This opportunity is available for investment
All information is subject to the Sponsor's official Investment Documentation. For more information, including risk factors, view the .
Key benefits and features of this investment opportunity
All information is subject to the Sponsor's official Investment Documentation. For more information, including risk factors, view the .
Just off the I-89 and Route 62 interchange, the Property sits in a highly traveled area with strong demand drivers including the state capital Montpelier (4 miles north), the Central Vermont Medical Center (1.5 miles north) and the national headquarters of National Life Insurance Group (5 miles north).
The Property benefits from significant barriers to entry stemming from Vermont’s Act 250 (passed in 1970), that implemented extensive restrictions on commercial development across the state.
According to Placer.ai the Property is the 4th most visited Shaw’s in the state of Vermont (out of 16), the 3rd most visited grocery store within a 30-mile radius and ranks 1st within a 15-mile radius among Shaw’s locations.
Shaw’s Supermarkets is the #1 grocer in the state of Vermont by both total store count (16 stores) as well as sales volume (estimated at $323M) (source: The Griffith Report, August 2024) and the third largest grocer in New England by total store count.
On December 31, 2024, Shaw’s Supermarkets further committed to the Property by signing a 15-year lease extension (until December 31, 2039) with 8% rental increases every five-years during the base term and all extensions.
Shaw’s Supermarkets has paid rent early every month since the acquisition by Seller.
The Shaw’s Supermarkets Lease is an absolute net lease structure that relieves the Trust and Master Tenant of all operating obligations and capital expenditures including capital repairs, environmental and fire/casualty insurance.
The Trust will not obtain any debt in connection with its acquisition of the Property.
After obtaining an independent third-party appraisal that placed an as-is value of $21,000,000 on the Property, NLIF 2 through its wholly owned subsidiary, Seller, agreed to a purchase price of $20,300,000 for the Trust to purchase the Property. This price represents a $300,000 premium to the highest third-party bid, and a $700,000 discount to the third-party appraisal.
The Property saw 682,000 visits in 2025 representing a 10% increase since 2022.
At approximately 65,223 square feet, the Property is materially larger than the average U.S. supermarket size of 42,453 square feet, placing the store within a large-format, full-assortment profile rather than a small-box or limited-assortment format.
Shaw’s Supermarkets was founded in 1860 in Portland, Maine and is one of the oldest continuously operated supermarkets in the United States.
The offering documents below have been prepared and are being delivered by the Sponsor of this investment opportunity.
Get help from our team of investment specialists or use our portfolio builder tool to model this investment in your 1031 exchange strategy.
Property Type
Net Lease
Location
Berlin, VT
Year Built
1996
Occupancy Rate
100%
Please refer to the PREP Essential Net Lease I DST - Private Placement Memorandum for more details regarding distributions and risk factors of the investment.
PREP Exchange LLC
PREP Exchange LLC, a Delaware limited liability company, is a newly-formed affiliate of PREP Property Group, LLC, a Delaware limited liability company, created to sponsor and provide accredited investors with seamless 1031 solutions through high-quality, fractional Delaware statutory trust investments. PREP Exchange-sponsored products enable qualified investors to defer capital gains taxes by exchanging appreciated real estate into institutional-grade, necessity-driven, net-leased retail properties managed by PREP’s existing best-in-class operating system.
PREP is a full-service retail real estate operating and asset management company formed in 2015 and known for its retail real estate expertise and ability to transform under-performing retail properties into opportunistic investments. Led by chief executive officer Michael Phillips, PREP’s team of senior real estate professionals average over 20 years of experience. Together, they have completed more than $4 billion in retail real estate transactions. This specialized team possesses a deep knowledge of real estate fundamentals for detailed evaluations of consumer, market, and retail trends. PREP’s national operating platform includes approximately 70 partners and associates across multiple offices.
As of January 2026, the Asset Manager manages approximately 1.1 million square feet of net lease retail real estate across 33 states.
For more information, view the .
All details presented on this page are subordinate to and qualified entirely by the comprehensive information contained within the Sponsor's official Investment Documentation. The content displayed here remains incomplete and may be modified by the Sponsor without notice prior to closing. The Sponsor's Investment Documentation and related materials include critical details regarding investment goals, business strategies, potential risks, fees, costs, and additional material information that should be thoroughly evaluated before making any investment decision. The information presented on this page is insufficient for making informed investment choices.
This investment is speculative, highly illiquid, and involves substantial risk. There can be no assurances that all or any of Sponsor's assumptions, expectations, estimates, goals, hypothetical illustrations, or other aspects of Sponsor's business plans ("Assumptions") will be true or that actual performance will bear any relation to Sponsor's Assumptions, and no guarantee or representation is made that Sponsor's Assumptions will be achieved. If Sponsor does not achieve its Assumptions, your investment could be materially and adversely affected. A loss of part or all of the principal value of your investment may occur. You should not invest unless you can readily bear the consequences of such loss. Sponsor's Assumptions should not be relied upon as the primary basis for your decision to invest.
