Cove Capital Fully Subscribes $13.3M Florida, Texas Industrial DST Offering 

Cove Capital Investments announced it has fully subscribed its Net Lease Industrial 77 DST, a Regulation D, Rule 506(c) Delaware Statutory Trust (DST) offering, raising over $13.3 million. 

The purchases of three net lease industrial distribution centers through the offering include two Frito Lay distribution centers in Texas and a FedEx distribution center in El Dorado, AR. The acquisitions were completed in August. 

“The diversified portfolio consists of three net-leased industrial properties with tenants that are potentially recession- and pandemic-resistant, offering meaningful monthly income potential through long-term leases,” said Chay Lapin, managing member and founding partner of Cove Capital Investments. 

In line with the Los Angeles-based real estate investment firm’s strategy, the DST was acquired with no leverage and the assets are part of its portfolio of debt-free real estate assets for 1031 exchange and direct cash investors. 

The firm has acquired a slew of properties in recent months for various offerings. Last month, it completed the purchase of a multi-tenant flex/industrial asset in San Antonio, TX that will be included in its Texas Small Bay 85 Flex DST and aims to raise over $15.3 million.  

In October, it acquired a new net lease industrial asset in Athens, GA that will be part of the firm’s General Time Industrial Park Opportunity 84 DST. The firm is targeting a $16.5 million raise.  

Cove Capital also purchased The Peanut Factory Lofts, a multifamily asset in downtown San Antonio, TX for its Cove Capital San Antonio Multifamily 74 DST; three net lease properties for its Cove Essential Net Lease 81 DST; and a net lease property for Cove Tractor Net Lease 79 DST. 

The firm operates a portfolio of more than 2.5 million square feet of real estate in 33 states. 

Pictured: FedEx Distribution Center in El Dorado, Arkansas.