Cove Capital Acquires Georgia Industrial Asset for DST 

Cove Capital Investments, LLC has 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, a Regulation D, Rule 506(c) offering that aims to raise $16.5 million. 

The property, purchased below replacement cost, is within the larger 35-acre General Time mixed-use development. The multi-tenant building spans 113,157 square feet, fully occupied by Terrapin Beer Company (a subsidiary of Molson Coors) and Wayfair LLC. 

“The former General Time Corporation/Westclox factory plus surrounding land is being repurposed to include restaurants, retail shops, Class-A multifamily units, office space, entertainment venues, and hospitality options to create a vibrant and unique live-work-play community,” said Chay Lapin, managing member and founding partner of Cove Capital Investments. 

Like many of the Los Angeles-based firm’s real estate acquisitions, the Cove General Time Industrial Park Opportunity 84 DST was acquired with 0% leverage. Earlier this month, the firm announced it fully subscribed Rogers Business Park Opportunity 73 DST, raising more than $23.1 million. The firm announced in April that it completed the acquisition of its offering. 

Also this month, the firm announced it fully subscribed Eastwood Village Opportunity 71 DST, raising $22.8 million. In March, the firm fully subscribed its Cove Net Lease Distribution 66 DST, raising just over $3.8 million.  

Meanwhile, the firm has acquired several properties in recent months for various offerings, including the purchase of The Peanut Factory Lofts, a multifamily asset in downtown San Antonio, TX for its Cove Capital San Antonio Multifamily 74 DST; three net lease industrial distribution centers on behalf of its Cove Net Lease Industrial 77 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 over 2.5 million square feet of real estate in 33 states nationwide.