Cove Capital Fully Subscribes $10.4M Texas Net Lease Offering
Cove Capital Investments, LLC, a Los Angeles-based Delaware Statutory Trust (DST) sponsor and real estate investment firm, announced its Cove Texas Net Lease 63 DST, a regulation D Rule 506c DST offering has been fully subscribed.
The total amount raised is just over $10.4 million.
The offering was made available to accredited 1031 exchange and direct cash investors as an all-cash/debt-free DST offering designed to potentially mitigate risk of lender foreclosure or lender cash flow sweeps, noted Dwight Kay, managing member and founding partner of Cove Capital Investments.
The 16,297 square-feet property is in Lewisville, a suburban community in the Dallas-Fort Worth Metroplex.
The DST is a corporate net lease offering with a new 20-year lease with annual rent increases and has a full corporate guaranty on the lease, explained Kay.
“Our tenant has numerous locations nationally and globally with plans to continue the expansion of their business model,” said Kay. “We felt confident our investors would be attracted to the type of asset, location, the tenant, and the overall business strategy set forth in the private placement memorandum.”
The portfolio now consists of more than 1.9 million square feet of 1031 DST and real estate offerings in the multifamily, net lease, industrial and office sectors.
Pictured: Property in Lewisville, TX – suburb of Dallas-Fort Worth Metroplex
