Independent Verdict
SW Florida Corp HQ Campus DST is a verifiable 2026 Delaware statutory trust with a new SEC Form D and a strong regulatory connection to Net Lease Capital Advisors.
The issuer operates under CIK 0002155232 and filed its first Form D on September 17, 2026.
The filing reports:
Total Offering Amount: $167,340,578
Amount Sold: $0
Investors: 0
Minimum Investment: $150,000
Federal Exemption: Rule 506(b)
First Sale: Yet to Occur
Security Type: Beneficial interests in a Delaware statutory trust
The issuer lists its principal address care of Net Lease Capital Advisors LLC at 10 Tara Boulevard, Suite 501, Nashua, New Hampshire.
The Form D also identifies Douglas F. Blough and Bruce S. MacDonald as executive officers.
Net Lease Capital Advisors' official website independently identifies Douglas Blough as Co-Founder and Chief Financial Officer and Bruce MacDonald as Co-Founder and President.
This creates a strong sponsor-level verification trail.
The major unanswered question is the property itself.
The name strongly suggests a corporate headquarters campus in Southwest Florida, but the Form D does not disclose the property address, tenant name, purchase price, debt, lease term or capitalization.
For investors, those missing asset-level details are more important than simply confirming that the DST exists.
Key Findings
Issuer: SW Florida Corp HQ Campus DST
CIK: 0002155232
Entity Type: Delaware Statutory Trust
Jurisdiction: Delaware
Formation Year: 2026
Filing Date: September 17, 2026
Filing Type: New Form D
Industry: Other Real Estate
Federal Exemption: Rule 506(b)
Security Type: Beneficial interests in a Delaware statutory trust
Total Offering Amount: $167,340,578
Amount Sold: $0
Amount Remaining: $167,340,578
Investors: 0
First Sale: Yet to Occur
Minimum Investment: $150,000
Offering Duration: More than one year expected
Principal Address:
c/o Net Lease Capital Advisors LLC 10 Tara Boulevard Suite 501 Nashua, New Hampshire 03062
Phone:
603-966-0204
Related Persons:
Douglas F. Blough
Bruce S. MacDonald
Official Sponsor Website:
netleasecapital.com
The Net Lease Capital Connection Is Direct
The relationship with Net Lease Capital Advisors is not based on a similar company name.
The Form D itself lists:
c/o Net Lease Capital Advisors LLC
as part of the issuer's business address.
It also identifies Douglas Blough and Bruce MacDonald.
Net Lease Capital Advisors' official website confirms that both individuals founded the firm.
Douglas Blough is identified as Co-Founder and Chief Financial Officer.
Bruce MacDonald is identified as Co-Founder and President.
Net Lease Capital describes itself as a real estate investment and advisory firm specializing in single-tenant net lease properties, Delaware statutory trusts, 1031 exchanges and government-occupied real estate.
The firm states that it has completed more than $17 billion in transactions over its operating history.
That figure describes the Net Lease Capital platform.
It should not be confused with the size or value of SW Florida Corp HQ Campus DST.
The $167.3 Million Offering Is Significant
The Form D reports a total offering amount of:
$167,340,578.
That makes this one of the larger DST offerings in the current FilingDossier batch.
However, at the time of filing:
$0 had been sold
and:
0 investors were reported.
The filing also states:
First Sale Yet to Occur.
Therefore, the correct description is not:
"SW Florida Corp HQ Campus DST raised $167 million."
The accurate description is:
SW Florida Corp HQ Campus DST filed to offer up to approximately $167.34 million of beneficial interests.
The offering had not yet reported its first sale when the Form D was submitted.
The $150,000 Minimum Fits the DST Market
The minimum investment is:
$150,000.
That places the vehicle within the high-net-worth and accredited-investor segment commonly associated with institutional DST and 1031 exchange products.
However, the minimum investment amount does not by itself establish eligibility.
Rule 506(b) requirements and investor qualification standards still apply.
Investors should also determine whether the sponsor can waive or reduce the minimum in particular circumstances.
The Property Has Not Yet Been Publicly Confirmed
This is the most important research finding.
The fund name is:
SW Florida Corp HQ Campus DST.
That strongly suggests an investment involving a corporate headquarters campus located in Southwest Florida.
But the Form D does not identify:
the tenant
the street address
the city
the property size
the purchase price
the lease term
the annual rent
the cap rate
the debt amount
or the lender.
Public DST databases currently also list the property location as not confirmed.
That means FilingDossier should not attach the DST to a specific Southwest Florida corporate campus until sponsor materials or the PPM independently establish the connection.
This is a case where restraint improves accuracy.
A detailed property match should come later, once the sponsor publishes the offering package or another reliable source identifies the asset.
