Cove Capital Investments, LLC, a sponsor of securitized 1031 exchanges and other real estate investment offerings, has purchased a 108,000-square-foot single-tenant office property located in Houston, Texas that serves as the corporate headquarters of Blinds.com, a subsidiary of Home Depot.
The property was purchased on behalf of Cove Houston Corporate 49 DST, an all-cash Delaware statutory trust offering that seeks to raise $26.7 million from accredited investors, according to public filings. The 506(c) private placement offering has a minimum investment of $50,000.
According to Loopnet, the four-story property was built in 1981, sits on nearly six acres of land, and has close to 600 parking spaces. Currently, it is 100 percent occupied by Blinds.com, an online window covering retailer that was purchased by Home Depot in 2014. The lease has 6.5 years remaining and is guaranteed by Home Depot.
“The corporate headquarters of Blinds.com is an excellent acquisition for Cove Capital’s growing list of all-cash/debt-free 1031/DST investment options. Houston, Texas is the fourth largest city in the United States, the second largest metropolitan area in the country for manufacturing, and headquarters to 24 Fortune 500 companies,” said Chay Lapin, managing member and co-founder of Cove Capital Investments.
The property is one quarter mile from Sam Houston Parkway and a 35-minute drive to the Houston International Airport.
Cove Capital Investments is a private equity real estate firm that provides 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.
Cove Capital has sponsored and co-sponsored the syndication of more than 2.3 million square feet of 1031 DST and real estate offerings in the multifamily, net lease, industrial and office sectors.