Spotlight: CAI Investments and Its Industrial DSTs Leased to U.S. Medical Glove Company

The Las Vegas sponsor underwrites its tenants’ customers as closely as the tenants themselves, and its newest deals are priced around the power and water infrastructure inside the buildings.

November 11, 2026

CAI Investments, LLC is a Las Vegas real estate developer and Delaware statutory trust sponsor founded in 2011 by Christopher Beavor. Its three most recent DSTs each own an industrial campus leased to U.S. Medical Glove Company (USMGC) or an affiliate: a former Motorola headquarters in Harvard, Illinois, a plant in Honea Path, South Carolina, and a mill in Chillicothe, Ohio. CAI's offerings are sold through the broker-dealer Emerson Equity LLC.

Beavor began his career as a Las Vegas real estate agent, and CAI started out as a developer. Its portfolio lists realized retail pads on West Flamingo Road in Las Vegas leased to Walgreens, Del Taco, Denny's and Wahoo's, Del Taco restaurants around Phoenix, two The Learning Experience schools, and a Carson City office building leased to Harley-Davidson. Its hospitality work includes the Westin in Tempe, Arizona, a Delta by Marriott west of the Las Vegas Strip, and a Reno opportunity zone project anchored by a Kimpton hotel.

How CAI Underwrites a Tenant

CAI's published acquisition criteria call for single-tenant office, industrial, special-purpose or retail property on absolute triple-net leases at a capitalization rate of at least 6%. Sale-leasebacks of 20 years or more are preferred, and 10-year leases are considered. Investment-grade tenants are preferred, but the firm says it targets middle-market tenants in recession-resistant businesses that earn their revenue from blue-chip customers. To judge credit, CAI says it looks past the tenant to the tenant's products and the companies that buy them.

The criteria also cover the building, in case the tenant leaves: CAI looks for property that is hard to replace, has land to expand onto, and can be bought below replacement cost. According to the firm, Beavor personally leads the underwriting review for every asset presented to investors. Chief Financial Officer Michael Kraft, a licensed CPA whose earlier employers include PwC, Goldman Sachs and Deutsche Bank, oversees investor reporting and distributions, and Daniel Marx, CCIM, directs asset management.

CAI's earlier DSTs held single-tenant net-lease buildings: Cabela's stores in Kansas City and near Reno, a Kewaunee Scientific plant in Statesville, North Carolina, Pactiv Evergreen's headquarters in Lake Forest, Illinois, and facilities in Coatesville, Pennsylvania, Cincinnati and Montgomery, Illinois. Its first multi-investor DST, in Daytona Beach, Florida, is listed as realized.

The U.S. Medical Glove Company DSTs

Manufacturing Essential Asset DST owns the roughly 1.5 million-square-foot Harvard campus, built in 1997 on more than 300 acres, which USMGC uses as its global headquarters and primary site for making nitrile gloves. The absolute triple-net lease runs 23.5 years, with four five-year renewal options and 2% annual rent increases, and is guaranteed by U.S. Medical Glove Company, LLC. The offering totaled $286 million including debt, with about $182 million in investor equity. CAI launched it as a Rule 506(b) offering in April 2023, converted it to Rule 506(c) after raising more than $52 million, and announced it fully subscribed in March 2026.

Manufacturing Essential Asset II DST, an all-cash offering, completed a $22.28 million raise in early 2025 for a 96,204-square-foot plant in Honea Path. CAI describes the facility as the only plant in North America able to produce polyisoprene, a component of latex-free surgical gloves.

Power, Water and the Chillicothe Mill

The newest offering, Critical Infrastructure I DST, is a $91.9 million all-cash offering, according to the firm's December 2025 brochure. It owns about 67 acres and 2.8 million square feet of improvements within a roughly 500-acre industrial campus in Chillicothe, south of Columbus. The site has rail, high-volume natural gas lines, steam generation and fiber. The tenant, US Paper Mill, LLC, is a USMGC affiliate that acquired the facility in October 2025 and is converting it to produce nitrile gloves and glove boxes. Its 25-year triple-net lease carries 2% annual increases and a USMGC guarantee. A footnote in the brochure states that some of the equipment producing power or steam on site may be owned by the tenant or third-party operators and may not be part of the real property conveyed.

CAI's 2026 advisor guide, The Power Premium, makes the case for this kind of asset. It argues that power capacity and water infrastructure have become underwriting variables for industrial real estate, as grid congestion delays new industrial connections and federal reshoring policy adds demand for domestic manufacturing space. The guide lays out a five-point framework for evaluating such properties and uses Chillicothe as its case study, in which the firm says the new tenant began production within 48 hours of acquisition.

In an Aug. 31, 2026 post, CAI reported a similar acquisition: an approximately 233,000-square-foot industrial facility on more than 25 acres in Sparks, Nevada, bought in June, with rail access, natural gas lines and significant electrical capacity. The firm says the site suits tenants with large power and water requirements.