Cove Capital Investments Buys New York Distribution Property for DST Offering

Cove Capital Investments LLC, a private equity real estate firm and Delaware statutory trust sponsor, announced it has completed the purchase of a newly constructed industrial distribution warehouse in Frankfort, New York.

The property, built in 2021, is net leased to PepsiCo North America Beverages for 10 years with two five-year extension options.

Final purchase price was not disclosed, but the property was most recently marketed for sale at $11.6 million.

The purchase is for Cove’s Net Lease Distribution 64 DST, a Regulation D, Rule 506(c) offering that seeks to raise up to $13.2 million from accredited investors.

According to Cove, the 61,000-square-foot warehouse offering was made available to accredited investors as an all-cash, debt-free opportunity designed to mitigate lender risk and cashflow sweeps.

“We are excited about the addition of another all-cash/debt-free DST offering to our portfolio. The distribution center is operated by a global leader in convenient foods and beverages which includes many iconic brands,” said Dwight Kay, managing member and founding partner of Cove Capital Investments.

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. Cove has sponsored over 1.9 million square feet of 1031 DST and real estate offerings in the multifamily, net lease, industrial and office sectors.

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