
The 651 Century Property is located in the Myrtle Beach Metro, the fastest-growing MSA in South Carolina. The 651 Century Property benefits from its location in the heart of the Southeast United States and is only a one-day drive from major population centers such as: Philadelphia, Pennsylvania; Washington D.C.; Richmond, Virginia; Raleigh, North Carolina; Atlanta, Georgia; and Miami, Florida. The 651 Century Property also provides good accessibility and good visibility in all directions, with access from the frontage road in a commercial corridor. The 651 Century Property’s immediate area is surrounded by numerous industrial buildings with household tenants such as Frito-Lay, Cintas, and Pods.
Loan Terms
All Cash. (0.00% LTV)
See “PPM” for details.
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BT Columbia Student Housing DST
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BT Columbia Student Housing DST
Exchange-X along with managing partner Baker Tilly is pleased to announce the offering of BT Columbia Student Housing DST.
BT Columbia Student Housing DST is a newly acquired student housing complex which consists of a 616-bed located on approximately 23.152 acres in Columbia, Missouri. The Project was built in 2003, and renovated between 2002 – 2024. The Project includes 1-, 2-, 3-, and 4-bedroom units.
Amenities at the Project include a clubhouse, a swimming pool, a basketball court, meeting rooms, parking lot, business center, fitness room, and common area WiFi. According to the Survey (as defined below), there are approximately 547 parking spaces at the Project, including approximately 15 handicap parking spaces.
The Project was leased at an occupancy rate of 99.67% as of November, 2024.
Loan Terms
5.93%, 10-year term (1.85% + SOFR Floating Rate)
See “PPM” for details.
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NLCA Government Lease Holdings II DST
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NLCA Government Lease Holdings II DST
Exchange-X along with Net Lease Capital Advisors is pleased to announce the offering of NLCA Government Lease Holdings II DST.
NLCA Government Lease Holdings II DST is a diversified portfolio consisting of two (2) Government properties leased to US Department of Veterans Affairs (VA) (Kernersville, NC) and US Citizenship & Immigration Services (USCIS) (Camp Springs, MD).
Built in 2020, the U.S. General Services Administration (GSA) and utilized by the U.S. Citizenship and Immigration Services (USCIS) is located at 5900 Capital Gateway Drive, Camp Springs, MD 20746. Built in 2020, USCIS is a 574,767 square foot office building situated on 10.71 acres. USCIS is responsible for immigration governance, including processing immigration applications under management of the Department of Homeland Security.
Camp Springs MSA is economically and demographically influenced by the Washington-Arlington-Alexandria, DC-VA-MD-WV Metropolitan Statistical Area (MSA), the “National Capital Region”. The MSA is one of the most educated and affluent metropolitan areas in the U.S. and population was 6,385,162 as of 2020 U.S. Census; sixth largest MSA in the nation.
The U.S. General Services Administration (GSA) building is located at 1695 Kernersville Medical Parkway, Kernersville, NC 27284. Built in 2015, GSA is a 353,238 square foot office building situated on 39.26 aces. Kernersville VA Clinic “VA Kernersville Health Care Center” is an outpatient care facility supporting the VA hub and spoke healthcare model; clinics are the spokes and hospitals are the hub (located in Durham and Greenville). Open 5 days a week, it has 78 physicians covering 34 specialty areas of medicine. The Urgent Care Clinic opened Nov. 2023, open everyday but Sunday; planning to serve 10,000 local veterans each year.
Kernersville is a town in Forsyt h County, North Carolina, located at the heart of a combined statistical area, which consists of t he cities of Greensboro, High Point, and Winston-Salem. Winston-Salem is the county seat of Forsyt h County, North Carolina. With a 2024 estimated population of 545,000, it is t he second largest municipality in the Piedmont Triad region and the fifth largest city in the state. The city was listed as the 17th best place to r etire in the U.S. during 2024-2025.7 Veteran population increasing in region, increasing demand for ambulatory/outpatient care. Upon closing, Net Lease Capital Advisors secured loans on both properties with a total LTV of 56.68%. The Kernersville, NC loan was originated by US Bank Trust Company at 2.87% on a 20-year fixed term and Camp Springs MD loan was originated by Wells Fargo Trust Company at 4.83% on a 15-year fixed term.
The properties are currently 100% occupied.
Loan Terms
NC: 2.87%, 20-year term | MD: 4.83%, 15-year term
See “PPM” for details
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LSC Rochester NY DST
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LSC Rochester NY DST
Exchange-X along with managing partner Livingston Street Capital is pleased to announce the offering of LSC Rochester NY DST.
LSC Rochester NY DST (The Property) is a multi-family residential community for seniors, commonly known as “Legacy at Clover Blossom” that was built in 2006. The Property is located on an approximately 30.83 acre parcel and includes a three-story “main” building with 180 residential rental units and an additional 10 buildings offering 39 two-bedroom single-story cottages, each with attached garages, for a combined total of 219 units and 145 parking spaces.
Previous ownership reportedly invested over $3.25 million since 2021 into the Property including but not limited to common area renovations, amenity improvements, and unit renovations. Property amenities include a library, a beauty salon, arts and crafts room, media room, a piano room, a living room with operable gas fire place, a sun room and multiple seating areas throughout for resident use, an indoor pool, outdoor landscaped courtyard with fire pit and landscape pool, and outdoor board games such as bocce and shuffle-board.
The Property is located in the Rochester, New York Metropolitan Statistical Area (the “MSA”). The MSA has a population of 1,054,080 and a median age of 41, with the largest population group in the 60-69 age range and the smallest population in 80+ age range. The MSA includes a total of 516,897 employees and has a 5.4% unemployment rate. The top three industries within the area are Health Care/Social Assistance Educational Services and Manufacturing, which represent a combined total of 42% of the population.
Livingston Street Capital, LLC is sponsoring this Offering. The Sponsor is a boutique commercial real estate private equity firm headquartered in Radnor, Pennsylvania. The Sponsor’s investment focus is driven principally towards acquiring assets that the Sponsor believes fulfill an essential need for either the tenant or the consumer. The Sponsor is active in the residential sector, including in active adult communities, which are multifamily independent living residential properties that are restricted in age to tenants usually 55 or older, and in independent living properties. Additionally, the Sponsor focuses on mission critical/strategic properties, including, but not limited to, light manufacturing industrial buildings and corporate headquarter office buildings, healthcare related properties, including, but not limited to, medical office buildings, laboratories and similar facilities. The Sponsor’s senior leadership team has collectively more than 75 years of experience in multiple aspects of real estate and capital markets.
Loan Terms
6.23%, 10-year term, 10-year interest only
See “PPM” for details
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Nexpoint Storage VI DST
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Nexpoint Storage VI DST
Exchange-X along with managing partner NexPoint is pleased to announce the offering of Nexpoint Storage VI DST.
Nexpoint Storage VI DST is a newly constructed dual-property portfolio consisting of 1,699 storage units managed by Extra Space Storage Company as the property manager.
The Beech Beech Property, which consists of a three-story self-storage facility located at 4700 Beech Road, Temple Hills, Maryland 20748. The Beech Property is situated on approximately 2.68 acres. The Beech Property improvements were completed in 2021/2022. The Beech Property consists of 959 rental storage units. The Beech Property contains approximately twenty-one (21) parking spaces of which one is accessible parking.
The Washington DC MSA has an estimated 2024 population of 6,429,395, which represents an average annual point 0.6% increase over the 2020 census amount of 6,278,542. Washington DC MSA added an average of 37,713 residents per year over the 2020 – 2024 period, and its annual growth rate is greater than that of the State of Maryland. Looking forward, the Washington DC MSA’s population is projected to increase at a 0.6% annual rate from 2024 – 2029, equivalent to the addition of an average of 36,102 residents per year. The Washington DC MSA growth rate is expected to exceed that of Maryland, which is projected to be 0.2%.
The Beech Property is leased at an occupancy rate of approximately 98.23% as of October 31, 2024.
The Old Hickory Property, which consists of a three-story self-storage facility located 14975 Old Hickory Road, Nashville, Tennessee 37211. The Old Hickory Property is situated on approximately 4.07 acres. The Old Hickory Property improvements were completed in 2019. The Old Hickory Property consists of 740 rental storage units. The Old Hickory Property contains approximately nine parking spaces, one of which is accessible parking.