Sponsor is solely responsible for statements made concerning forward-looking statements and Assumptions, which apply only as of the date made, are preliminary and subject to change, and are expressly qualified in their entirety by the disclosures and cautionary statements included in Sponsor's Investment Documents, which you should carefully review. A Sponsor is obligated to update or revise such forward-looking statements or Assumptions to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Sponsor's forward-looking statements and Assumptions are hypothetical, not based on actual investment achievements or events, and are presented solely for purposes of providing insight into the Sponsor's investment objectives, detailing Sponsor's anticipated risk and reward characteristics, and establishing a benchmark for future evaluation of actual results; therefore, they are not a predictor, projection, or guarantee of future results. You should not rely on Sponsor's forward-looking statements as a basis to invest.
Importantly, we do not adopt, endorse, or provide any assurance of returns or as to the accuracy or reasonableness of Sponsor's Assumptions or forward-looking statements.
Any reference to historical performance does not indicate future results and should not be considered the primary factor in investment decisions.
Sponsor's securities offering will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), in reliance upon the exemptions from registration pursuant to Rule 506(c) of Regulation D as promulgated under the Securities Act ("Private Placement"). In addition, the offering will not be registered under any state securities laws in reliance on exemptions from state registration. Such securities (your ownership interests) are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable state and federal securities laws pursuant to registration or an available exemption. All Private Placements on the Platform are intended solely for "Accredited Investors," as that term is defined in Rule 501(a) under the Securities Act.
Nothing presented on this page constitutes investment advice (whether regarding specific securities or overall investment strategies), recommendations, offers to sell, or solicitations to purchase any security. Professional securities advice is strongly recommended to comprehend and evaluate the risks inherent in real estate or private placement investments.
Internal Revenue Code Section 1031 ("Section 1031") involves intricate tax principles, and tax implications may differ based on individual investor circumstances. Anchor1031, LLC and Quincy Wells Capital, LLC provide no representations or warranties regarding the tax consequences of your investment or whether the IRS will accept such tax treatment. Consultation with and reliance upon your personal tax advisor regarding tax implications specific to your situation is essential.
All information is subject to the Sponsor's official Investment Documentation. For more information, including risk factors, view the .
Key benefits and features of this investment opportunity
All information is subject to the Sponsor's official Investment Documentation. For more information, including risk factors, view the .
Just off the I-89 and Route 62 interchange, the Property sits in a highly traveled area with strong demand drivers including the state capital Montpelier (4 miles north), the Central Vermont Medical Center (1.5 miles north) and the national headquarters of National Life Insurance Group (5 miles north).
The Property benefits from significant barriers to entry stemming from Vermont’s Act 250 (passed in 1970), that implemented extensive restrictions on commercial development across the state.
According to Placer.ai the Property is the 4th most visited Shaw’s in the state of Vermont (out of 16), the 3rd most visited grocery store within a 30-mile radius and ranks 1st within a 15-mile radius among Shaw’s locations.
Shaw’s Supermarkets is the #1 grocer in the state of Vermont by both total store count (16 stores) as well as sales volume (estimated at $323M) (source: The Griffith Report, August 2024) and the third largest grocer in New England by total store count.
On December 31, 2024, Shaw’s Supermarkets further committed to the Property by signing a 15-year lease extension (until December 31, 2039) with 8% rental increases every five-years during the base term and all extensions.
Shaw’s Supermarkets has paid rent early every month since the acquisition by Seller.
The Shaw’s Supermarkets Lease is an absolute net lease structure that relieves the Trust and Master Tenant of all operating obligations and capital expenditures including capital repairs, environmental and fire/casualty insurance.
The Trust will not obtain any debt in connection with its acquisition of the Property.
After obtaining an independent third-party appraisal that placed an as-is value of $21,000,000 on the Property, NLIF 2 through its wholly owned subsidiary, Seller, agreed to a purchase price of $20,300,000 for the Trust to purchase the Property. This price represents a $300,000 premium to the highest third-party bid, and a $700,000 discount to the third-party appraisal.
The Property saw 682,000 visits in 2025 representing a 10% increase since 2022.
At approximately 65,223 square feet, the Property is materially larger than the average U.S. supermarket size of 42,453 square feet, placing the store within a large-format, full-assortment profile rather than a small-box or limited-assortment format.
Shaw’s Supermarkets was founded in 1860 in Portland, Maine and is one of the oldest continuously operated supermarkets in the United States.
