Cove Capital Completes Acquisition of Small Bay Industrial Park in Dallas–Fort Worth Area
Cove Capital Investments has completed the acquisition of a 19-building small bay industrial park in the Dallas–Fort Worth, Texas area, completing its Cove Ponder Small Bay Industrial 101 DST, a Regulation D, Rule 506(c) offering seeking to raise $18.7 million in equity.
“This offering is an attractive, 100% occupied multi-tenant flex industrial park with a diverse and well-established tenant base,” said Dwight Kay, Co-Founder and Managing Member of Cove Capital. “It was purchased below replacement cost and offers several value-add opportunities, including capturing mark-to-market rents and converting gross leases to NNN structures.”
Chay Lapin, Co-Founder and Managing Member, highlighted the DST’s structural flexibility, noting that it provides investors the option to participate in a future 721 UPREIT exchange. “This optionality ensures our investors are never forced into a 721 UPREIT but instead they can proceed with confidence, only if the terms are right for them and their particular situation,” Lapin said.
The Texas acquisition adds to Cove’s series of 2025 transactions, including a Walla Walla, WA industrial distribution center; a distribution center in Florida; and an 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 exceeding 3.5 million square feet across 35 U.S. states.
Pictured: Small Bay Industrial asset in the Dallas- Fort Worth