The Old Hickory Property is located in the Nashville MSA. The Old Hickory Property’s local area provides average support for self-storage use. Residential development is suburban in nature with moderate density near the Old Hickory Property. Demographic indicators such as median household incomes and median home values are strong. The Nashville MSA ranks thirty-fourth in population out of the nation’s 382 metropolitan statistical areas. In 2024, the Nashville MSA has an estimated population of 2,189,414, which represents an average annual increase of 2.1% as compared to 2,014,444 from the 2020 Census. The Nashville MSA increased by an average of 43,743 residents per year over the 2020-2024 period, and its annual growth rate is greater than that of the State of Tennessee.
The Old Hickory Property is leased at an occupancy rate of approximately 96.98% as of October 31, 2024.
The principal objectives of the Parent Trust are to
(i) preserve the Holders’ capital investment
(ii) make monthly distributions from rent payments received through the Subtrusts pursuant to the Master Leases estimated to start at 4.20% per annum in year one (1), and projected to range from 4.30% to 5.70% per annum in years two (2) through ten (10), which may be partially tax-deferred as a result of depreciation and amortization expenses depending on the Holder
(iii) capitalize on strong demographics, population and economic growth, self-storage demand drivers and thriving economic conditions in the Nashville and Washington-Arlington-Alexandria, DC-VA-MD-WV MSAs
(iv) rely on the Master Tenants to increase the net operating income of the Properties through growth in rental rates, maintenance of high renter demand and occupancy, implementation and maintenance of expense controls by professional property management, and institutional-quality asset management
(v) receive sale proceeds from the Subtrusts when the Subtrusts sell the Properties within approximately five (5) to ten (10) years. There can be no assurance that any of these objectives will be achieved.
Loan Terms
All-Cash Offering
See “PPM” for details
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Wheaton Multifamily DST
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Wheaton Multifamily DST
Exchange-X along with managing partner Inland is pleased to announce the offering of Wheaton Multifamily DST.
Wheaton Multifamily DST (The Property) is located at 121 North Cross Street, Wheaton, Illinois 60187, known as “Wheaton 121 Apartments.” The Property is situated on an irregular-shaped land parcel totaling approximately 2.60 acres situated on the north side of East Front Street, the west side of North Cross Street, the south side of East Wesley Street, and the west side of North Scott Street in downtown Wheaton. Wheaton is located in northern Illinois and the Property is located in downtown Wheaton.
The Property is a multifamily residential building comprised of seven levels reportedly originally constructed in 2013-2014. According to the Property survey, the Property features 240 standard parking spaces, 154 tandem/double-wide parking spaces, nine handicap parking spaces, ten compact car parking spaces, six electric vehicle charging parking spaces, and 20 motorcycle parking spaces, for a total of 439 parking spaces. The Buildings consist of a total of 306 dwelling Units, comprised of five studio Units, 217 one-bedroom Units, 80 two-bedroom Units, and four three-bedroom Units that provide a total net leasable floor area of approximately 273,960 square feet.
As of November 7, 2024, the Units were approximately 94.12% sub-leased to the Residents.
The principal objectives of the Trust are to: (1) lease the Property to the Master Tenant with the intent that the Master Tenant manage the Property to realize its maximum operating performance; (2) pay regular distributions to Investors out of net cash flow as described on Exhibit D, the Forecasted Statement of Cash Flows; (3) preserve the intrinsic value of the Property; and (4) realize income through the ownership and eventual sale, disposition, transfer or merger to facilitate a tax-deferred exchange pursuant to Section 1031 with respect to the Property. NO ASSURANCE CAN BE GIVEN THAT THESE OBJECTIVES WILL BE ACHIEVED.
Loan Terms
All-Cash Offering (0% LTV)
See “PPM’ for details
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BR Amira DST
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BR Amira DST
Exchange-X along with managing partner Bluerock is pleased to announce the offering of BR Amira DST.
BR Amira DST, commonly known as “Amira at Westly”, is a Class A, garden style apartment community, consisting of 408 units has the following address: 6105 Paddock Glen Drive, Tampa, Florida 33634; the real estate parcels on which the apartment community is located are at 6220 W. Hillsborough Ave Tampa, Florida 33634 and 6224 W. Hillsborough Ave., Tampa, Florida 33634.
The Property, completed in 1999, and renovated and expanded in 2023, is situated on approximately 21.09 acres and contains 404,976 rentable square feet comprised of one and two-bedroom units, averaging 993 square feet per unit. The Property features top-of-the market community amenities with two resort-style pools, outdoor patio lounge with ping pong and community book exchange, state-of-the-art fitness center, yoga and spin room, summer kitchen and pool house, pool table and foosball, work-from-home business center, club house with Starbucks-branded coffee bar, community fireside lounge, a “Bark Park”, and posh pet spa.
Apartment amenities include newly redesigned one- and two-bedroom apartment homes, gourmet kitchen with stainless steel appliances, in-home, full-size washer and dryer, sleek quartz countertops, wood-inspired plank flooring, designer tile backsplash, private patio or balcony, designer cabinetry with brushed-nickel fixtures, ceiling fans in bedrooms, generous walk-in closets, and USB outlets.
The Property is located in the Tampa Metro. The Property is highly visible within the area, adjacent to the Tampa International Airport and at the intersection of West Hillsborough Avenue and Veterans Expressway, which cumulatively sees 145,000 vehicles per day. The Property distinguishes itself as one of the only newly renovated apartment communities within the submarket. The Property benefits from and provides superb walkability to nearby employment centers and destination retail and entertainment.
The Property is surrounded by 684,000 square feet of office space with notable tenants that include Bristol Myers Squibb, Mutual of Omaha, and ASB Financial. Additionally, the nearby Renaissance Center is a massive 910,000 square foot 7-building Class-A business park, located just five minutes’ drive north of the Property with notable tenants that include Capital One, New York Life, Centene Corporation, and AAA.
The Property is located along Hillsborough Avenue and is surrounded by popular retailers including two Publix centers, ALDI, Home Depot, T.J. Maxx, Crunch Fitness, Starbucks, and Dunkin’. Additional nearby retailers include: Waters Avenue (approximately a fiveminute drive from the Property), which includes household names such as Publix, AMC, Chick-fil-A, Walmart, Target, Bealls, Regions Bank and Lowe’s; and The International Plaza and Bay Street Mall (less than a fivemile drive from the Property), which consists of 1.2 million square feet, with a wide offering of stores and restaurants with more than 200 merchants, including Capital Grille, Rocco’s Tacos, Cheesecake Factory, Louis Vuitton, Tiffany & Co., Neiman Marcus, and others.
As of October 25, 2024, the Property was 95.1% occupied.
Loan Terms
4.81%, 10-year term, 10-year interest only, 30-year amortization
See “PPM for details
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NAI VCA Animal Hospital DST
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NAI VCA Animal Hospital DST
Exchange-X along with managing partner NAI Legacy is pleased to announce the offering of NAI VCA Animal Hospital DST.
NAI VCA Animal Hospital DST is a newly retrofitted and renovated CVS building leased to VCA Animal Hospital. Located at 10010 North Scottsdale Road in Scottsdale Arizona, the property sits on approximately 1.64 acres and 13,813 rentable square feet. The property is currently leased to VCA Animal Hospitals, Inc.
Phoenix, the vibrant state capital of Arizona, ranks as the fifth most populous city in the United States and leads as the highest-populated state capital nationwide. The metropolitan area, widely known as the Valley of the Sun, boasts a population of over 5 million residents, making it the 10th largest U.S. metro by population. Between 2020 and 2023, Phoenix has continued to attract an average of 70 new residents daily, drawn by a robust job market, exceptional quality of life, and a thriving business ecosystem. Significant investments exceeding $5 billion have transformed Downtown Phoenix, enhancing office spaces, retail options, educational institutions, and hospitality venues.
The area is recognized for its diverse and highly skilled workforce, attracting companies across various sectors, including healthcare, technology, and manufacturing. Key employers such as Banner Health, American Express, Honeywell, and St. Joseph’s Hospital contribute to the region’s economic vitality. Scottsdale, a gem within the Phoenix metropolitan area, offers a unique blend of luxury and outdoor lifestyle. Known for its high-end resorts, world-class golf courses, and vibrant arts scene, Scottsdale attracts both residents and tourists alike. Sports enthusiasts can enjoy professional teams like the Phoenix Suns (NBA), Arizona Diamondbacks (MLB), Arizona Coyotes (NHL), and Phoenix Mercury (WNBA).
