Property details

Frito-Lay Distribution Center

Investment type

Net Lease

Asset Class

Industrial

Ownership Structure

Delaware Statutory Trust (DST)

Year Acquired

2025

Investment Summary

An approximately 107,200 square foot industrial facility that serves as a distribution warehouse for Frito-Lay in Burbank, Washington.  Frito-Lay manufactures and markets chips and snack foods and has an approximately 60% share of the U.S. chip market and 35% share of the global market. Frito-Lay is a wholly-owned subsidiary of PepsiCo and accounted for 27% or $24.9 billion of its total revenue in 2023. The Property serves as a regional distribution center for Frito-Lay products.

Syndicated acquired the Property in a Delaware Statutory Trust (DST) to accommodate both cash and 1031 exchange investors.

Property details

Winnebago Industries Innovation Center

Investment type

Net Lease

Asset Class

Industrial

Ownership Structure

Delaware Statutory Trust (DST)

Year Acquired

2024

Investment Summary

The light industrial property is utilized by Winnebago as its primary research and development facility.  This work includes the creation of new prototypes and technology enhancements for Winnebago’s vehicles, including data and connectivity upgrades, advanced materials construction, and self-driving autonomy development.  This location was chosen due to its proximity to Winnebago’s corporate headquarters (3 miles northwest), its primary manufacturing facility in Forest City, Iowa (130 miles south), and Prior Lake (4 miles north), which Winnebago uses to test Barletta Boats, one fits five main business segments.

Property details

Carhartt Global Design & Corporate Headquarters

Investment type

Net Lease

Asset Class

Office

Ownership Structure

Delaware Statutory Trust (DST)

Year Acquired

2023

Investment Summary

The Property consists of a two-story, 58,722 square foot, Class A building situated on a 7.7-acre parcel at 5750 Mercury Drive in Dearborn, Michigan. Carhartt utilizes the Property as a design, research, and development facility as well as its corporate headquarters. The Property was a build-to-suit for Carhartt in 2002.

The majority of the property is utilized as Carhartt’s state-of-the-art global design center, the creative hub of the company where all fabric and design decisions are made for new apparel. The Property also serves as its center for research and development, which includes laboratory space, industrial washing machines, and other prototype equipment for durability testing.

Syndicated structured its acquisition as a Delaware Statutory Trust (DST) to accommodate investors completing a Section 1031 Exchange.

Property details

Murray Hill Parking Garage

Investment type

Net Lease

Asset Class

Parking

Ownership Structure

Delaware Statutory Trust (DST)

Year Acquired

2023

Investment Summary

The Property consists of a 14,337 square foot, 92-space parking garage condominium comprised of a ground-level entrance and one floor of underground parking. The Property also features 12 newly installed parking lifts for increased capacity. The Garage was originally developed in 1961 as part of a 16-story, 205-unit condominium building known as The Devon. The original developer is the current owner/seller, and this is the sole parking garage in its portfolio. The Garage is currently operated by City Parking under a management agreement that will be terminated upon closing. The acquisition is structured as a DST to accommodate both cash and 1031 exchange investors.

The Property is situated on the north side of East 34th Street, just west of 1st Avenue, on the border of the Murray Hill and Kips Bay neighborhoods of Manhattan. 34th Street is one of only ten east-west streets in Manhattan that allows both east and west bound traffic, enhancing visibility and improving accessibility. According to the New York Department of Transportation, traffic counts along East 34th Street in between 1st and 2nd Avenue were 20,514 cars per day in 2019. At the intersection of East 34th Street and 2nd Avenue, which is half a block west of the Garage, combined traffic counts were 51,544 cars and trucks per day in 2019.

The Property draws parkers from the more than 20,000 residential units within a quarter mile radius and the approximately 5.5 million square feet of commercial, medical office, and residential properties within a 1 block radius. The NYU Hospital corridor is located one block east of the Property and is comprised of the NYU Grossman School of Medicine, Tisch Hospital (300 beds, 66 operating rooms), Kimmel Pavilion (374 beds, 30 operating rooms), and the Hassenfeld Children’s Hospital (102 pediatric beds) and the Ronald O. Perelman Center for Emergency Services (NYU Langone Emergency Department). The Kimmel Pavilion was built in 2018, demonstrating NYU’s continued commitment to the location. In addition, NYU is planning a campus expansion to the east of the hospital in an area currently operated by the hospital as a surface parking lot. The Bellevue Hospital Center (0.4 miles) and the Veterans Hospital (0.6 miles) are also in close proximity to the Property. Based on Centerpark’s analysis, parking demand in the immediate area of the Property exceeds supply.

Approximately 33,748 employees work within a two-block radius of the property. An estimated 4.6% of these employees commute by car, resulting in 1,269 workers per day that require nearby parking. In addition, vehicle registration figures indicate that of the 20,287 residential units within a quarter mile of the property, 3,311 have cars, including residents of the Devon. In total, 4,580 cars within a quarter mile of the Property require parking on a daily basis. This demand level far exceeds the number of public garage spaces (1,399) located within a 2.5-block radius of the property.

Property details

Heartland Payment Systems Corporate Headquarters

Investment type

Net Lease

Asset Class

Office

Ownership Structure

Delaware Statutory Trust (DST)

Year Acquired

2022

Investment Summary

An approximately 111,500 square foot, Class A office building that is 100% net leased to Heartland Payment Systems as its corporate headquarters.

Heartland Payment Systems is a subsidiary of Global Payments, one of the largest payment processors in the United States. Heartland is a financial technology company focused on efficient and secure payment processing and payroll services. Heartland’s products include point of sale systems (POS), online and mobile payments, HR tools, customer engagement efforts, and capital lending.

The Property serves as Heartland’s corporate headquarters, housing Heartland’s CEO and full executive team as well as its product development, marketing, payroll, human resources, training, finance, legal, sales operations, business support, IT, and communications departments.

Syndicated structured its acquisition as a Delaware Statutory Trust (DST) to accommodate investors completing a Section 1031 Exchange.