Cove Essential Net Lease Industrial 93 DST
Industrial (single-tenant net lease, Frito-Lay/PepsiCo) property in Clinton, OK — sponsored by Cove Capital Investments
Files with the SEC as Essential Net Lease Industrial 93 DST
Minimum investment
$1k
Offering size
$5.2M
How much has sold
27.0%
Asset type
Industrial (single-tenant net lease, Frito-Lay/PepsiCo) property
Location
Clinton, OK
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Cove Essential Net Lease Industrial 93 DST is a Delaware statutory trust — passive co-ownership whose interests can serve as 1031 exchange replacement property — holding a single-tenant industrial building built to suit for Frito-Lay in Clinton, Oklahoma.2 Cove Capital Investments sponsors it and holds the property without mortgage debt.2 One Form D is on record, filed May 20, 2025, and Cove lists the offering as fully subscribed.3
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These links support the historical public record; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
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
Who is the tenant, and what's the lease?
The tenant is Frito-Lay, part of PepsiCo, under a single-tenant net lease — a structure that pushes most property-level operating costs onto the tenant rather than the trust.2 Lease term, expiration, rent, escalations, and any parent guaranty appear in neither the Form D nor the reviewed sponsor materials.
How did it end?
No sale or other ending on record
We have not found a public record of how this offering ended. That is not the same as knowing it still operates.
Debt-free (0% LTV); ~$5.16M offering; min $100k; brand-new 2024 build; tenant Frito-Lay (PepsiCo); off I-40
8,026 SFHow is it financed, and what does it pay?
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.
- Financing
- All cash. This offering reports no mortgage debt.
- Loan-to-value
- 0%covecapitalinvestments.com
Who's behind it?
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
- Cove Capital Investments
- Legal Trust name
- Essential Net Lease Industrial 93 DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 24 active / 57 total offerings from Cove Capital Investments
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
Common questions
What happened to Cove Essential Net Lease Industrial 93 DST?
Top1031 lists Cove Essential Net Lease Industrial 93 DST as historical. It is no longer raising money.
Where does Top1031 get the data for Cove Essential Net Lease Industrial 93 DST?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Is this Trust still accepting investors?
Cove Capital's product page and its current-offerings index both label the offering fully subscribed, but neither page is dated, so the sponsor's materials do not establish when full subscription was reached. The only Form D on record was filed May 20, 2025, reports a portion of the offering sold as of that date, and has never been amended, so EDGAR alone does not confirm a completed offering. Current availability is a question for the sponsor or your representative.
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 Private Placement Memorandum (PPM), the offering document that governs.
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 PPM.
How large is the offering, and what does the sponsor take from it?
The Form D filed May 20, 2025 reports a total offering amount of $5,159,952, including $257,998 of sales commissions. Acquisition, asset management, disposition, and any ongoing sponsor fees are not itemized in the Form D and must be read in the PPM's fee table alongside the estimated use of proceeds.
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 PPM and subscription documents control.
Chapter 9Cove Essential Net Lease Industrial 93 DST - Current Offerings listingSponsor's current offerings index lists the Cove Essential Net Lease Industrial 93 DST (Clinton, OK, 0% leverage, all-cash/debt-free) as fully subscribed. Cove Essential Net Lease Industrial 93 DSTSponsor product page lists the Clinton, OK brand-new 2024 8,026 sq ft Frito-Lay distribution trust as fully subscribed, 0% leverage, $100K minimum, debt-free.