The lease (“Lease”) commenced on April 30, 2024, and the rent payment commenced on August 28, 2024. The Lease provides for an annual base rent of $713,717.71 for the initial year beginning August 2024, with a 2% per annum increase for each year thereafter. The Lease has a fifteen (15) year initial term, which expires on August 31, 2039, and it contains three (3) subsequent optional renewal terms in favor of the Tenant, of five (5) years each. The Tenant is currently performing certain improvements upon the Property that have an estimated value of $5,000,000 and are expected to be completed around the second (2nd) quarter of 2025.
The property has a loan of 6.50% 5-year term with 3 years interest only and 2 years fully amortizing.
VCA Animal Hospitals operates more than 1,000 small animal veterinary hospitals in the U.S. and Canada and cares for over 4 million pets per year. The hospitals are staffed by more than 4,500 fully qualified veterinarians to give pets the very best in medical care, of which over 600 are board certified specialists who are experts in areas such as internal medicine, cardiology, emergency and critical care, and surgery for animals. VCA Animal Hospitals provides a full range of general practice services to keep pets healthy and specialized treatments when pets are ill.
As of 2017, VCA was acquired by the Mars Veterinary Health family of brands for approximately $9.1B. Founded in 1911, Mars, Incorporated is one of the largest food companies in the world. Founder Frank C. Mars started the company in his Tacoma, Washington kitchen. Today the company operates four business segments: Petcare, Snacking Food & Nutrition. Mars Wrigley, and Mars Edge. Mars Wrigley brands include M&Ms, Skittles, Snickers and Extra. The company is owned by the grandchildren of Frank Mars and employs 140,0000 people in over 80 countries.
NAIGlobal is the largest independent broker organization in the world. NAIGlobal offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estaten eeds. NAIGlobal has over 325 offices strategically located throughout NorthAmerica, Latin America and the Caribbean, Europe, Africa, and Asia Pacific with local market professionals. NAIGlobal provides a full range of corporate real estates ervices, including brokerage and leasing, property and facilities management, real estate investment and capital market services, duediligence, global supply chain and logistics consulting, and related advisory services.
Loan Terms
6.62%, 5-year term, 3-year interest only
See “PPM” for details
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ERP Industrial Portfolio II DST
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ERP Industrial Portfolio II DST
Exchange-X along with managing partner Energy Related Properties (ERP) is pleased to announce the offering of ERP Industrial Portfolio II DST.
ERP Industrial Portfolio II DST is an industrial portfolio consisting of 29 single-tenant, net-lease industrial Properties, located at the addresses set forth in the table below, encompass, approximately, 396,145 square feet and 137.176 acres of land.
The Trust acquired the Properties on October 1, 2024 from the Seller for an aggregate purchase price of $64,000,000 plus payment of closing costs, financing costs, and related transactional costs. The portfolio appraised for $72,315,000, $8,315,000 over acquisition cost.
The Sponsor and its ERP-affiliated entities (collectively, “ERP”) believe that it possesses one of the largest and most important institutional, industrial real estate investment and operations platforms in the Permian Basin. The Permian Basin is approximately 250 miles wide and 300 miles long, stretching from West Texas to Southeastern New Mexico.
Since 1923, Midland, Texas has represented the economic and geographic center of this prolific oil-producing region. The city of Midland played a major role in United States oil production throughout the 20th century and continues to play an outsized role in the 21st century with new technologies such as horizontal drilling and hydraulic fracturing arising from the region, allowing for previously inaccessible source rock to be drilled.
The Sponsor believes that the Properties represent an important, core industrial position in the Permian Basin and may perform strongly during the DST’s ownership period due to their superior locations, attractive going-in base rents, and high land to- building ratios.
As of October 1, 2024, occupancy at the Properties is 100%.
The Trust has entered into a loan agreement with GECU Federal Credit Union (the “Lender”), in connection with obtaining a loan for an original principal amount of $22,000,000 for the acquisition of the Properties (the “Loan”). The Loan has an initial interest rate of 6.60%, with fixed, five-year resets thereafter at the ten-year (10 year) Treasury Rate plus 275 bps. The Loan offers a fifteen-year (15 year) term and twenty year (20 year) amortization, with zero extension options. The Loan is a non-recourse loan, with no prepayment penalty.
Loan Terms
6.60%, 15-year term, 5-year amortizing, 20-year amortization
See “PPM” for details
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LRT Hardeeville Senior Living DST
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LRT Hardeeville Senior Living DST
Exchange-X along with managing partner LRT Company is pleased to announce the exclusive offering of LRT Hardeeville Senior Living DST.
LRT Hardeeville Senior Living DST is a 8.17 acre development site located at 20 Island Gate Way in Hardeeville South Carolina 29927 (Savannah Georgia MSA) scheduled to construct a 154-unit senior housing facility. As of September 20th 2024, LRT Company entered into a 50 year, NNN master lease agreement to design, develop, and construct a built-to-suit multi-story assisted living and memory care senior housing community for Validus Senior Living REIT Investment Management Company containing approximately 154 units on the Property.
The Property is located directly of Exit 8 on Interstate 95 in Hardeeville South Carolina, and has high visibility from the I95. Hardeeville is in the south most region of South Carolina and borders the town of Savannah, Georgia. Hardeeville is in the Hilton Head Island-Bluffton-Beaufort, SC Metropolitan Statistical Area (the “MSA”). The main economic drivers in the MSA are retirees, tourism, and defense. The MSA is in the first quintile for projected employment growth from 2023-2026 and 2023-2028. Within a ten-mile radius of the Property, there are several independent living, assisted living, and memory care providers.
Most of the nearby facilities have above-average occupation rate and one of the facilities that was completed in 2020 already has 100% occupancy with a waiting list. In that area, the anticipated senior population growth is approximately 1%, with the age group of 75+ likely increasing from 14.8% of the population to 16.4% of the population over the next five years. This density the 75+ population in the ten-mile radius is higher than the density in both South Carolina and the US.
Validus Senior Living REIT Investment Management Company, LLC, a Florida limited liability company through its subsidiaries currently manages over 20 care-continuum senior living communities across the Southeastern United States that they have developed and stabilized Its principals have significant experience managing a wide array of senior living and retirement facilities.
Loan Terms
All-Cash (0% LTV)
See “PPM” for details
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Notes CS I DST
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Notes CS I DST
Exchange-X along with managing partner VENU (Notes Live is pleased to announce the offering of Notes CS I DST.
Notes CS I DST (the Property) is a newly built concert Amphitheater known as “The Sunset Amphitheatre” which consists of 9.41 acres located at 95 Spectrum Loop, Colorado Springs, Colorado 80921, which is improved by an 8,000 person capacity outdoor amphitheater, eight structures containing approximately 28,210 air conditioned space and 10,700 square feet of covered area.
The Property is located in the City of Colorado Springs, Colorado, which is the second most populous area in Colorado after Denver. Colorado Springs has experienced significant population growth in recent decades. The county population grew from 397,000 in 1990 to 730,395 in 2020. U.S. News and World Report ranked Colorado Springs as the 9th Best Place to Live in May 2023 and 4th Best Place for Young Professionals to Live in July 2023. The economy in the Colorado Springs area is heavily impacted by the military, including the United States Air Force Academy.
The local economy is related to the private defense industry, including employers such as Boeing, Lockheed Martin, General Dynamics, and Northrop Grumman. Approximately 35%-40% of the local economy is directly related to the military and defense contractor sectors. Tourism is another significant component of the Colorado Springs economy, including the U.S. Olympic Training Center, Broadmoor Resort Hotel, and natural landmarks such as Garden of the Gods and Cave of the Winds.
Among the economic highlights noted in the Appraisal is the recent announcement by Meyer Burger, a Swiss solar manufacturer, in July 2023 that it intends to spend $403.5 million over the next two years to convert a former Intel facility into a solar cell manufacturing facility. In addition, on July 31, 2023, the Biden administration announced that Colorado Springs will be the permanent home of Space Command, a division of the military established in 2019.
The Tenant, Sunset Amphitheater LLC, a Colorado limited liability company, leased the Property for the purpose of operating an amphitheater on the Property, and related activities. The Tenant recently signed a ten year agreement with AEG Presents, which represents numerous artists, including Taylor Swift, Elton John, Ed Sheeran and the Rolling Stones. The Tenant is one of many direct or indirect subsidiaries of Notes Live, Inc. d/b/a Venu Holding Corporation, which is an owner, operator, landlord, financier, and manager of multiple uniquely structured concert and restaurant venues across the United States.
