Home Alts News Cove Capital Buys 100% Leased Distribution Facility for DST Offering

Cove Capital Buys 100% Leased Distribution Facility for DST Offering

Cove Capital Investments LLC, a sponsor of Delaware statutory trusts and other real estate investment offerings, has acquired a 100% leased distribution facility in Nevada.

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Cove Capital Investments LLC, a sponsor of Delaware statutory trusts and other real estate investment offerings, has acquired a debt-free FedEx distribution facility in Elko, Nevada.

The property was purchased on behalf of Cove Net Lease Distribution 57 DST offering, a Reg. D  506(c) Delaware statutory trust offering launched in August 2022 that seeks to raise $3.7 million from accredited investors. As of late September, according to a filing with the SEC, the offering had raised just over $3 million.

“This acquisition adds an additional essential industrial facility to our growing inventory of high-quality logistics assets across the country,” said Dwight Kay, managing member and co-founder of Cove Capital Investments. “With the booming industrial and logistics real estate sector, and the high demand for logistical space across the country, we feel confident about this asset due to its location, the stability of the tenant, and the exponential growth of e-commerce.”

The property was constructed as a build-to-suit for FedEx in 2012.

The Cove portfolio now consists of more than 1.5 million square feet of multifamily, industrial, medical and net lease assets, according to the company.

Cove Capital Investments is a private equity real estate firm providing accredited investors access to 1031 exchange-eligible Delaware statutory trust properties, as well as other real estate investment offerings. The team consists of acquisitions, asset management, accounting, due diligence, in-house counsel, investor relations, marketing and capital markets.

For more Cove Capital news, please visit their directory page.