Cove Capital Acquires Florida Distribution Center, Launches $11.9M Essential Net Lease Industrial DST 

Cove Capital Investments has completed the acquisition of a strategically located distribution center in Florida, linking the fast-growing markets of Pensacola and Panama City. The purchase establishes the Essential Net Lease Industrial 98 DST, a Regulation D, Rule 506(c) offering designed to raise $11,972,671 in equity. 

The facility is fully occupied by a “leading worldwide brand,” according to Dwight Kay, managing member and co-founder of Cove. The asset includes nine loading docks, ample truck loading and parking space, and room for future expansion. 

Cove co-founder Chay Lapin emphasized the DST’s flexible structure, noting that it provides investors with the option—not the obligation—of participating in a future 721 UPREIT exchange. “Instead of signing up today in a forced 721 UPREIT DST, our investors are going to be given the option to participate in a future potential 721 UPREIT or not—at their discretion,” Lapin said. 

The Florida acquisition builds on Cove’s recent activity, including a custom-built industrial distribution facility in Norton, VA, and a 46,647-square-foot retail center in Lexington, KY, which form the Cove Diversified Portfolio 94 DST targeting $15.6 million in equity. Additional 2025 acquisitions include an 83-unit build-to-rent community in San Antonio, TX, a FedEx Ground facility in Arizona, and a Tractor Supply Co. property in New Mexico. 

Headquartered in Los Angeles, Cove Capital now oversees a debt-free portfolio of more than 3.3 million square feet across 35 states. 

Pictured: Cove Florida Industrial DST