The tenant (Sunset Amphitheater LLC) entered into a newly executed master lease with Lessor Notes CS MT LLC, a Colorado limited liability company. Lease terms consist of a 25 year term on a triple net (NNN) basis with an option to renew for five (5) terms of ten (10) years each. Total starting net operating income is $3,222,000. Tenant will obtain, maintain and pay for liability insurance naming the lessor as an additional insured, all in such terms and amounts as lessor may reasonably determine.
Venu develops each venue from the ground up with integrated services including food, beverage, ticket sales, venue naming rights and related services. Venu currently owns various restaurants, bars, indoor concert venues, and outdoor amphitheaters which are either completed or under construction Colorado Springs, Colorado, Gainesville Georgia, Mustang Creek, Oklahoma, Broken Arrow, Oklahoma, and McKinney Texas, with a number of additional sites being considered for acquisition. Venu was founded in 2017, and its shares are widely held, with approximately 33% being held by its founder and CEO, J.W. Roth, and with no other party controlling more than 2% of its shares. Venu intends to complete a listing on the New York Stock Exchange in the second or third quarter of 2024 under the ticker symbol VENU, although there can be no assurance that this will occur.
Loan Terms
All-Cash (0% LTV) Offering
See “PPM” for details
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MCG 7 Brew Coffee DST
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MCG 7 Brew Coffee DST
Exchange-X along with managing partner Madison Exchange is pleased to announce the offering of MCG 7 Brew Coffee DST.
MCG 7 Brew Coffee DST is a quick service coffee portfolio consisting of six (6), newly constructed 7 Brew Coffee Company properties on approximately 3,108 rentable square feet and approximately 5.64 acres on long-term NNN leases.
The properties are located at (i) 2915 Peach Orchard Road, Augusta, Georgia 30906; (ii) 105 Charlestowne Way, Augusta, Georgia 30907; (iii) 131 McMeans Avenue, Bay Minette, Alabama 36507; (iv) 2230 N Beltline Boulevard, Forest Acres, South Carolina 29204; (v) 7234 Garners Ferry Road, Columbia, South Carolina 29209; and (vi) 10024 Papa George Street, Daphne, Alabama 36526.
The Augusta Georgia (Peach Orchard) Property is 518 square foot single-tenant retail building on approximately 1.85 acres located at 2915 Peach Orchard Road, Augusta, Georgia 30906. The building was constructed in 2023. The Property is currently 100% leased to Coffee Talk, conducting business as 7 Brew Coffee.
The Augusta, Georgia (Charlestowne Way) Property is 510 square foot single-tenant retail building on approximately 0.83 acres located at 105 Charlestowne Way, Augusta, Georgia 30907. The building was constructed in 2023. The Property is currently 100% leased to Coffee Talk, conducting business as 7 Brew Coffee. This is NNN lease.
The Bay Minette, Alabama Property is 530 square foot single-tenant retail building on approximately 0.92 acres located at 131 McMeans Avenue, Bay Minette, Alabama 36507. The building was constructed in 2024. The Property is currently 100% leased to Brew Culture, conducting business as 7 Brew Coffee. This is NNN lease.
The Columbia, South Carolina (Beltline) Property is 510 square foot single-tenant retail building on approximately 0.47 acres located at 2230 N Beltline Boulevard, Forest Acres, South Carolina 29204. The building was constructed in 2023. The Property is currently 100% leased to Coffee Talk, conducting business as 7 Brew Coffee. This is NNN lease.
The Columbia, South Carolina (Garners Ferry) Property is 510 square foot single-tenant retail building on approximately 0.69 acres located at 7234 Garners Ferry Road, Columbia, South Carolina 29209. The building was constructed in 2023. The Property is currently 100% leased to Coffee Talk, conducting business as 7 Brew Coffee. This is NNN lease.
The Daphne, Alabama Property is 530 square foot single-tenant retail building on approximately 0.88 acres located at 10024 Papa George Street, Daphne, Alabama 36526. The building was constructed in 2024. The Property is currently 100% leased to Brew Culture, conducting business as 7 Brew Coffee. This is NNN lease.
7 Brew Coffee Company was founded in 2017 and emphasises it’s culture to the “drive-thru” demand in expanding markets. 7 Brew Coffee Company currently owns and operates over 250 locations nationwide. This is triple-net (“NNN”) lease. As of August 1st 2024, all properties are 100% occupied.
Loan Terms
All-Cash Offering (0% LTV)
See “PPM” for details
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Madison Ridge DST
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Madison Ridge DST
Exchange-X along with managing partner Madison Capital Group is pleased to announce the offering of Madison Ridge DST.
Madison Ridge DST is a brand new 2023 construction multifamily community located at 3506 Buster Lane Indian Land South Carolina in the Charlotte MSA. The Property is a 240-unit, 3-story, Class A Garden multifamily property located Indian Land, SC (Charlotte MSA) that completed construction in Q4 of 2023, and is currently in lease-up.
Located in Lancaster County’s panhandle, Indian Land is the fastest growing area of the county. Adjacent to the City of Charlotte and the prestigious Ballantyne Community, one of Charlotte’s most affluent neighborhoods, the area is accessible from I-485 via US 521 or I-77 via SC 160.
The Charlottle MSA population was estimated at approximatly 2.7m in 2021. Charlotte has several key industries that continue to keep the region economically stable, including banking, financial services, manufacturing, energy, automotive, health, technology, and retail. Indian Land supports one of the hottest corporate addresses in the region and state, Indian Land is home to substantial corporate headquarters operations for Continental Tire of the Americas (tires and automotive), INSP Network (family television), Keer America (textiles), Movement Mortgage (financial services), Red Ventures (internet marketing) and Sharonview Federal Credit Union (financial services). In 2017, CompuCom Systems (IT) opened its global headquarters in Indian Land and has 1,500 associates at the location.
Madison Ridge will feature a unit mix comprised of 92 one bedroom, 120 two-bedroom, and 28 three-bedroom units with an average unit size of 978 SF. The complex will offer market rate rental units and will be highly amentized with community features such as a clubhouse, fitness center, resort style pool, and outdoor grilling areas.
Unit amenities include stainless steel appliances, granite countertops, private patio/balcony, in unit washer/dryer, and large walk-in closets. Madison Ridge was constructed with intention and attention to detail that combine elements of traditional architecture with fresh accents and stone textures. With crisp neighborhoodstyle landscaping, the Property attracts a resident pool who enjoys the suburban lifestyle with proximity to urban amenities and abundant employment options.
The property is strategically located to nearby Promenade at Carolina Reserve and super regional center featuring tenants such as TJ Max, Burlington, HomeGoods, and Ulta Beauty. Top employers include URS Nuclear, Red Ventures, Continental Tire North America, Duracell, Thomas & Betts, and more. Drive times are 35 minutes from downtown Charlotte CBD, 10 minutes from Ballantyne, and 5 minutes from RedStone. Nearby grocers include Publix, Harris Teeter, Food Lion and Aldi off Highway 521.
Land scarcity in Indian Land, especially at the submarket’s primary intersection, which is 1 mile from the Property (Charlotte Hwy-521/Fort Mill Hwy-160), is driving multifamily land prices significantly above $20K per unit. From 2010-2023 Indian Land witnessed a population growth of 47%f within a 5-mile radius. Median household incomes are approximately $124k for the 3-mile radius.
As of 8/1/2024 the property is fully-stabilized at 93% occupancy.
Business plan:
• The Master Tenant intends to take advantage of the Property’ location in Indian Land, SC part of the Charlotte, NC MSA. The Sponsor believes that there is a need for multifamily housing in the market area and that the Charlotte MSA’s continued growth will lead to sustained rental unit
demand.
• The Master Tenant intends to develop a market-based approach in determining and executing leases with subtenants and intends to implement a program to capture additional income through various supplemental items such as bulk cable agreements, pet fees, pet rent, valet trash, unit premiums, administrative fees, month to month rental fees, and application fees.
• The Master Tenant will enter into a management agreement for the Property with the Property Manager. The Property Manager will provide daily on-site management and staff oversight, sales support, revenue management, capital improvement recommendations and ongoing maintenance, vendor management and negotiations, and IT support.
• Conduct monthly meetings between the Master Tenant’s asset manager(s) and the regional property management staff reviewing performance reports including, but not limited to, revenue management and leasing activity, pricing, market programs and capital projects and site maintenance.
• Leverage “economy of scale” cost effective pricing structure on contractor and vender services, insurance and maintenance and supply inventory.
