INDEPENDENT VERDICT
12780 San Fernando XC Opportunity Fund, LLC is a newly formed Delaware real estate investment vehicle tied directly to the Xebec Realty organization, but its most distinctive feature is the address embedded in the issuer's name. The fund's September 16, 2026 Form D reports a $7.2 million Rule 506(b) offering, with $6.575 million already sold to 19 investors following a September 1 first sale, leaving only $625,000 unsold. Xebec UPMM, LLC is identified as managing member, and the filing lists Randall R. Kendrick, Gretchen Kendrick, Jay Soni and Adeel Khan as related persons. The issuer itself operates from Xebec's Dallas address rather than California, yet the "12780 San Fernando" name strongly corresponds with 12780 San Fernando Road in Sylmar, California, a long-established PPG Aerospace and PRC-DeSoto industrial location. That property connection is highly significant, but Form D does not expressly state that the fund owns the site, so FilingDossier treats the address match as strong property-level evidence requiring confirmation through title, acquisition and lease documents rather than as a legally established ownership fact.
THE PROPERTY STORY: AEROSPACE INDUSTRIAL REAL ESTATE, NOT A GENERIC OPPORTUNITY FUND
12780 San Fernando Road is not an anonymous commercial address. PPG Aerospace's own materials currently identify 12780 San Fernando Road, Sylmar, California 91342 as a PPG Aerospace location, and historical PPG documentation identifies PRC-DeSoto International at the same address. PPG materials describe operations involving aerospace transparencies, coatings, sealants, engineered materials and related aerospace products. Public corporate records also continue to list PRC-DeSoto International, Inc. at 12780 San Fernando Road, while a National Labor Relations Board proceeding involving Sierracin/Sylmar Corporation d/b/a PPG Aerospace specifically described hundreds of production, quality, maintenance, shipping and related employees working at the facility. This operating history gives the address substantially more industrial depth than would be visible from the fund's name alone.
The important distinction is that the SEC filing does not identify PPG Aerospace as tenant, seller, borrower or transaction counterparty, and it does not disclose a property address at all. The connection comes from the issuer name itself combined with extensive independent evidence showing that 12780 San Fernando Road is an active and historically important aerospace facility. Therefore, investors should verify whether the fund acquired the fee-simple property, a partial interest, preferred equity, a joint-venture stake or another economic interest. The current public record is strong enough to establish that the named address corresponds to a real institutional industrial location, but not strong enough to establish the legal transaction structure without the acquisition documents.
XEBEC REALTY AND THE REPEATABLE OPPORTUNITY-FUND MODEL
The sponsor connection is considerably clearer. Xebec UPMM, LLC is named directly as managing member of the issuer, while Randall Kendrick is identified as an executive officer and promoter. Xebec has a long SEC filing history involving industrial, logistics and opportunity-zone vehicles. Prior filings for Xebec Holdings, Xebec Logistics Trust, Lakeland XF and 15191 Sylmar QOF repeatedly use the same Dallas office, the same 562-546-0200 telephone number and Randall Kendrick as a senior executive or promoter. Jay Soni also appears in historical Xebec filings as president or executive officer, while other filings identify Xebec Asset Management and related Xebec entities in asset-management and sponsor roles. The pattern matters because it shows that 12780 San Fernando XC Opportunity Fund is not an isolated newly formed shell with no institutional lineage; it fits into an established Xebec structure of property-specific real estate vehicles.
Xebec Realty's wider positioning is also consistent with this structure. Public trademark records for XEBEC REALTY identify Xebec Partners at 2100 Ross Avenue in Dallas and describe services spanning real estate acquisition, leasing, development, management, private equity real estate investment and private debt and equity strategies. Xebec has historically focused heavily on industrial and logistics properties, making an aerospace-related industrial property structurally consistent with the sponsor's established area of activity. That alignment improves the credibility of the sponsor-property fit, although it still does not disclose acquisition price, capitalization, debt, lease duration or investor return targets for this specific fund.
