Independent Verdict
KB Grandview, DST is a verifiable 2026 Delaware Statutory Trust offering sponsored through Kingsbarn Realty Capital's 1031 exchange platform and tied to a newly constructed travel-center property in Grandview, Washington. The September 17, 2026 Form D identifies the issuer as a Delaware statutory trust and reports a $56.85 million Rule 506(c) offering, $27,513,375 already sold, $29,336,625 remaining and 22 investors. The filing states that the trust consists of 100 Class 1 beneficial interests priced at $568,500 each, which also explains the unusually high $568,500 minimum investment. (sec.gov)
The Form D provides unusually detailed structural evidence. Kingsbarn Realty Capital, LLC is identified as the parent of the sponsor; KB Exchange Properties, LLC is the sponsor; KB Grandview Holdings, LLC is the depositor; KB Grandview ST, LLC is the signatory trustee; and KB Grandview MT, LLC is the master tenant. Jeffrey A. Pori is identified as managing-member CEO of the manager of the sponsor, while Ray Jones appears as general counsel. This makes the legal structure substantially easier to verify than a DST where the sponsor relationship is visible only through marketing materials. (sec.gov)
The underlying property is also identifiable independently from the securities filing. Kingsbarn markets the asset as a newly constructed TravelCenters of America-branded travel center in Grandview, Washington, located along Interstate 82 with approximately 27,000 vehicles passing daily. Sponsor materials describe 100 overnight truck parking spaces, five diesel fueling lanes, ten gasoline positions, showers, laundry facilities, a professional drivers' lounge, a CAT scale, truck service and multiple dining concepts including Applebee's and IHOP. The property operates at 100 Higgins Way, Grandview, Washington. (kingsbarn.com) (lvpetroleum.net)
The most important nuance in the entire review is tenant identity. The property carries the TravelCenters of America brand, but sponsor materials identify the actual tenant as LV Petroleum, LLC, doing business as FuelBros, not TravelCenters of America itself. Kingsbarn states that LV Petroleum signed a 20-year triple-net lease with 2.5% annual rent increases. LV Petroleum's own website lists the Grandview location as part of its travel-center network, and public company announcements describe LV Petroleum as operating more than 90 locations nationwide. (kingsbarn.com) (lvpetroleum.net)
That distinction is critical for underwriting. An investor should not evaluate this investment as if the direct tenant were BP-owned TravelCenters of America solely because the TA brand appears on the site. The lease credit ultimately depends on the legal tenant and any guarantor named in the private placement memorandum. The brand may support traffic and customer recognition, but brand recognition and tenant credit are not the same thing.
FilingDossier's conclusion is that KB Grandview is a legitimate, highly traceable 1031 DST offering with a real operating travel-center asset, a defined 20-year NNN lease and a clearly documented Kingsbarn sponsorship chain. Its strongest features are property visibility, lease-term transparency and a mature DST sponsor. Its main risks are single-property concentration, dependence on one private operating tenant, substantial offering and sponsor-related fees, DST illiquidity and the need to verify the financing and lease guaranty rather than assuming TA corporate credit.
Sponsor, Property and Operating Evidence
Kingsbarn Realty Capital is an established real estate investment sponsor specializing in DST and 1031 exchange products. Its current platform materials report more than $2.8 billion of assets under management, approximately 330 properties, more than $1.6 billion of equity raised and 105 investment programs. Another Kingsbarn marketing site states the organization has completed more than $5 billion in property acquisitions. These are sponsor-level figures and should not be treated as the size or performance of KB Grandview itself. (kingsbarn.com) (kingsbarnca.com)
Kingsbarn's portfolio includes multiple net-lease DST offerings involving recognizable corporate brands and travel centers. The Grandview property itself appears in Kingsbarn's operating portfolio at 100 Higgins Way, Grandview, Washington. (kingsbarn.com) This makes the asset easy to cross-check beyond Form D.