• Perform annual competitive bidding of contracts and services.
• Implement an annual property tax review and appeal program utilizing recognized national and/or local area tax consultants.
• Implement an annual property insurance review utilizing recognized national insurance agencies.
Loan Terms
0% LTV – All Cash Offering
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Life Sciences III DST
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Life Sciences III DST
Exchange-X along with managing partner NexPoint is pleased to announce the offering of Nexpoint Life Sciences III DST.
The Property is located in the Minneapolis MSA. The Minneapolis MSA is the 16th most populous Metropolitan Statistical Area (“MSA”) in the United States. The Minneapolis MSA has an estimated 2022 population of 3.72 million which represents an average annual increase of 1.5% over the 2020 census amount, which exceeded that of the nation last decade, a rarity in the slow growing Midwest. The Minneapolis MSA added an average of 14,000 residents per year over the 2020-2022 period. Looking forward, the Minneapolis MSA’s population is projected to increase at a 0.6-0.8% annual rate from 2023- 2028.
The Property is located in the City of Woodbury in Washington County located approximately 20-miles from downtown Minneapolis, Minnesota. Minneapolis is a hub for research and development in the medical technology field, dominating the U.S. medical device industry from employment to venture capital investment. The state has a long history of medical technology development, a reputation for scientific excellence, and a concentration of highpowered academic institutions–including the University of Minnesota, ranked ninth among public research universities, and Mayo Clinic, one of the nation’s top health providers. Nationally, Minnesota is ranks first in medtech jobs per capita and ranks second in the number of medical device and equipment manufacturing firms and employees.
Concurrent with the Acquisition Closing, the Master Tenant assumed the Tenant Lease with the Tenant (i.e., Kindeva). Kindeva is a global CDMO in the pharmaceutical industry, focused on drug-device combination products. The Tenant is an industry leader in combination drug delivery and manufacturing and provides expertise at every stage of pulmonary and nasal, injectable, and transdermal therapy development and manufacturing. The Tenant’s offerings span early-stage feasibility through commercial scale drug product fill-finish, container closure system manufacturing, and drugdevice product assembly. The Tenant serves a global client base from its nine manufacturing, research, and development facilities located in the United States and United Kingdom.
The Tenant Lease commenced on September 17, 2021 for a period of 15 years, ending September 30, 2036. The Tenant is obligated to pay base rent to the landlord under the Tenant Lease each month as scheduled in the Tenant Lease. In addition, the Tenant is obligated to pay additional rent to the landlord under the Tenant Lease as set forth in an exhibit to the Tenant Lease. The Tenant has three Extension Options to extend the term of the Tenant Lease, each for a five-year term.
Investment Highlights
- Life science real estate has been a top-performing asset class for the past 20+ years1
- The Property is a high-quality, purpose-built facility that is well suited to the Tenant and will support its continued growth
- Strong and growing Tenant, with approximately 1,300 patents and more than 2,000 employees across nine manufacturing and research and development facilities
- A significant portion of the Tenant’s revenues are generated through contracts with blue-chip, creditworthy institutions
- Use of the Property is central to the Tenant’s business, housing the Tenant’s corporate headquarters as well as its research, formulation and development for dermal and inhaled products
- 15-year initial term net lease with 13 years remaining (with extension options) and contractual escalations each year
- The Minneapolis MSA is one of the top life science clusters in the United States
- The Tenant is led by an experienced management team and backed by leading strategic investors as well as a prominent private equity sponsor, Altaris Capital Partners Ownership Objectives I.
Sponsor Investment Goals
I. Preserve the Beneficial Owners’ capital investment.
II. Make monthly distributions starting at 4.18% per annum in year one, and projected to range from 4.01% to 4.10% per annum in years two through nine, which may be partially tax-deferred as a result of depreciation and amortization expenses.
III. Capitalize on strong demographics, population and economic growth, life-sciences demand drivers and thriving economic conditions in the Minneapolis MSA.
IV. Capitalize on strong and accelerating technology real estate fundamentals, driven by favorable supplydemand imbalance, continued sector growth and persistent tailwinds.
V. Profitably sell the Property within approximately five to nine years. There is no guarantee that the objectives will be successfully achieved, that the Property’s values will be enhanced, or that the Property will be sold within the planned time period.
Investment Rationale
Strong Life Science Tailwinds.
Attractive life science real estate fundamentals are driven by demographic tailwinds and a requirement for continued innovation to solve evolving societal healthcare needs.
Life science real estate plays a critical role, as specialized space is required to support scientific research, development and ultimately the manufacturing of novel drugs and therapeutics.
The Property house the Tenant’s corporate headquarters and a majority of their manufacturing and manufacturing employees.
Attractive, Long-Term Lease Structure. The Tenant Lease structure provide for an attractive passive investment opportunity, supported by 15-year initial term, contractual rental escalation every year, and net lease structure with the Tenant responsible for property tax, insurance, maintenance and repair throughout the entire term of the Tenant Lease.
Well-Located Life Science Manufacturing Asset. The Property is located in Woodbury, Minnesota which is the fastest growth submarket within the Minneapolis MSA. The Minneapolis MSA is the 16th largest metropolitan statistical area (“MSA”) in the United States, and an extremely robust industrial market with rents having doubled in the last five years.
Loan Terms
10-year term, 4.5% for months 0-36, 2% + 3-year Treasury for months 36+
See “PPM” for details
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Semiconductor Manufacturing DST
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Semiconductor Manufacturing DST
Exchange-X along with managing partner Nexpoint is pleased to announce the offering of Semiconductor Manufacturing DST.
The Property, also known as Temecula Industrial, is an industrial manufacturing property located at 41915 Business Park Drive, Temecula, California 92590. The Property is an industrial manufacturing property with one primary building on 28.77 acres and 450,000 total square feet, with two-stories and 69,000 square feet dedicated to clean rooms and 14,000 square feet designed specifically for lab space. The Property is one of the only 300mm scale wafer fabrication facilities in all of California, making it mission critical infrastructure.
The Property is located in Temecula, California, a city within the Riverside metropolitan statistical area (“MSA”). The Riverside MSA’s economy is expected to benefit from a stable to slightly growing population base. Since 2013, the Riverside MSA’s employment grew by 426,450 jobs, and it is expected that employment growth will continue in the future3. The city of Temecula is favorably situated, located only 85 miles from Los Angeles and 60 miles from San Diego. The city boasts of a diverse and rich manufacturing ecosystem with a growing number of companies moving to the area.
NexPoint believes that the Property presents an attractive long-term investment opportunity due to strong industry tailwinds, high-quality construction and infrastructure, strong Tenant (i.e. Skorpios Technologies Inc.), use fundamental to the Tenant’s business, desirable triple net lease terms (including the 15-year initial duration of the Tenant Lease with extension options), and a strategic location. The semiconductor manufacturing industry is a high-growth space, with substantial real estate supply-demand tailwinds.
The tenant Skorpios Technologies, Inc. is an optical communications company focused on revolutionizing the transceiver and subsystem supply chain to enable the delivery of truly next generation high speed infrastructure products. Together with our foundry partner, Skorpios designs, develops and manufactures integrated optical modules and subsystems in support of the entire opto-electronic communications ecosystem. Skorpios’ technology allows the generation, detection and modulation of light to be monolithically integrated with high-speed electronic circuits in a standard CMOS-compatible process known as Composite-Semiconductor on Insulator (C-SOI) and is fully supported within existing standard CMOS foundry processes.
The new facility will provide Skorpios with several benefits: A workforce from the prior owners with high-volume manufacturing experience, proximity to potential employees in the Los Angeles and San Diego areas, more modern clean-room support equipment, and sufficient space to expand for growth. The transition will also allow Skorpios to redesign factory flow to be more efficient, while upgrading some tools during the transition. Skorpios will manage the transition expeditiously, minimizing customer disruption to the extent possible.
Passed on August 9, 2022, the Chips and Science Act provides semiconductor manufacturing incentives and funding for investment in research and programs the spur innovation in an effort to ensure that the U.S. remains at the forefront of technology leadership.
The Property is managed by CMP Management, LLC (the “Property Manager”).As of August 31, 2023, the Property was 100% leased to Skorpios Technologies, Inc.
Loan Terms
6.63% Fixed, 10-year term, 10-years interest only
See PPM for details
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SPP TXAL Investment DST
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SPP TXAL Investment DST
Exchange-X along with managing partner Skyline Pacific Properties is pleased to announce the exclusive offering of SPP TXAL Investment DST.
