Home Alts News Cove Capital Buys CVS Pharmacy in Downtown Miami Beach for DST Offering

Cove Capital Buys CVS Pharmacy in Downtown Miami Beach for DST Offering

Cove Capital Investments LLC, a sponsor of securitized 1031 exchanges and other private real estate investment offerings, has purchased a nearly 9,000-square-foot retail property located in downtown Miami Beach for its Cove Pharmacy Net Lease 46 DST, a Delaware statutory trust offering.

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Cove Capital Investments LLC, a sponsor of securitized 1031 exchanges and other private real estate investment offerings, has purchased a nearly 9,000-square-foot retail property located in downtown Miami Beach for its Cove Pharmacy Net Lease 46 DST, a Delaware statutory trust offering.

Cove Pharmacy Net Lease 46 DST is a debt-free 506(c) private placement offering that launched in mid-2022 to raise nearly $22.3 million from accredited investors.

The property, constructed as a build-to-suit project in 2021, is located one block from the beach on Collins Avenue and is fully occupied by CVS. According to the company’s website, the property is leased through 2046 with multiple renewal options and is corporately guaranteed by CVS Health Corp. (NYSE:CVS), which has a BBB rating from Standard and Poor’s.

“The tenant is investment grade and a leader in the essential pharmaceutical business vertical that remained open during the entire COVID-19 Pandemic,” said Chay Lapin, managing member and co-founder of Cove Capital. “On top of that, it is located just one block from the ocean in the renowned tourist location of Miami Beach and is surrounded by Miami’s luxury hotel market, high-rise condominiums, waterfront homes, and newly renovated state-of-the-art convention center.”

In other company news, Cove Capital recently purchased a build-to-suit FedEx logistics facility for its Cove Net Lease Distribution 53 DST offering.

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. The firm has reportedly 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.

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