A Related Florida Entity Exists
Florida corporate records show an active entity named:
SW Florida Corp HQ Campus Owner DST.
The entity was registered in 2026.
That name closely corresponds with the SEC issuer and supports the existence of a property-holding structure in Florida.
However, the Florida entity record still does not reveal enough information to determine the exact underlying property or tenant.
Investors should therefore request the complete organizational chart.
Clearview Trading Advisors Is an Interesting Disclosure
The Form D reports:
Sales Commissions: $0
Finder's Fees: $0.
However, the filing includes an important clarification.
It states that Clearview Trading Advisors, Inc. will receive:
a placement fee equal to 0.10% of the aggregate purchase price of the interests
and:
a $5,000 monthly advisory fee.
That is a useful reminder that a Form D showing $0 sales commissions does not necessarily mean there are no placement or advisory costs.
Investors should review the full fee schedule rather than relying only on the headline Form D commission fields.
Why the Property Details Matter More Than the Sponsor Name
Net Lease Capital has a long history in net lease and DST transactions.
That provides useful sponsor context.
But this DST appears to be a concentrated real estate investment.
Investor results will depend heavily on the underlying property and tenant.
Important questions include:
Who occupies the headquarters campus
How creditworthy is the tenant
How long does the lease remain in force
Is the lease triple net
Does the tenant pay taxes, insurance and maintenance
Is the lease guaranteed by a parent company
What happens if the tenant relocates
Can the property be re-leased to another user
Those questions cannot be answered from the Form D alone.
What We Think
SW Florida Corp HQ Campus DST has a strong sponsor-verification profile but weak current property-level transparency.
The SEC filing clearly establishes:
CIK 0002155232
Net Lease Capital Advisors
Douglas Blough
Bruce MacDonald
the $167.34 million offering
the $150,000 minimum
Rule 506(b)
and the fact that no investors had yet been reported.
Net Lease Capital's official website independently confirms the management team and the firm's long history in single-tenant net lease and DST transactions.
The unresolved issue is the asset.
Until the actual Southwest Florida headquarters property is identified, investors cannot properly evaluate:
tenant credit
lease duration
purchase price
debt
cap rate
property value
and exit risk.
That information should be the next stage of due diligence.
Risk Factors
Single-Property Concentration
The offering name suggests exposure to one corporate headquarters campus.
Tenant Concentration
If the property is leased to one corporate tenant, performance may depend heavily on that tenant's credit quality.
Property Identification Risk
The specific underlying property has not yet been independently confirmed from public Form D information.
Lease Rollover Risk
The investment may be sensitive to the remaining lease term and tenant renewal decisions.
DST Structural Risk
A Delaware statutory trust has less operating flexibility than many conventional real estate ownership structures.
Illiquidity
DST interests may be difficult to sell before the underlying property is disposed of.
Offering-Stage Risk
The first Form D reported $0 sold and zero investors.
Fee Complexity
The filing discloses placement and advisory compensation to Clearview Trading Advisors even though the sales commission field is reported as $0.
1031 Exchange Risk
Investors using a DST for Section 1031 planning should evaluate the investment independently from its potential tax benefits.
Form D Is Not SEC Approval
The filing confirms an exempt securities offering notice.
It does not mean the SEC approved Net Lease Capital Advisors, the property, tenant, valuation, lease or expected investor returns.
Final Assessment
SW Florida Corp HQ Campus DST is a verifiable Delaware statutory trust operating under SEC CIK 0002155232.
Its September 17, 2026 Form D reports:
$167,340,578 total offering
$0 sold
0 investors
$150,000 minimum investment
Rule 506(b)
and:
First Sale Yet to Occur.
The SEC filing directly connects the issuer with Net Lease Capital Advisors LLC and identifies Douglas F. Blough and Bruce S. MacDonald as executive officers.
Net Lease Capital Advisors' official website independently confirms both men as the firm's co-founders and confirms the firm's longstanding focus on single-tenant net lease properties, DSTs and 1031 exchange structures.
The strongest unresolved issue is the property itself.
Despite the name SW Florida Corp HQ Campus DST, publicly available Form D information does not identify the exact corporate headquarters campus, tenant, address, acquisition price, debt or lease economics.
Before investing, investors should obtain the private placement memorandum, property address, tenant financial information, lease agreement, tenant guarantee, appraisal, purchase agreement, debt documents, capitalization schedule, environmental report, property condition report, full fee schedule and projected exit assumptions.
SEC Form D is a notice filing for an exempt securities offering. It does not constitute SEC approval, confirmation of the property's value, endorsement of Net Lease Capital Advisors or a guarantee of investor returns.
Published on FilingDossier: September 20, 2026.
This article is based on publicly available regulatory, corporate and sponsor information and is provided for independent research and due-diligence purposes only.