SPP TXAL Investment DST is a portfolio of four (4) Logan’s Roadhouse Restaurant sale leasebacks from parent company SPB Hospitality, LLC. The sale leasebacks are structured on new 20-year NNN terms with 2% annual rent increases.
The Properties consist of: (i) the Waco Property located at 2806 West Loop 340, Waco, Texas 76711, (ii) the Fultondale Property located at 3387 Lowery Parkway, Fultondale, Alabama 35068, (iii) the Decatur Property located at 2315 Beltline Road SW, Decatur, Alabama 35603, and (iv) the Prattville Property located at 2775 Legends Parkway, Prattville, Alabama 36066.
The Tenant, which is a subsidiary of SPB Hospitality, will continue to operate the Properties as Logan’s Roadhouse restaurants. Fortress, through SPB Hospitality and its subsidiaries, owns and operates the Logan’s Roadhouse chain of restaurants. Logan’s Roadhouse (“ is a casual dining “ restaurant chain founded in 1992 in Lexington, Kentucky, with 133 locations in 21 states Logan’s specializes in traditional American “ fare Logan’s operates locations in California, including restaurants in Sacramento, Chico, Redding and Fontana, California, but has maintained an operational focus in the Southeast and Texas, which are both strong geographies for steakhouse and roadhouse restaurants.
SPB Hospitality LLC, a Nashville based hospitality group owns and operates the Logan’s Roadhouse chain Fortress Investment Group LLC, through its affiliates, owns SPB Hospitality LLC. Altogether, SPB Hospitality LLC operates over 225 restaurants, including the J Alexander’s chain, the Gordon Biersch chain, ChopHouse Brewery, the Ember Smoked BBQ chain, the Rock Bottom Brewery chain, the Roadies Sliders chain, Big River Grille Brewing Works, AIA Ale Works Restaurant Taproom, Ragtime Tavern Seafood Grill and Seven Bridges Grille Brewery.
Fortress Investment Group LLC (“ is a leading, highly diversified global investment manager with approximately $44.2 billion of assets under management and approximately 917 employees and 209 investment professionals located at its headquarters in New York and its affiliate offices around the globe.
The Signatory Trustee anticipates that the Properties will provide the Purchasers with the potential for stable cash flow. Additionally, as a result of the flexibility provided by the absence of debt, the Signatory Trustee intends to evaluate all opportunities to sell the Properties throughout the anticipated hold period and will attempt to do so at the most opportune time to Purchasers, in its sole discretion.
Skyline Pacific Properties, LLC is a professional real estate management firm with over 30 years sourcing net lease (NNN) properties for private equity. The firm has acquired over 2,500 commercial properties with an aggregate value exceeding $7 billion. In-house capabilities include Property Management, Investor Relations, Accounting, Development, Construction, and Legal.
The properties (4) as of June 26th 2023 are 100% occupied.
Loan Terms
All Cash Offering
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Moody Village Towers DST
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Moody Village Towers DST
Exchange-X along with managing partner Moody National Company is pleased to announce the offering of Moody Village Towers DST.
Village Towers is an office building with retail space located at 9651 (“Tower I”) and 9655 (“Tower II”), including a separate one story building with a six story parking garage (the “Plaza”), on Katy Freeway in Houston, Texas, situated on approximately 5.178 acres. The Project is improved with 3 rectangular (6) shaped buildings, consisting of a total of approximately 325,557 square feet.
Tower I is a six story building consisting of approximately 141,249 square feet.
Tower II is a six story building consisting of approximately 141,059 square feet.
The Plaza is a one story building with a six story parking garage above the building consisting of approximately 43,249 square feet. The Project was constructed in 2019. The Project is currently configured for 30 rental units (including a management office, mail center, conference room, and fitness center), which offer a combination of office and retail space. The interiors are divided into reception areas, management offices, restrooms, fitness center and mail room. The Project contains approximately 1,364 parking spaces.
According to a rent roll dated November 1, 2022 (the “Rent Roll”), Tower I is 97.807% occupied by 9 tenants, Tower II is 50.965% occupied by 5 tenants and the Plaza is 100% occupied by 5 tenants and amenities. Major tenants at the Project include Village Towers Towne Center, LLC, Prologis, Inc., SEP Permian LLC, Innovation Specialists, LLC (d/b/a 2ND.MD), Veritex Community Bank, EnCap Investments L.P., Frost Bank, Hilltop Residential, LLC, and Moody National Realty Company, L.P. Solaris Midstream Holdings, LLC and Solaris Oilfield Infrastructure, LLC.
The Project is located in the City of Hedwig Village a western suburb of the City of Houston, Texas. According to Appraisal, the city of Hedwig Village is included in the Houston-The Woodlands-Sugar Land, TX Metropolitan Statistical Area (the “Houston-The Woodlands-Sugar Land, TX MSA”). According to the Appraisal, (36) the Houston-The Woodlands-Sugar Land, TX MSA is a region of 7,421,501 million people projected to have continued growth in the area’s employment and population—expected to occur in-line with or above that of the nation as a whole over the next 12 to 36 months.
The City of Houston is located in Harris County, in the west-central portion of the Houston-The Woodlands-Sugar Land, TX MSA, which includes all of Austin, Brazoria, Chambers, Fort Bend, Galveston, Harris, Liberty, Montgomery, and Waller Counties. Harris County, home to the Project, is located in the central portion of the MSA, and is in the southeast portion of the state. The City of Houston is the 4th most populous city in the nation and the most populous city in Texas. The Houston-The Woodlands-Sugar Land, TX MSA is the 5th most populous MSA in the nation.
Loan Terms
5.09%, 10-year term, 10-year interest only (SWAP Agreement)
**SEE PPM for more details
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Life Sciences II DST
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Life Sciences II DST
Exchange-X along with NexPoint is pleased to announce the offering of Life Sciences II DST.
Life Sciences II DST is a newly formed Delaware Statutory Trust which owns several life sciences properties in the city of Philadelphia Pennsylvania.
The Orthodox Property is a manufacturing and production facility located at 1040, 1100, 1120, and 1170 Orthodox Street, Philadelphia, PA consisting of approximately 6.42 acres of land and totaling approximately 129,237 net rentable square feet. The Orthodox Property is managed by the Property Manager. As of March 31, 2023, the Orthodox Property was 100% leased to the Tenant.
The Dungan Property is a manufacturing and production facility located at 7700-7744 Dungan Road, Philadelphia, PA consisting of approximately 12.10 acres of land and totaling approximately 172,107 net rentable square feet. The Properties are 100% occupied by the Tenant, Frontida Biopharm, LLC.
The Tenant is a pharmaceutical company that specializes in vertically integrated contract development and manufacturing focused on oral formulations. The Tenant is wholly-owned by Adare, which is a global technology-driven CDMO providing product development through commercial manufacturing expertise focused on oral dosage forms. Adare is a global technology-driven CDMO providing product development through commercial manufacturing expertise focused on oral dosage forms for the pharmaceutical industry.
Adare’s specialized technology platforms provide taste masking, controlled release, solubility enhancement, and patient-centric dosing solutions. The Sponsor believes that the Properties present an attractive long-term investment opportunity due to strong industry tailwinds, high quality construction and infrastructure, strong Tenant, use fundamental to the Tenant’s business, desirable lease terms (including the 20-year initial duration of the Tenant Leases with extension options), and strategic location.
Investment Highlights
- Life science real estate has been a top-performing asset class for the past 20+ years
- High-quality, purpose-built facility in a segment of the market with little to no nationwide vacancy
- Strong and growing Tenant, with approximately $200 million in revenue that is projected to grow to
approximately $340 million by 2027 - A significant portion of the Tenant’s revenues are generated through contracts with blue-chip, creditworthy institutions
- Use of the Properties is fundamental to the Tenant’s business, housing the Tenant’s corporate headquarters, and a majority of the Tenant’s manufacturing and production
- 20-year initial term net lease (with extension options) with contractual escalations each year
- The Philadelphia MSA is one of the top life science clusters in the United States
- The Tenant is backed by leading, well-capitalized private equity sponsors
As of June 1st 2023, the property is 100% occupied.
Appraisal was valued at $55,800,000 which represents a premium of $800,000 over the initial purchase price.
Loan Terms
6.16%, 10-year term, 10-year interest only (See PPM for details)
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Parkland Apartments DST
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Parkland Apartments DST
Exchange-X along with managing partner Capital Square is pleased to announce the offering of Parkland Apartments DST.
