Cove Essential Net Lease Industrial 99 DST
Legal trust name Essential Net Lease Industrial 99 DST
Talk to a 1031 specialistData updated Sep 17, 2025
Offering size$5.5M
Asset typeIndustrial
LocationWalla Walla, WA
FinancingAll cash
Regulation D exemptionRule 506(c)
Sponsor-reported potential 721/UPREIT exitNo
First filedSep 17, 2025
Last filedSep 17, 2025
Minimum$1k
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.
Cove Essential Net Lease Industrial 99 DST is a Delaware Statutory Trust sponsored by Cove Capital Investments that owns a newly built (2025) 5,000-square-foot industrial distribution facility on roughly 2.25 acres in Walla Walla, Washington. The property is leased to Frito-Lay under a single-tenant net lease with an initial 10-year term signed by PepsiCo Global Real Estate Inc. Cove Capital completed the acquisition on November 11, 2025 in a 100% debt-free transaction. The offering was structured as a Delaware Statutory Trust qualified for 1031 exchanges and carried a $100,000 minimum investment.
Debt-free (0% LTV); $5,501,030 equity target; min $100k; brand-new 2025 build; tenant Frito-Lay (PepsiCo Global Real Estate)
5,000 SF on ~2.25 acBased on issuer-filed Form D notices through Sep 17, 2025. Amounts are self-reported, may lag current subscriptions, and do not confirm availability. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Reported sold as a percentage of stated offering amount95.0%
Not enough filing history for a trend line.
Capital sold, per latest Form D$5,234,711
Remaining amount reported in latest Form D$266,319
Investor count reported in latest Form D21
Stated minimum investment$1,000
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First filedSep 17, 2025
Latest filingSep 17, 2025
Filings tracked1
View filing on SEC EDGARForm D is an issuer notice filing. A filing does not mean the SEC approved, endorsed, or verified the offering.
Offering profile
SEC filings + cited sources
Property and tenant
The trust's asset is a 2025-built, approximately 5,000-square-foot industrial distribution facility on about 2.25 acres in Walla Walla, Washington, featuring multiple loading docks and provisions for future expansion 1. The single-tenant net lease, signed by PepsiCo Global Real Estate Inc. for Frito-Lay occupancy, carries an initial 10-year term with additional options to extend 2.
Structure and capitalization
Cove Capital Investments completed the acquisition on November 11, 2025 in a 100% debt-free transaction 2. The Delaware Statutory Trust is qualified for 1031 exchanges and carried a $100,000 minimum investment as of September 17, 2025 1. An issuer-filed Form D dated September 17, 2025 reported a total offering amount of $5,501,030, with $5,234,711 sold as of that date 3. As of January 19, 2026, the sponsor's product page displayed the offering as fully subscribed 1.
Sponsor
Cove Capital Investments, LLC is a Delaware Statutory Trust sponsor co-founded by managing members Dwight Kay and Chay Lapin, with a broader portfolio spanning more than 3.5 million square feet across 33 states 2.
In the news
Frequently asked questions
Is Cove Essential Net Lease Industrial 99 DST currently active?
Cove Essential Net Lease Industrial 99 DST is classified by Top1031 as active. “Active” reflects the latest public record and does not confirm that interests remain available.
Where does Top1031 get the data for Cove Essential Net Lease Industrial 99 DST?
Top1031 tracks this offering from SEC Form D filings and cited sponsor disclosures. Filing data may lag current subscriptions and does not mean the SEC approved or verified the offering.