Cove Essential Net Lease Industrial 93 DST
Industrial property in Clinton, OK · sponsored by Cove Capital Investments
Cove Essential Net Lease Industrial 93 DST was a DST sponsored by Cove Capital Investments that owned an industrial property in Clinton, OK (8,026 SF). Its last Form D was filed May 20, 2025.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed May 20, 2025.
Cove Capital Investments has 18 active offerings on record →
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $5,159,952Equity offered, per the Form D
- Sold
- 26.8%Form D, May 20, 2025; the % is our arithmetic
- Investors reported
- Form D, May 20, 20257
- Selling commissions
- Form D Item 15; the % is our arithmetic$257,998 · 5.0% of offering
- Financing
- All cash. This offering reports no mortgage debt.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: Cove Essential Net Lease Industrial 93 DST. Top1031 is not a broker-dealer.What did the Trust own?
Cove describes the asset as a brand-new 2024 distribution facility on 2.89 acres, built to suit for Frito-Lay, PepsiCo's snack-food business. 2 The site sits just off Interstate 40. Neither the Form D nor the reviewed sponsor page states the street address, what the trust paid, or when the acquisition closed; the 2024 completion is the only construction detail the public record settles. 2
- Reported location
- Clinton, OK
- Property size
- 8,026 SF
How was it financed, and what did it cost to sell?
The trust holds its property outright with no mortgage, so there is no lender, no loan maturity, and no refinancing event to manage. 2 The trade-off for an exchanger is that a debt-free trust passes through no replacement debt.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $257,998 · 5.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $478,738 · 9.2% of offeringForm D Item 16· The filing’s note: “Mr Kay & Lapin will receive a portion of this amount (in)directly, for various fees and selling commissions, EXCLUDING amounts received for sales in the state or OR. OR proceeds will be received by registered representatives licensed in the state of OR”
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- FNEX Capital, LLC · CRD 166316
Individual representatives named in Item 12 are not listed.
- Date of first sale
- May 8, 2025
- Minimum investment
- $1,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind the Trust?
Cove Capital Investments builds DSTs that own real estate without mortgage debt, and this Trust's Form D names the firm as sponsor and promoter, with Dwight Kay and Chay Lapin as executive officers of the offering. 1 In a July 17, 2026 press release carried by citybiz, Cove reported more than $1.13 billion in sponsored transactions across 137 properties, about $206.3 million returned to investors, and an 11.01% average annualized return across its completed DST full cycles. 4 Those are platform-wide figures, not results of this Trust.
- Sponsor
- Offerings on record
What does the SEC record show?
The single Form D on record — the brief notice an issuer sends the SEC after starting a private placement — has never been amended. 1 Because the Trust is offered under the rule permitting general solicitation, Cove may advertise it publicly, but each investor's accredited status must be verified rather than self-certified.
- Legal Trust name
- Essential Net Lease Industrial 93 DST
- SEC CIK
- 2068952
- First Form D
- May 20, 2025
- Latest Form D
- May 20, 2025
- Filings on record
- 1
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D | $5,159,952 | $1,387,354 | 7 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Common questions
- What happened to Cove Essential Net Lease Industrial 93 DST?
- Cove Essential Net Lease Industrial 93 DST is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed May 20, 2025.
- Who is the tenant, and what does the public record say about the lease?
- Cove identifies the tenant as Frito-Lay, PepsiCo's snack-food business, says the building was built to suit for that tenant, and describes the asset as a single-tenant industrial net lease. The reviewed sponsor page and SEC filing do not state the lease term, expiration date, rent, escalations, occupancy, or whether a corporate guaranty backs the lease. Those terms belong in the offering documents.
- What does a debt-free DST mean for my exchange?
- The trust owns the property with no mortgage, so there is no lender, no loan maturity, and no risk of a lender foreclosing on the asset. The consequence for a 1031 exchanger is that no replacement debt passes through: an investor who carried a mortgage on the relinquished property would need all-equity replacement value or other replacement property to avoid taxable boot.
- Is there a 721 exchange or UPREIT exit?
- Nothing in the Form D or the sponsor materials reviewed for this record establishes a 721 exchange or UPREIT feature — the structure in which a property is contributed to a REIT's operating partnership in return for OP units — and Top1031's record for the Trust shows no REIT conversion. If an exit mechanism matters to you, ask where it appears in the trust agreement and the offering documents.
- What is not settled by the public record?
- The street address, the acquisition price, the closing date, the lease term and rent, current occupancy, and reserve levels are absent from the reviewed SEC filing and sponsor page, as is the date the offering became fully subscribed. The stated minimum investment also differs between Cove's current-offerings page and the Form D. The offering documents and subscription documents control.
In the news
Sources
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DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.