The Grandview project also has independent local evidence. The Port of Grandview publicly welcomed the new TA Travel Center and highlighted the Applebee's/IHOP dual-branded restaurant concept. Local records identify Grandview Truck Plaza LLC and its developers in connection with the project, while local news reported the Applebee's/IHOP opening in early 2026. (portofgrandview.org) (thegrandviewherald.com)
The operating site is especially useful because LV Petroleum independently lists the Grandview TA location and identifies its amenities, 100 truck parking spaces, fueling operation, showers, laundry and food services. (lvpetroleum.net) A separate July 2026 LV Petroleum announcement stated that the company was approaching 100 travel-center locations and specifically identified Grandview as one of its newer openings. (globenewswire.com)
The sponsor describes the asset as single tenant, but the property itself contains multiple customer-facing businesses. This does not make Applebee's, IHOP or the other restaurants separate real estate tenants from the DST's perspective. The investment still depends primarily on the contractual tenant under the NNN lease. Investors should distinguish between the diversity of on-site revenue sources and legal tenant diversification.
The 20-year triple-net lease is a major underwriting feature. Under a typical NNN structure, the tenant bears most property taxes, insurance and maintenance costs, reducing landlord-level operating expense volatility. Kingsbarn also reports annual rental increases of 2.5%, creating contractual rent growth. (kingsbarn.com)
However, triple-net does not mean risk-free. A long lease is only as strong as the tenant's ability to pay. If LV Petroleum experiences operating stress, the DST could face tenant default, renegotiation or re-leasing risk. Because the property is a specialized travel center with truck fueling and service infrastructure, replacement-tenant costs could be higher than for a more generic retail asset.
Offering Economics, 1031 Structure and Fee Analysis
The SEC filing provides several details that materially affect investor economics. The $56.85 million offering represents exactly 100 Class 1 interests at $568,500 each. As of the filing date, approximately 48% of the offering had been sold to 22 investors. (sec.gov)
The filing also estimates approximately $1.258 million in sales commissions. In addition, it reports approximately $3.2645 million of gross proceeds expected to be paid to related persons or promoters. The clarification states that sponsor or affiliated entities are expected to receive approximately $2.95 million in financing and acquisition fees, plus approximately $314,500 in reimbursement of offering expenses. (sec.gov)
Those figures are especially important because they allow investors to quantify part of the front-end fee burden directly from primary SEC evidence. Combined sales commissions and disclosed sponsor/affiliate payments are more than $4.5 million before considering any other expenses that may appear in the private placement memorandum. That does not automatically make the investment unattractive, but it means investors should evaluate the actual real-estate acquisition basis relative to total offering proceeds.
This is where the most important missing number appears: public materials reviewed here do not clearly disclose the actual property acquisition price or exact mortgage balance. Kingsbarn's general DST materials explain that its DST programs commonly use sponsor-arranged, non-recourse financing and that investors receive a proportional allocation of trust-level debt for 1031 purposes. However, those general statements should not be used to invent the Grandview DST's debt amount. (kingsbarnca.com)
For 1031 investors, the DST structure can be attractive because beneficial interests can potentially qualify as replacement real estate for a tax-deferred Section 1031 exchange, subject to applicable tax rules. Kingsbarn also emphasizes that DST interests can simplify the 45-day identification and 180-day completion deadlines because the property and trust structure are already established. (kingsbarnca.com)
But tax utility should not be confused with investment quality. A DST can be useful for completing an exchange and still be economically unattractive if the purchase price, debt, fees or tenant risk are unfavorable. Investors should therefore analyze the DST first as real estate and second as a tax structure.
Rule 506(c) is also distinctive. Unlike Rule 506(b), a 506(c) offering may be publicly advertised, but all purchasers must be accredited investors and the issuer must take reasonable steps to verify accreditation. The filing's minimum investment of $568,500 and 100-unit structure suggest this product is designed for relatively large 1031 exchange balances rather than small retail subscriptions. (sec.gov)
Multi-Dimensional Risk Review and Evidence Gaps
The first major risk is single-tenant concentration. Regardless of the number of food brands or amenities operating on-site, the trust's rent depends primarily on one legal tenant, LV Petroleum. If that tenant fails, all property cash flow may be affected simultaneously.
The second issue is tenant-credit interpretation. The property uses the TA brand, but sponsor materials identify LV Petroleum / FuelBros as the tenant. Investors should review the actual lease and guaranty and should not assume that TravelCenters of America or its parent company directly guarantees rent.