$7.2 MILLION OFFERING, 19 INVESTORS AND A NEARLY COMPLETED RAISE
The Form D provides a relatively clear capital snapshot. The issuer targeted $7.2 million and had sold $6.575 million by the filing date, equivalent to roughly 91.3% of the stated raise, leaving $625,000 remaining. Nineteen investors had participated. The filing reports zero sales commissions, zero finder's fees and zero gross proceeds proposed to be paid directly to the related persons listed in Item 3. It also reports a $0 minimum investment, which should not automatically be interpreted to mean that outside investors could invest literally any amount; Form D minimum fields frequently reflect how the issuer completed the notice rather than the complete subscription economics, so the governing subscription documents should control. The issuer also stated that the offering was not expected to continue for more than one year.
The structure is also somewhat unusual because the issuer selected both equity and pooled investment fund interests, categorized itself under "Other Real Estate," and claimed Investment Company Act Section 3(c)(5). Section 3(c)(5) exclusions are commonly associated with certain real-estate-oriented entities whose assets and activities satisfy the relevant statutory and regulatory framework. That differs from the 3(c)(1) or 3(c)(7) exclusions commonly seen in private equity and hedge funds. This reinforces the interpretation that the vehicle is designed around a real-estate-specific investment rather than a diversified securities portfolio, although the Form D does not provide enough asset detail to determine exactly how the Section 3(c)(5) analysis was structured.
WHAT THE PUBLIC RECORD STILL DOES NOT TELL INVESTORS
The central diligence gap is transaction economics. Neither the Form D nor the public address evidence discloses the acquisition price for 12780 San Fernando Road, any mortgage or senior debt, loan-to-value ratio, capitalization rate, lease term, rent schedule, renewal options, environmental liabilities, tenant-credit protections or disposition assumptions. Those issues are especially important for an aerospace and industrial property because a long-term specialized tenant can provide valuable income stability, while specialized improvements, environmental exposure and tenant concentration can create significant downside if occupancy changes. PPG's long operating history at the address is therefore useful evidence of property relevance, but it should not be converted into an assumption about lease duration or future occupancy.
There is also a sponsor-level diligence question around the exact meaning of "XC" and how this vehicle interacts with Xebec Holdings, Xebec UPMM and other affiliated entities. Xebec has used a range of naming conventions across historical investments, including XF, QOF and other project-specific vehicles. Investors should obtain an organizational chart showing the fund, acquisition entity, property-owning entity, managing member, asset manager and any co-investors. They should also verify whether the $6.575 million equity raise represents the entire equity capitalization or only one layer beneath institutional, sponsor or lender capital.
FINAL ASSESSMENT
12780 San Fernando XC Opportunity Fund presents a stronger verification profile than its newly formed 2026 entity status might imply. The SEC record confirms an almost fully subscribed $7.2 million real estate offering with 19 investors, Xebec UPMM as managing member and multiple long-standing Xebec executives attached to the issuer. Separate historical SEC filings establish that Randall Kendrick, Jay Soni, Xebec Holdings and associated management entities have operated numerous real estate vehicles over many years. Most importantly, independent corporate, labor and PPG records establish 12780 San Fernando Road as a substantial aerospace industrial location tied to PPG Aerospace and PRC-DeSoto.
What remains unverified publicly is the exact legal bridge between the fund and that property. Before treating this as a direct PPG-leased industrial real estate investment, investors should verify the deed, seller, purchase price, lease, tenant guaranty, debt package, environmental reports, capitalization and ownership structure. The evidence strongly supports a real Xebec sponsor and a real institutional industrial address; Form D alone does not establish that the SEC reviewed or approved the investment, its valuation, its tenant economics or its expected return.
KEY FINDINGS 12780 San Fernando XC Opportunity Fund, LLC was formed in Delaware in 2026. The fund filed a new Form D on September 16, 2026. The offering totals $7.2 million. $6.575 million had already been sold. Approximately 91.3% of the stated offering had been completed. $625,000 remained available. 19 investors had participated. The first sale occurred September 1, 2026. Xebec UPMM, LLC is the managing member. Randall R. Kendrick, Gretchen Kendrick, Jay Soni and Adeel Khan are listed as related persons. The issuer uses Xebec's Dallas operating address. The filing claims Rule 506(b) and Investment Company Act Section 3(c)(5). The issuer reports zero commissions, zero finder's fees and zero related-person use of proceeds. 12780 San Fernando Road in Sylmar is independently confirmed as a long-standing PPG Aerospace / PRC-DeSoto location. The Form D does not itself identify that California property or PPG as the underlying asset or tenant. Acquisition price, debt, lease economics and ownership chain remain outside the Form D disclosure.
