Cove Capital Buys Florida Net Lease Building for $11.1M DST Offering

Cove Capital Investments, LLC, a Los Angeles-based Delaware Statutory Trust (DST) sponsor and private equity real estate firm, has purchased a newly constructed net lease building in Riviera Beach, FL for its Cove Tractor Supply Net Lease 60 DST, a Regulation D, private placement offering that is targeting an $11.1 million raise.

The property, leased to Tractor Supply Company, was purchased as part of the firm’s portfolio of debt-free assets for 1031 exchange and direct cash investors, according to Dwight Kay, managing member and founding partner of Cove Capital Investments.

“Our tenant is the largest operator of rural lifestyle retail stores in America. They have over 2,000 stores across 49 states and have been in business for over 80 years. It carries an investment grade credit rating by S&P of BBB and as a tenant, it is considered an essential business,” said Chay Lapin, managing member and founding partner of Cove Capital Investments.

Continuing with the firm’s real estate acquisition strategies, the offering was acquired with 0% leverage to help mitigate risks for its investors, the firm noted.

The firm has sponsored and co-sponsored the syndication of more than 1.9 million square feet of 1031 DST and real estate offerings in the multifamily, net lease, industrial and office sectors.