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Secure Net Lease Industrial I DST property photo

Secure Net Lease Industrial I DST

Sponsored by Secure Properties
Minimum Investment$100,000
Total Offering$42,375,000
Available Equity$1,120,381 5.11% available
Equity$21,930,000
Debt$20,445,000
In-Place LTV48.25% LTV
Average Yield5.44%
Est. Tax-Adjusted Yield¹11.59%
Cap Rate Equivalent8.56%
LocationFL
Estimated Hold Period6-9 years
721 Exchange ExitOptional
Total Load9.50%
StrategyCore
StatusAvailable

Overview

Secure Net Lease Industrial I DST is a $42.375 million Delaware statutory trust investment in the Amazon Last Mile Distribution Center, a 123,903-square-foot Class A distribution and warehouse facility at 3799 Northwest Passage in Tallahassee, Florida. The property was completed in 2023, is 100% leased to Amazon.com Services, LLC / an Amazon subsidiary, and is financed with $20.445 million of KeyBank debt.

Highlights

Newly built Class A last-mile distribution facility completed in 2023.

Approximately 123,903 SF on approximately 47.82 acres with 12 loading docks and a trucking terminal.

100% leased to an Amazon subsidiary with an Amazon payment guarantee described in the materials.

Amazon lease includes 2.50% annual rent increases and approximately 13 years remaining at brochure date.

Tallahassee location near Interstate 10, Florida State University, and the Florida capital region.

Analysis

Insights

The principal sensitivities are Amazon lease/credit performance, operating and capital costs borne by the Trust, interest-only debt maturity, lease extension assumptions, and the projected year-9 sale.

Advantages

Investment-grade tenant profile, long-term net lease, new construction, fixed-rate interest-only debt, and 6–9 year projected hold.

Concerns

Single-tenant and single-asset exposure, tenant/master-tenant dependence, industrial operating risk, capital-expenditure obligations, illiquidity, and loan-maturity risk.

Projected Distributions

Average Yield5.44%
Est. Tax-Adjusted Yield¹11.59%
Cap Rate Equivalent8.56%
Y14.75%
Y24.78%
Y34.93%
Y45.17%
Y55.20%
Y65.45%
Y75.69%
Y85.94%
Y96.19%
Y106.32%

Projected, not guaranteed. Distribution rates are the sponsor’s projections, are not a promise of performance, and can be reduced or suspended. ¹ Estimated Tax-Adjusted Yield reflects the projected impact of depreciation and amortization deductions at an assumed combined federal and state tax rate; individual tax outcomes vary — consult your CPA regarding your specific situation. Cap Rate Equivalent is a Baker 1031 Investments calculation intended to allow comparison with direct property ownership; it is not a sponsor-reported figure and does not represent a rate of return. See the private placement memorandum for the assumptions behind these figures.

Financing

LenderKeyBank National Association
Interest RateNot Disclosed
Loan Term9.7 years; maturity 9/1/2035
I/O PeriodN/A
AmortizationN/A (interest-only)
Y1 DSCRNot Disclosed

Benchmarks

Avg. Income
This deal5.44%
Market0.00%
Above Average
Growth
This deal33.05%
Market16.62%
Above Average
Peak
This deal6.32%
Market5.81%
Meets Average

Benchmarks compare this offering’s projected figures against sector medians computed across current offerings tracked by Baker 1031 Investments as of the last-updated date shown. Benchmark data is internal, unaudited, and subject to change.

Documents