Cove Capital Investments Buys $15.4 Million Value-Add Retail Center in Texas for DST Offering
Cove Capital Investments LLC, a sponsor of Delaware statutory trusts and other real estate investment offerings, announced it has completed the purchase of the 191,559-square-foot Parkdale Commons retail center located in Waco, Texas for $15.4 million. Cove paid approximately $15.4 million for the property, according to Palomar Group, a full-service commercial investment sales firm based in Augusta, Georgia
The acquisition was made on behalf of Cove Parkdale Commons Opportunity 62 DST, which was launched earlier this month and seeks to raise approximately $21.6 million in investor equity.
“Cove Capital continues to grow our base of accredited investors and industry appeal for our portfolio of high-quality, debt-free DSTs and real estate fund investments,” said Dwight Kay, managing member and co-founder of Cove Capital Investments. “This latest value-add retail center is an excellent addition to Cove Capital’s growing list of debt-free 1031/DST investment options. We would especially like to thank all of the members of the Cove selling group over the years which includes Broker/Dealers, Registered Representatives and RIAs for their support and trust in Cove Capital.”
The property, which was originally built in 1973, is anchored by Hobby Lobby and located in the primary retail node of the West Waco market that is surrounded by a large concentration of national retailers including Target, Walmart, Tractor Supply, Academy Sports, Lowe’s and Home Depot. Other tenants include True Value, dd’s Discounts and Drug Emporium, all of which have leases that run through at least 2026, according to Cove Capital.
“Cove Capital has developed an extensive strategy to add value to the property in an effort to create equity growth and appreciation potential for our investors,” said Chay Lapin, managing member and co-founder of Cove Capital Investments. “The value-add strategy includes renewing and extending certain leases, marking current under market leases to market, re-tenanting certain leases, an extensive leasing and marketing program to fill vacant space as well as a capital improvement and property curb appeal enhancement program. Cove Capital believes this multi-pronged value-add strategy will potentially drive the assets value.”
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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