Cove Florida Industrial 98 DST
Legal trust name Florida Industrial 98 DST
Talk to a 1031 specialistData updated Sep 26, 2025
Offering size$12.0M
Asset typeIndustrial
LocationFort Walton Beach, FL
FinancingAll cash
Regulation D exemptionRule 506(c)
Sponsor-reported potential 721/UPREIT exitNo
First filedSep 26, 2025
Last filedSep 26, 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 Florida Industrial 98 DST is a Delaware Statutory Trust sponsored by Cove Capital Investments that owns a single-tenant net-lease industrial distribution facility in Fort Walton Beach, Florida. Built in 2022, the roughly 9,863-square-foot building in Okaloosa County is fully occupied by Frito-Lay, a subsidiary of PepsiCo, under a 10-year triple-net lease that commenced in March 2025 with 2.00% annual rent escalators. The offering is structured debt-free with zero leverage and a $100,000 minimum investment. An issuer Form D dated September 26, 2025 reported a total offering amount of $11,972,671.
Debt-free (0% LTV); $11,972,671 equity target; min $100k; 2022 build; tenant Frito-Lay (PepsiCo); near US-98/I-10
9,863 SF on ~1.77 acBased on issuer-filed Form D notices through Sep 26, 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 amount82.0%
Not enough filing history for a trend line.
Capital sold, per latest Form D$9,784,340
Remaining amount reported in latest Form D$2,188,331
Investor count reported in latest Form D32
Stated minimum investment$1,000
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First filedSep 26, 2025
Latest filingSep 26, 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
Cove Florida Industrial 98 DST holds a single-tenant net-lease industrial distribution facility in Fort Walton Beach, Florida (Okaloosa County). Built in 2022, the building is described by the sponsor at approximately 9,863 square feet, with a separate sponsor description referencing a ±9,683-square-foot building on ±1.77 acres 1. The asset is 100% occupied by Frito-Lay, a subsidiary of PepsiCo, Inc. 1. Cove Capital announced the completed acquisition of the facility on September 23, 2025, establishing the offering 4.
Lease
Per the sponsor's Property Highlights, the Frito-Lay facility is leased under a 10-year industrial triple-net (NNN) lease that commenced in March 2025 and carries 2.00% annual rent escalators 1.
Capitalization and Structure
The sponsor states the offering is structured as an all-cash, debt-free vehicle with 0% leverage and a $100,000 minimum investment, and that it qualifies as a 1031-exchange DST 1. An issuer Form D dated September 26, 2025 reported a total offering amount of $11,972,671 2.
Sponsor
Cove Capital Investments, LLC is a Delaware Statutory Trust sponsor that reports operating a portfolio of more than 3.3 million square feet across 35 states and a base of over 2,300 investors, with offerings structured as Regulation D Rule 506(c) private placements 3. Co-Founders Dwight Kay and Chay Lapin, identified as Managing Members, were quoted in the acquisition announcement 4.
In the news
Frequently asked questions
Is Cove Florida Industrial 98 DST currently active?
Cove Florida Industrial 98 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 Florida Industrial 98 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.