MDI Overland Park Net Lease DST
Investment Description
MDI Overland Park Net Lease DST holds a 17,592-square-foot Caliber Collision automotive service facility on a 1.58-acre site at 14939 Metcalf Avenue, Overland Park, Kansas. The 2022 build-to-suit is absolute triple-net leased to Caliber Holdings, LLC for an initial 15-year term expiring July 31, 2038, with two five-year renewal options and a corporate guaranty from Wand Newco 3, Inc., the parent of Caliber Collision. Rent is currently $347,500 annually ($19.75/SF) with 10% increases every five years. The Trust completed the acquisition on July 29, 2026 and is capitalized entirely with equity at $6,657,515; there is no Trust-level debt.
The Sponsor's stated objective is a sale, disposition, 1031 exchange or Section 721 exchange no earlier than two years after completion of the Offering and within seven years. An FMV Option permits an affiliate to acquire investor interests in a transaction intended to qualify under Section 721; investors may elect cash instead of Equity Units, and the FMV Optionholder has sole discretion over whether to exercise. The PPM states it is anticipated the option would be assigned to an affiliated REIT operating partnership, and that no public market for the Interests or the Equity Units exists or is expected to develop.
Projected Cash Flow
Highlights
Jerry Baker's Notes
Before you read these notes
Jerry Baker's Notes are his opinion, shared to help frame a conversation. They are not investment advice, a recommendation, or an offer, and they are not a substitute for the offering documents. Review the Private Placement Memorandum for complete information, including risk factors, before making any decision.
I understand · Show the notesThe real estate case is clean: all-cash capitalization, an absolute NNN lease with zero landlord obligations, and roughly twelve years of remaining term. The exposures sit elsewhere. Income depends entirely on one privately held, Hellman & Friedman-owned tenant; the guaranty comes from Wand Newco 3, Inc., a holding company with no public financials, and the confidential S-1 filing is not a completed IPO. The building is a purpose-built collision-repair facility, which the PPM's own risk factors concede could mean substantial re-leasing costs or a lower sale price.
Rent escalations of 10% every five years are approximately 1.9% annually, and only one step falls inside the forecast period.
The 721 exit is the weakest part of the marketing. The PPM states the affiliated REIT operating partnership that would issue Equity Units has yet to develop, and MDI revoked its REIT election effective January 1, 2026, so the UPREIT path is a stated intention rather than an existing vehicle. Sponsor track record is short: this is Medalist's second DST, following a November 2025 inaugural offering that was 85.72% sold as of July 2026. Nasdaq listing, SEC reporting, a Cherry Bekaert audit and FactRight third-party review are real offsets, but they are governance rather than performance history.