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Alternative Assets  + Real Estate  |  October 25, 2024
Cove Capital Acquires Georgia Industrial Asset for DST
By: Joe Palmisano

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. 

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Cove Capital Investments, LLC

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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