Cove Capital Fully Subscribes Nevada DST Offering

Cove Capital Investments LLC, a sponsor of Delaware statutory trusts and other real estate investment offerings, announced it has fully subscribed its Cove Net Lease Distribution 57, a Regulation D Rule 506(c) Delaware statutory trust offering.

According to Cove Capital, the total amount of equity raised in the offering, which launched in September 2022, was $3.7 million.

The 1031 exchange DST offering was made available to accredited 1031 exchange and direct cash investors as an all-cash, debt-free DST offering.

As The DI Wire previously reported, the property was constructed as a build-to-suit for FedEx in 2012.

The 11,482-square-foot building was 100% occupied by the Fortune 500 logistics tenant and located in Elko, Nevada.

“With the active industrial/logistics real estate sector, and the high demand for logistical space across the country, we felt confident our investors would be attracted to the asset’s location, the quality of the tenant and the exponential growth of e-commerce,” Dwight Kay, managing member and co-founder of Cove Capital Investments, said.

Cove Capital Investments acquired the property with a long-term net lease in place.

“Cove Capital’s DST Acquisition Team accurately recognized that the facility not only performs an essential logistics-related business, but is also anchored by an industry leading, high-quality tenant with a long-standing commitment and recent lease extension,” Kay said.

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.

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