The offering documents below have been prepared and are being delivered by the Sponsor of this investment opportunity.
Get help from our team of investment specialists or use our portfolio builder tool to model this investment in your 1031 exchange strategy.
Property Type
Net Lease
Location
Berlin, VT
Year Built
1996
Occupancy Rate
100%
Please refer to the PREP Essential Net Lease I DST - Private Placement Memorandum for more details regarding distributions and risk factors of the investment.
PREP Exchange LLC
PREP Exchange LLC, a Delaware limited liability company, is a newly-formed affiliate of PREP Property Group, LLC, a Delaware limited liability company, created to sponsor and provide accredited investors with seamless 1031 solutions through high-quality, fractional Delaware statutory trust investments. PREP Exchange-sponsored products enable qualified investors to defer capital gains taxes by exchanging appreciated real estate into institutional-grade, necessity-driven, net-leased retail properties managed by PREP’s existing best-in-class operating system.
PREP is a full-service retail real estate operating and asset management company formed in 2015 and known for its retail real estate expertise and ability to transform under-performing retail properties into opportunistic investments. Led by chief executive officer Michael Phillips, PREP’s team of senior real estate professionals average over 20 years of experience. Together, they have completed more than $4 billion in retail real estate transactions. This specialized team possesses a deep knowledge of real estate fundamentals for detailed evaluations of consumer, market, and retail trends. PREP’s national operating platform includes approximately 70 partners and associates across multiple offices.
As of January 2026, the Asset Manager manages approximately 1.1 million square feet of net lease retail real estate across 33 states.
For more information, view the .
All details presented on this page are subordinate to and qualified entirely by the comprehensive information contained within the Sponsor's official Investment Documentation. The content displayed here remains incomplete and may be modified by the Sponsor without notice prior to closing. The Sponsor's Investment Documentation and related materials include critical details regarding investment goals, business strategies, potential risks, fees, costs, and additional material information that should be thoroughly evaluated before making any investment decision. The information presented on this page is insufficient for making informed investment choices.
This investment is speculative, highly illiquid, and involves substantial risk. There can be no assurances that all or any of Sponsor's assumptions, expectations, estimates, goals, hypothetical illustrations, or other aspects of Sponsor's business plans ("Assumptions") will be true or that actual performance will bear any relation to Sponsor's Assumptions, and no guarantee or representation is made that Sponsor's Assumptions will be achieved. If Sponsor does not achieve its Assumptions, your investment could be materially and adversely affected. A loss of part or all of the principal value of your investment may occur. You should not invest unless you can readily bear the consequences of such loss. Sponsor's Assumptions should not be relied upon as the primary basis for your decision to invest.
Sponsor is solely responsible for statements made concerning forward-looking statements and Assumptions, which apply only as of the date made, are preliminary and subject to change, and are expressly qualified in their entirety by the disclosures and cautionary statements included in Sponsor's Investment Documents, which you should carefully review. A Sponsor is obligated to update or revise such forward-looking statements or Assumptions to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Sponsor's forward-looking statements and Assumptions are hypothetical, not based on actual investment achievements or events, and are presented solely for purposes of providing insight into the Sponsor's investment objectives, detailing Sponsor's anticipated risk and reward characteristics, and establishing a benchmark for future evaluation of actual results; therefore, they are not a predictor, projection, or guarantee of future results. You should not rely on Sponsor's forward-looking statements as a basis to invest.
Importantly, we do not adopt, endorse, or provide any assurance of returns or as to the accuracy or reasonableness of Sponsor's Assumptions or forward-looking statements.
Any reference to historical performance does not indicate future results and should not be considered the primary factor in investment decisions.
Sponsor's securities offering will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), in reliance upon the exemptions from registration pursuant to Rule 506(c) of Regulation D as promulgated under the Securities Act ("Private Placement"). In addition, the offering will not be registered under any state securities laws in reliance on exemptions from state registration. Such securities (your ownership interests) are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable state and federal securities laws pursuant to registration or an available exemption. All Private Placements on the Platform are intended solely for "Accredited Investors," as that term is defined in Rule 501(a) under the Securities Act.
Nothing presented on this page constitutes investment advice (whether regarding specific securities or overall investment strategies), recommendations, offers to sell, or solicitations to purchase any security. Professional securities advice is strongly recommended to comprehend and evaluate the risks inherent in real estate or private placement investments.
Internal Revenue Code Section 1031 ("Section 1031") involves intricate tax principles, and tax implications may differ based on individual investor circumstances. Anchor1031, LLC and Quincy Wells Capital, LLC provide no representations or warranties regarding the tax consequences of your investment or whether the IRS will accept such tax treatment. Consultation with and reliance upon your personal tax advisor regarding tax implications specific to your situation is essential.