WEBSITE / ENTITY PENETRATION Issuer-specific website: Not independently identified Sponsor platform: Xebec Realty / Xebec Partners Managing member: Xebec UPMM, LLC Randall Kendrick relationship: Confirmed through current and historical SEC filings Jay Soni relationship: Confirmed through current and historical SEC filings Gretchen Kendrick relationship: Confirmed through SEC filing history Adeel Khan relationship: Confirmed in current filing Dallas address overlap with Xebec: Confirmed 562-546-0200 historical Xebec phone overlap: Confirmed 12780 San Fernando Road address existence: Confirmed PPG Aerospace presence at 12780 San Fernando Road: Confirmed PRC-DeSoto International connection: Confirmed Historical industrial / aerospace operating use: Confirmed Fund ownership of 12780 San Fernando Road: Not confirmed by Form D Current lease terms: Not publicly confirmed Purchase price: Not confirmed Debt amount: Not confirmed Loan-to-value: Not confirmed Property appraisal: Not confirmed Environmental report: Not confirmed
CORE INVESTOR QUESTIONS Does the fund directly or indirectly own 12780 San Fernando Road Who sold the property and when did the acquisition close What was the gross purchase price How much sponsor equity was contributed What debt finances the acquisition What is the loan-to-value ratio and maturity schedule Is PPG Aerospace or a PPG affiliate the contractual tenant What entity guarantees the lease How long remains on the lease What are current annual rents and escalation provisions Are there termination, contraction or purchase options Who is responsible for capital expenditures Are there environmental remediation obligations tied to historic aerospace manufacturing What fees are payable to Xebec UPMM, Xebec Asset Management or affiliates What disposition assumptions underlie expected investor returns What ownership entity appears on the recorded deed
CORE RISKS Single-property concentration Potential single-tenant concentration Aerospace manufacturing property specialization Environmental and remediation exposure Lease-renewal and tenant-retention risk Interest-rate and refinancing risk Sponsor and affiliate fee complexity Limited public disclosure of leverage and valuation Potential mismatch between fund name and legal property ownership until deed records are verified Dependence on specialized industrial real estate liquidity at exit
SEC SNAPSHOT Issuer: 12780 San Fernando XC Opportunity Fund, LLC CIK: 0002153255 SEC File No.: 021-597659 Film No.: 261382902 Form: D Filed: September 16, 2026 First sale: September 1, 2026 Formation: Delaware, 2026 Business address: 2100 Ross Avenue, Suite 900, Dallas, TX 75201 Industry: Other Real Estate Securities: Equity / Pooled Investment Fund Interests Regulation D exemption: Rule 506(b) Investment Company Act exclusion: Section 3(c)(5) Offering amount: $7,200,000 Amount sold: $6,575,000 Remaining: $625,000 Investors: 19 Minimum investment reported: $0 Sales commissions: $0 Finder's fees: $0 Related-person use of proceeds: $0 Managing member: Xebec UPMM, LLC Related persons: Randall R. Kendrick; Gretchen Kendrick; Jay Soni; Adeel Khan Signer: Jay Soni, President
PRIMARY EVIDENCE REVIEWED SEC EDGAR — 12780 San Fernando XC Opportunity Fund, LLC Form D SEC EDGAR — Xebec Holdings, LLC historical Form D filings SEC EDGAR — Xebec Logistics Trust and related Xebec investment vehicles SEC EDGAR — 15191 Sylmar QOF and other Xebec property-specific vehicles PPG Aerospace — official location and aerospace business materials PRC-DeSoto International — corporate and historical operating records National Labor Relations Board — PPG Aerospace / Sylmar facility proceeding Public trademark records — XEBEC REALTY / Xebec Partners
IMPORTANT FORM D NOTICE Form D is a notice of an exempt securities offering. It does not mean the SEC has approved, endorsed, verified or recommended 12780 San Fernando XC Opportunity Fund, Xebec Realty, Xebec UPMM, Randall Kendrick, any property at 12780 San Fernando Road, PPG Aerospace or any projected investment return. Property ownership, lease economics, valuation, financing and environmental conditions should be independently verified through transaction documents and public property records.