The third risk is specialized real-estate use. Travel centers require fuel systems, truck parking, service bays and highway access. Those characteristics can support strong operating utility but may reduce the pool of replacement tenants if re-leasing becomes necessary.
The fourth issue is traffic dependency. Sponsor materials cite approximately 27,000 vehicles per day near the site. Long-term performance depends on sustained interstate traffic, trucking volumes and the location's competitive position relative to other fueling and travel centers.
The fifth risk is fuel and transportation transition. Diesel and gasoline remain central to current trucking, but long-term changes in fleet electrification, alternative fuels or logistics networks may affect travel-center economics over a multi-decade lease term.
The sixth issue is lease-credit duration. A 20-year lease is attractive only if the tenant remains financially strong. Investors should request financial statements or credit information for LV Petroleum and any guarantor rather than relying only on Kingsbarn's description of the company as a large travel-center operator.
The seventh issue is front-end fee load. The SEC filing identifies $1.258 million of sales commissions and approximately $3.2645 million of sponsor/affiliate payments and reimbursements. Those costs can reduce the percentage of investor capital directly attributable to real estate value.
The eighth issue is DST inflexibility. Delaware Statutory Trusts are designed with strict operational limitations to preserve tax treatment. The trustee may have limited ability to refinance, renegotiate leases, raise new equity or materially improve a property compared with a conventional real estate partnership.
The ninth issue is liquidity. Kingsbarn explicitly states there is no public market for DST interests and investors may be unable to sell or transfer them. Investors should assume a long, illiquid holding period.
The tenth issue is debt opacity. General sponsor materials describe DST financing, but the exact Grandview debt amount, lender, interest rate, maturity and debt-service coverage are not visible in the sources reviewed. Those are critical numbers for both risk analysis and 1031 debt replacement.
The eleventh issue is exit risk. At the end of the hold period, value will depend on interest rates, cap rates, tenant credit, remaining lease term and investor demand for specialized net-lease properties.
The twelfth issue is brand-versus-credit confusion. This is perhaps the most unique risk in the offering. A visually prominent TA facility can create the impression of exposure to a major national corporate tenant, but the legal lease counterparty is reported as LV Petroleum. Due diligence should always follow the lease, not the signage.
A serious investor should request the complete PPM, appraisal, purchase contract or settlement statement, property acquisition price, mortgage documents, current debt balance, lender, interest rate, amortization, maturity, debt-service coverage ratio, full LV Petroleum lease, lease guaranty, tenant financial statements, environmental reports, property-condition report, fuel-system reports, projected cash distributions, sponsor fee schedule and disposition assumptions.
The most important questions are: What did the trust actually pay for the property How much mortgage debt is attached to the DST Who legally guarantees the 20-year lease Is the guarantor LV Petroleum itself, another affiliate or a larger parent What happens to the lease if the TA branding arrangement ends What cap rate supports the offering value How much of the $56.85 million offering represents property equity versus commissions, sponsor fees and reserves And what is the projected investor cash yield after all fees and debt service
Final Assessment
KB Grandview, DST is a legitimate and highly verifiable private real estate offering with several characteristics that make it unusually suitable for independent research. The SEC filing clearly identifies the $56.85 million offering, 22 investors, $27.51 million sold, the $568,500 minimum investment and the full Kingsbarn-related sponsor structure. (sec.gov)
The property itself is also real and operating. Kingsbarn, LV Petroleum and local Grandview sources independently confirm the TA-branded travel center at 100 Higgins Way, along with truck parking, fueling, restaurants and other driver amenities. (kingsbarn.com) (lvpetroleum.net)
The strongest positive is the combination of a newly constructed property, a 20-year NNN lease, 2.5% annual rent increases and an experienced 1031/DST sponsor. The most important caution is the legal tenant structure. The facility may operate under the TravelCenters of America brand, but Kingsbarn identifies LV Petroleum / FuelBros as the tenant. That distinction should be central to any credit analysis.
Another unusually useful fact is the fee disclosure. The Form D itself reports approximately $1.258 million of sales commissions and roughly $3.2645 million of sponsor/affiliate payments and reimbursements. These figures allow investors to evaluate offering friction more precisely than in many private real estate deals.
