Cove Capital Acquires Texas, Florida Industrial Net Lease Properties
Cove Capital Investments completed the purchase of three net lease industrial distribution centers through the firm’s Cove Net Lease Industrial 77 Delaware Statutory Trust (DST), a Regulation D, Rule 506(c) offering targeting a $13,389,616.00 raise. The assets include two Frito Lay Distribution Centers in Texas and a FedEx Distribution Center in El Dorado, Arkansas.
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, according to Dwight Kay, managing member and founding partner of Cove Capital Investments.
“The two newly constructed Texas distribution centers both have 10-year industrial net leases with annual rental increases,” said Cove Capital’s managing member and founding partner, Chay Lapin. “The third distribution center is located in Arkansas and the tenant has shown strong commitment to the location through a recent lease extension.”
Cove Capital Investments is a DST sponsor company that operates a portfolio of over 2.3 million square feet of real estate in 33 states.
Pictured: FedEx Distribution Center in El Dorado, Arkansas. Courtesy Cove Capital Investments.
