Cove Florida Industrial 98 DST
Industrial property in Fort Walton Beach, FL · sponsored by Cove Capital Investments
Active offeringLatest Form D filed Sep 26, 2025 (opens in a new tab)
Cove Florida Industrial 98 DST is a DST sponsored by Cove Capital Investments that owns an industrial property in Fort Walton Beach, FL. Its latest Form D, filed Sep 26, 2025, lists a $11.9 million offering with a $1,000 minimum.
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $11,972,671Equity offered, per the Form D
- Sold so far
- Form D, Sep 26, 2025; the % is our arithmetic81.7%
- Investors reported
- Form D, Sep 26, 202532
- Selling commissions
- Form D Item 15; the % is our arithmetic$718,360 · 5.9% 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 →
Sales so far
- Latest Form D
- Sep 26, 2025 · 1 filing
- First sale
- Aug 19, 2025
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
- Amount sold
- $9,784,340
- Not yet sold
- $2,188,331
- Investors
- 32
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
81.7% of $11,972,671 sold, calculated by Top1031 from the Form D
- Average since first sale
- about $7.8 million a month
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Ask a 1031 specialist about this recordFree. About: Cove Florida Industrial 98 DST. Top1031 is not a broker-dealer.Cove Florida Industrial 98 DST · Fort Walton Beach, FL · Photo: covecapitalinvestments.com
What does Cove Florida Industrial 98 DST own?
Cove Capital Investments announced on September 23, 2025 that it had completed the purchase of a single-tenant net-lease industrial facility, forming the Trust; the release described the building as 100% occupied. 3 The sponsor describes the asset as a 2022-built distribution facility leased to Frito-Lay. 2 The reviewed public record established no street address or parcel record for the building, and the sponsor's own page gives two slightly different building areas. 2
- Reported location
- Fort Walton Beach, FL
- Property size
- 9,863 SF on ~1.77 ac
How have sales gone?
The Form D record has one sales figure so far, so there is no trend to chart. The figure is in Sales so far ↑.
How is it financed, and what did it cost to sell?
The Trust holds the property with equity alone: no lender, no loan maturity, no refinancing deadline, and no borrowed money to amplify results in either direction. The Form D does not report leverage, so the debt-free characterization comes from Cove Capital's own offering materials. 2
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $718,360 · 5.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,229,074 · 10.2% of offeringForm D Item 16· The filing’s note: “Mr Kay & Lapin will receive a portion of this amount (in)directly for various fees & Selling commissions, EXCLUDING amounts received for sales in Oregon, 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
- Aug 19, 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 Cove Florida Industrial 98 DST?
Cove Capital Investments is a DST sponsor built around debt-free, all-cash offerings; co-founders Dwight Kay and Chay Lapin announced this Trust's acquisition on September 23, 2025. 3 On July 16, 2026 the firm published portfolio-wide milestone statistics citing more than $1.13 billion in sponsored DST transactions, naming no individual trust. It has kept launching unleveraged trusts since, including a Shreveport retail property announced August 18, 2026 and a Southfield, Michigan headquarters building announced August 19, 2026.
- Sponsor
- Offerings on record
What does the SEC record show?
- Legal Trust name
- Florida Industrial 98 DST
- SEC CIK
- 2088397
- First Form D
- Sep 26, 2025
- Latest Form D
- Sep 26, 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 | $11,972,671 | $9,784,340 | 32 | 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
- Is Cove Florida Industrial 98 DST an active offering?
- Cove Florida Industrial 98 DST is an Active offering: its latest Form D was filed Sep 26, 2025. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
- Who is the tenant, and how long is the lease?
- Cove Capital identifies the occupant as Frito-Lay, part of PepsiCo, under a ten-year industrial triple-net lease the sponsor says commenced in March 2025, with 2.00% annual rent increases. Under a triple-net lease the tenant pays property taxes, insurance, and maintenance rather than the Trust. The reviewed record does not establish which Frito-Lay or PepsiCo entity signs the lease or whether a parent guarantee exists. The offering documents contain the actual lease terms.
- What did the Trust pay for the property?
- The reviewed record does not establish a purchase price. Cove Capital's September 23, 2025 acquisition release announced the completed purchase without stating what was paid, and the Form D reports only the size of the equity offering, not acquisition cost. No verified county deed or parcel record for the building was located in the October 2026 review. The offering documents govern on capitalization and the price actually paid.
- How big is the building, and where exactly is it?
- Cove Capital places the facility in Fort Walton Beach, Florida and describes a 2022 build, but publishes no street address for it. Its offering page also gives two building areas — roughly 9,863 square feet in one place and approximately 9,683 in another — so the measurement is not settled on the public record. Top1031 lists the larger figure as reported. A current survey or appraisal attached to the offering documents is where an investor confirms both the address and the square footage.
- What does it mean that the property is debt-free?
- The Trust owns the building with equity only, so there is no mortgage. That removes lender risk — no loan maturity, no refinancing, no foreclosure, no debt covenants — and leaves no loan balance to repay from a future sale. It also means no leverage, so results track the property and its single tenant directly. Note that the Form D itself does not state leverage; the debt-free description comes from Cove Capital's offering materials.
- What is the minimum investment?
- The sources differ. The SEC Form D filed September 26, 2025 reports $1,000 as the minimum investment accepted from an outside investor, while Cove Capital's materials for the Trust advertise a $100,000 minimum. Top1031 does not reconcile the two. The offering documents and subscription agreement govern, so confirm the figure there before committing exchange proceeds.
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.