Parkland Apartments DST The Property was constructed in 1991 and has benefited from approximately $9.4 million in capital improvements since 2018, including $6.8 million in interior unit renovations.
The Property consists of 43 two- and three-story residential buildings, two one-story clubhouse buildings, one maintenance building and a 4.75-acre lake that provides 4,400 linear feet of lake views, all set on approximately 45.43 acres of land. The Property has 821 surface parking spaces, a ratio of 2.1 parking spaces per unit. The Property consists of 126 one-bedroom garden-style apartment units, 150 two-bedroom garden-style apartments units, 42 two-bedroom townhome-style units, 22 three-bedroom garden-style apartment 15 units and 56 three-bedroom townhome-style units with an average unit size of approximately 1,118 square feet.
The Property is located in Parkland Florida, an affluent community that was named as one of the best suburbs in Florida to raise a family,2 due to its low crime rates, family-friendly amenities, A-rated schools and proximity to some of South Florida’s strongest employment, entertainment and natural points of interest. The area provides a nature-oriented lifestyle that includes over 18 parks and nine greenways, in addition to Florida’s renowned beaches which are only a short drive away.
Multiple nearby colleges and universities are also near the Property, including Broward College (7.2 miles away), Lynn University (9.5 miles away), Florida Atlantic University (10.6 miles away) and the South Florida Education Center (22.8 miles away).
As of the date of this Memorandum, the Property was approximately 94.95% occupied.
Loan Terms
5.49%, 10-year term, 30-year amortization, 7-year interest only
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Manufacturing Essential Asset DST
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Manufacturing Essential Asset DST
Exchange-X along with managing partner CAI Investments is pleased to announce the exclusive offering of Manufacturing Essential Asset DST.
Located approximately an hour outside of Milwaukee Wisconsin and 1 1/2 hours from Chicago in Harvard Illinois, Manufacturing Essential Asset DST is a single tenant industrial DST leased to US Medical Glove Co a leading manufacturer of nitrile gloves and nitrile glove making machines.
Built in 1997, the facility has over 1.5 M sq ft of warehouse, office, and amenities on 300 acres USMGC will occupy the facility as its global HQ, moving manufacturing equipment, establishing R&D, and increasing their current production of nitrile gloves as part of the federal government’s mandate to re shore critical goods and services. Building 1 is a 355,000 square foot distribution center comprised of 28 docks, 35′ clear height, high-bay storage with 52′ clear heights. Building 2 is a 619,000 square foot manufacturing center comprised of 18 docks, 17’3-23 clear height, conveyor system. Building 3 & 4 is a 573,000 square foot corporate office/other complex used for corporate employees.
Amenities include 1,10 person capacity Cafeteria, 500 person capacity Auditorium, Underground Parking, Two Daycare Facilities, Fitness and Wellness Center, Helipad and Interconnected trails for biking, walking, etc.
The lease is an Absolute Net Lease (NNNN) leased to US Medical Glove Co (www.USMG.us) a leading manufacturer of nitrile gloves and nitrile glove making machines with a lease term of 23.5 years commencing April 1 2023. The lease has annual rent increases at a stated 2% per annum and Four 5-year term renewal options. US Medical Glove Company was founded in 2020.
The company at capacity production is 10 billion nitrile gloves annually and projected to fulfill 30% of the nations annual NBR glove need.
Loan Terms
4.25%, 10-year term, 10-year interest only
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NLCA DG Investment Grade Portfolio I DST
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NLCA DG Investment Grade Portfolio I DST
Exchange-X along with managing partner Net Lease Capital Advisors is pleased to announce the offering of NCLA Dollar General Investment Grade Portfolio DST.
NCLA Dollar General Investment Grade Portfolio DST is a portfolio consisting of 20 new construction built-to-suit Dollar General stores located in Alabama, Illinois, Iowa, Michigan and Missouri. All 20 properties leased by Dollar General Inc. are on triple net leases (NNN) with over 14 years remaining on the existing lease term.
Dollar General currently maintains and investment grade rating by S&P and ranked number 106 by the S&P 500 and is an essential retail business. Property Lease rents are flat for the initial 15-year term of each Property Lease. Each Property Lease has either 4 or 5 renewal options at 10% rent increases in the first year of each 5-year renewal term. DG currently operates 18,130 stores in 46 states.
A principal objective of the Master Trust is to pay regular cash distributions to beneficial owners of the Master Trust out of net cash flow projected to be generated by the Property Leases.
Locations
- Locations: AL, IA, IL, MI, & MO
- 512 E 2nd St, Altamont, MO 64620
- 501 Main Ave N, Britt, IA 50423
- 13685 State Hwy 14 E, Bruner, MO 65620
- 411 W Railroad St, Caspian, MI 49915
- 505 W Division St, Findlay, IL 62534
- 3997 Hwy 84 W, Frisco City, AL 36445
- 111 W Orange St, Hoopeston, IL 60942
- 14054 E 1750th Ave, Hutsonville, IL 62433
- 603 E Randolph St, McLeansboro, IL 62859
- 405 E Nodaway St, Oregon, MO 64473
- 11862 State Hwy M-35, Perkins, MI 49872
- 15878 US-23 S, Presque Isle, MI 49777
- 18785 US Hwy 136, Rock Port, MO 64482
- 9679 N Cut Rd, Roscommon, MI 48653
- 10450 Hwy 43, Russellville, AL 35653
- W8975 Hwy M69W, Sagola, MI 49881
- 45467 Hwy M-26, South Range, MI 49963
- 590 Trojan Way, Troy, AL 36081
- 40 Allens Cross Road, Union Grove, AL 35175
- 907 Blockade Road, Washburn, MO 65772
Loan Terms
All Cash Offering
Appraisal
Appraised value is $42,000,000.
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GSA CIS Camp Springs DST
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GSA CIS Camp Springs DST
Exchange-X along with managing partner Net Lease Capital Advisors is pleased to announce the offering of GSA CIS Camp Springs DST.
GSA CIS Camp Springs DST is a Delaware statutory trust which owns the U.S. Citizenship and Immigration Services “USCIS” An Agency of the United States Department of Homeland Security (the property) located at 5900 Capital Gateway Drive, Camp Springs, Maryland 20746. The Property consists of an approximately 574,767 rentable square feet four-story, Class-A office building and seven-level parking garage with 1,770 spaces (with 8 spaces reserved for official government vehicles and 4 reserved for the Property Trust) located on approximately 10.7 acres in Camp Springs, Maryland, a suburb of Washington, DC. The facility was developed as a “build-to-suit” property in conjunction with the Government, acting by and through the GSA.
The Property is the headquarters of the U.S. Citizenship and Immigration Services (“USCIS”), an agency within the Department of Homeland Security (“DHS”). As of July 2022, the Property is the 16th largest facility leased by the GSA, and the largest facility leased for use by the USCIS. The Property was constructed in accordance with ISC Level IV security standards, as required for a national headquarters location of a Federal agency, including blast-resistant glazing, setbacks from publicly-accessible spaces, progressive collapse, and secure HVAC systems. Access systems at the Facility, including high-security electronic locks and keypads, far exceed the standard for typical office buildings.
The Property was strategically developed within the Washington Metropolitan Area to replace and consolidate the operations of six USCIS facilities in Washington, DC and northern Virginia with leases that expired between 2010 and 2014. The facility is located just two miles north of Joint Base Andrews. The facility is less than 10 miles from downtown Washington, DC, the location of the Department of Homeland Security headquarters. MSA population was 6,385,162 as of 2020 U.S. Census; sixth largest MSA in the nation.
To gain certain tax incentives, the Property is currently certified as a “qualified property” that is entitled to receive enterprise zone tax credits granted pursuant to MD Code Ann. Tax-Property §9-103 and the Property Trust has entered into that certain Payment in lieu of Taxes Agreement dated as of December 29, 2017 with Prince George’s County, Maryland, each of which provide real estate tax benefits applicable to the Property for a term of 15 years, commencing with the Property’s receipt of a certificate of occupancy. The Government leases the facility from the Property Trust pursuant to the Lease. The facility was completed and opened in 2020.
The tenant is the US Government leased property that is mission critical and backed by US Government credit (Fitch: AAA, Moody’s: Aaa, S&P: AA+).
As of December 1, 2022, the Market Value of property was appraised at $390,000,000 ($685 SF); higher than the all-in price of $377,000,000.