FilingDossier's conclusion is that KB Grandview is a verifiable Kingsbarn-sponsored 1031 DST with a genuine operating travel-center asset and a clear long-term lease structure. The next stage of diligence should focus on the exact property acquisition basis, mortgage debt, tenant guaranty, projected cash yield and the relationship between TA branding and LV Petroleum's contractual lease obligations.
FilingDossier Research Conclusion
Company Name: Kingsbarn Realty Capital
Fund Legal Entity: KB Grandview, DST
CIK: 0002154994
Issuer Type: Delaware Statutory Trust
Jurisdiction: Delaware
Fund Formed: 2026
Form D Filed: September 17, 2026
First Sale: September 4, 2026
Rule: 506(c)
Industry: Commercial Real Estate
Offering Amount: $56.85M
Amount Sold: $27,513,375
Remaining To Be Sold: $29,336,625
Investors: 22
Interests Offered: 100 Class 1 beneficial interests
Price Per Interest / Minimum Investment: $568,500
Sales Commissions: Approximately $1.258M
Finders Fees: $0
Sponsor / Affiliate Payments and Reimbursements: Approximately $3.2645M
Sponsor: KB Exchange Properties, LLC
Parent Sponsor: Kingsbarn Realty Capital, LLC
Managing Member: Kingsbarn Holdings Company, LLC
Master Tenant: KB Grandview MT, LLC
Signatory Trustee: KB Grandview ST, LLC
Depositor: KB Grandview Holdings, LLC
Key Executive: Jeffrey A. Pori
Related Executive: Ray Jones
Property: TA Travel Center
Property Address: 100 Higgins Way, Grandview, WA 98930
Property Type: Travel Center / Commercial Net Lease
Property Completion: 2025/2026
Tenant: LV Petroleum, LLC d/b/a FuelBros
Property Brand: TravelCenters of America
Lease Term: 20 years reported
Lease Structure: Triple Net
Annual Rent Escalation: 2.50%
Truck Parking: 100 spaces
Diesel Lanes: 5
Gasoline Positions: 10
Reported Passing Traffic: Approximately 27,000 vehicles per day
1031 Exchange Eligible: Yes
Kingsbarn Platform AUM: More than $2.8B reported
Kingsbarn Properties: Approximately 330 reported
Kingsbarn Equity Raised: More than $1.6B reported
Exact Property Purchase Price: Not established from reviewed public sources
Exact DST Mortgage Debt: Not established from reviewed public sources
Lease Guarantor: Must be verified from PPM / lease documents
Projected Investor Cash Yield: Not established from reviewed public sources
Independent Conclusion: KB Grandview is a verifiable 1031 Delaware Statutory Trust offering tied to a newly constructed TA-branded travel center operated by LV Petroleum. Its strongest positives are a long-term NNN lease, contractual annual rent increases, a well-established DST sponsor and unusually strong property-level verification. The main diligence issues are tenant-credit interpretation, the legal lease guaranty, front-end fees, property acquisition basis, mortgage debt, illiquidity and single-asset / single-tenant concentration.
Primary Sources Reviewed
This review relied primarily on the September 17, 2026 SEC Form D, Kingsbarn Realty Capital's official KB Grandview offering materials and portfolio records, LV Petroleum's official Grandview property page and company materials, Port of Grandview public information and independent local reporting concerning the Grandview TA travel center.
Kingsbarn platform statistics are kept separate from the assets and performance of KB Grandview itself. TravelCenters of America branding is also kept separate from the legal tenant relationship with LV Petroleum.
Important Notice
A Form D is a notice filing for an exempt securities offering. It does not mean the SEC has approved KB Grandview, Kingsbarn Realty Capital, LV Petroleum or the underlying property.
A property operating under the TravelCenters of America brand should not automatically be treated as having TravelCenters of America corporate lease credit. Investors should verify the actual tenant and lease guarantor in the private placement documents.
DST interests are illiquid private securities and may carry substantial real estate, financing, tax and tenant risks.
FilingDossier is an independent public-record research platform and is not affiliated with Kingsbarn Realty Capital, LV Petroleum, TravelCenters of America or the U.S. Securities and Exchange Commission.
This article is provided for informational and research purposes only and does not constitute investment, legal, tax or financial advice.