Cove Capital Investments, LLC has launched the Essential Net Lease Industrial 99 DST, a Regulation D, Rule 506(c) offering that seeks to raise $5.5 million in equity. The offering’s first acquisition is a newly constructed industrial distribution center in Walla Walla, Washington, providing direct access to key Pacific Northwest markets including Seattle, Portland, Spokane, and Boise. 

The Class A distribution property, situated on 2.25 acres, is leased to an industry-leading snack foods distributor and features multiple loading docks and modern logistics infrastructure. Like all Cove Capital offerings, the DST is structured to be completely debt-free, eliminating exposure to risks such as foreclosure, cash flow sweeps, or restrictive loan covenants. 

“By eliminating debt, we aim to protect investors from many of the common threats that can undermine long-term stability,” said Chay Lapin, Managing Member and Co-Founder of Cove Capital. 

Co-Founder Dwight Kay added that the property was “strategically acquired below current market value,” positioning investors for potential future appreciation. Lapin emphasized the flexible design of the DST, which offers investors the option—but not the obligation—to participate in a future 721 UPREIT exchange. 

The Washington acquisition builds on Cove’s recent activity, including 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 oversees a portfolio exceeding 3.5 million square feet across 35 states. 

Pictured: Distribution center in Walla Walla, WA.