Lease terms are comprised of a 15-year firm term, non-cancellable lease expires 1/2035, with 7-year option to the United States General Services Administration (GSA); 12+ years remaining (as of 11/2022). Shell Rent component increases in lease years 6 (11.8%) and 11 (10.2%), while the Parking Rent component increases 3% annually. The Operating Expense Rent component increases annually based on the Consumer Price Index (CPI).
Loan Terms
4.83%, 2025 maturity extended to March 2042, interest only
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CPA Arbour Commons DST
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CPA Arbour Commons DST
Exchange-X along with Core Pacific Advisors is pleased to announce the exclusive offering of CPA Arbour Commons DST.
Arbour Commons at The Orchard Town Center is a well located, 394-unit garden-style upscale apartment community. The property features modern apartment homes with extensive community amenities, surrounded by shopping, restaurants, entertainment options, big-box retailers, 2 regional hospitals, and 1M SF of Amazon distribution/fulfillment centers.
Arbour Commons is located on the northwest corner of the Orchard Town Center, a 1M SF, Target anchored lifestyle center with co-anchors including JCPenney, Macy’s & AMC Theaters. Directly to the east and across I-25, Amazon has an 855K SF fulfillment center to complement yet another 200K SF distribution center, just a mile north of Arbour Commons. St. Anthony’s North Hospital first-class health services and high-paying jobs, as does Children’s Hospital North Campus, less than a mile from the property. As the property is centrally located proximate to 4 major employment centers, Boulder, Broomfield, the Downtown Denver CBD, & Denver International Airport, Arbour Commons residents can easily access a collective 525,000+ Jobs all within a 30-minute or less drive radius.
Arbour Commons excels on a property level basis, with strong rent and occupancy metrics that support a mark-to-market investment strategy. The property, built in 2014, is well maintained with competitive community and unit amenities with units that are 16% larger than the surrounding submarket averages.
COMMUNITY AMENITIES
• Resort Style Swimming Pool & Soak Deck
• Pet Park
• Volleyball Court
• Detached Garages
• Community Garden
• Extensive dedicated green space with
Regional Trail Access
• Car Care Station
• Community Planned Resident Events
• Parcel Lockers
• Theater Room & Gaming Lounge
• Chef’s Table
• Public Art Space
• Cyber Café with Barista Bar
• Conference Room
• Meeting Space
• Fitness Center
• Open Air Lounge
• Explorer Park and Playground
Loan Terms
4.20%, 10-year term, year 1-6 interest only, years 7-10 interest & principal
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BDP Southlake DST
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BDP Southlake DST
Exchange-X along with managing partner BPH Holdings is pleased to announce the offering of Southlake DST.
The Property, which is comprised of 265,942 net rentable square feet, is currently platted together with another office building comprised of 208,840 (based upon the Lease) net rentable square feet. As part of the proposed sale, the property would be divided via condominium association. The tenant, Sabre Corporation (NASDAQ: SABR), www.sabre.com is the leading technology provider to the global travel industry.
Sabre’s software, data, mobile and distribution solutions are used by hundreds of airlines and thousands of hotel properties to manage critical operations, including passenger and guest reservations, revenue management, flight, network and crew management. The company provides retailing, distribution and fulfillment solutions that help its customers operate more efficiently, drive revenue and offer personalized traveler experiences. Through its leading travel marketplace, Sabre connects travel suppliers with buyers from around the globe. Sabre’s technology platform manages more than $260 billion worth of global travel spend annually.
Sabre has 10+ years of lease term remaining.
Highlights
-5 story office building built in 2001 with $9.2 mm of renovations since 2017
-The Property is located on 12.60 acres and is 265,942 square feet
-The Property has access to 997 garage spaces and 191 surface spaces assigned to it providing a 4.47space/1,000SF ratio
Loan Terms
Lender: Wells Fargo Bank
The Loan is expected to have a term of 10 years and bear interest equal to (a) 285 basis points plus (b) the 10-year U.S. SOFR Swap Rate, as determined by Lender, but in no event shall be less than 2.40%. The Trust intends to rate lock the Loan on or prior to the Closing Date. Cash flow estimates have been prepared on the assumption that the interest rate, when locked, will be no greater than 5.66%.
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77024 Multi-Family DST
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77024 Multi-Family DST
Exchange-X, along with managing partner Moody National Company is pleased to announce the offering of Moody 77024 Multifamily DST.
Moody 77024 Multifamily is a 164-unit multifamily apartment complex commonly known as The Village at Bunker Hill located at 970 Bunker Hill Road, Houston, Texas 77024 in the prestigious Memorial Villages neighborhood of the Spring Branch submarket. The Project is situated on approximately 4.545 acres and was built in 1968 and most recently substantially renovated in 2018. The Project consists of 8 three-story residential buildings and offers a diverse mix of studio, 1-bedroom, 2-bedroom and 3-bedroom units. The Project offers a wide range of amenities including 2 outdoor swimming pools, a fitness center, covered outdoor storage units and an outdoor grilling area. The Project includes 224 ground-level parking spaces, of which 180 are uncovered, 38 are covered and 6 are handicapped accessible. The Project is leased at an occupancy rate of approximately 89.63% as of March 3, 2025.
The Property has undergone extensive renovations between 2017-2024.
The Project is located in the City of Hedwig Village, a western suburb of Houston, Texas, at the northeast corner of Bunker Hill Road and Gaylord Drive just south of IH-10 (Katy Freeway). It lies along the I-10 Energy Corridor of Houston, approximately 10.5 miles northwest of downtown Houston and approximately 17.5 miles northwest of William P. Hobby Airport and 18.5 miles southwest of George Bush Intercontinental Airport.
The median household income of Hedwig Village is $202,500 with a median property value of $1.55M¹. According to Hedwig Village Code of Ordinances for Planning and Zoning, Multifamily projects are not currently established as an allowed use in Hedwig Village, meaning for the time being, no additional Multifamily properties are planned nearby. 2 The Project is zoned to Memorial High School in the Spring Branch School District.
Loan Terms
5.2% interest, 10-year term, 10-year interest only
See “PPM” for details
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PG Ocean DST
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PG Ocean DST
Exchange-X, along with managing partner Peachtree Group, is pleased to announce the offering of PG Ocean DST.
PG Ocean DST is an upscale, extended-stay Marriott brand hotel known as “Residence Inn Ocean Township.”. The hotel, opened in summer 2024, offers a significant competitive advantage over older hotels in the area, which have an average vintage of 1997. Newly constructed, the hotel features modern design, state-of-the-art amenities, and contemporary guest accommodations that appeal to today’s travelers. There are few hotels in the development pipeline, and none that would be considered direct competitors. The Property consists of an approximately 3.18 acre parcel of land and the Hotel, which is a four-story hotel building comprised of approximately 81,397 square feet and 114 guestrooms and related service areas. Amenities at the Hotel include kitchens and dining areas in all guestrooms, approximately 587 square feet of meeting space, a breakfast room, an indoor swimming pool, a fitness center, a guest laundry room, a sundries shop, a sports court, barbeques, outdoor patio with a fire pit, and ice machines.
The hotel appraised for $3.9 million higher than the purchase price. Furthermore, the appraised value upon stabilization in February 2027 is $8.3 million higher than the purchase price.
Just 15 minutes from the property, Netflix is developing their primary East Coast production hub. With construction scheduled to begin later this year, the project is expected to create 3,500 construction jobs and 1,500 permanent jobs with a significant increase in demand for hospitality. The hotel is well located along a major commercial corridor with convenient access to several major roadways. Unlike competitors, the hotel offers walkable access to several restaurants. It is ideally situated within the Ocean Commons mixed-use development, offering multiple dining options, including Turning Point Café, Miller’s Ale House, Chick-fil-A, Qdoba, Strollo’s Lighthouse, Bang Cookies, and Wawa.
Just three miles from the hotel, the Jersey Shore is a major tourism destination, drawing visitors to Asbury Park’s music scene and Long Branch’s Pier Village for shopping, dining, and oceanfront experiences. Beyond the beaches, other events and attractions help drive demand for hospitality. The PNC Bank Arts Center, 20 minutes away, serves as a premier venue for concerts and cultural events. Nine minutes away is the Capelli Sports Complex. This facility features five full-sized outdoor synthetic turf fields and multiple indoor courts for a variety of sports under a 120,000-square-foot air dome.
Loan Terms
All Cash. (0.00% LTV)
See “PPM” for details.
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