Cove Florida Industrial 98 DST
Industrial (single-tenant net lease, Frito-Lay/PepsiCo) property in Fort Walton Beach, FL — sponsored by Cove Capital Investments
Files with the SEC as Florida Industrial 98 DST
Minimum investment
$1k
Offering size
$12.0M
How much has sold
82.0%
Asset type
Industrial (single-tenant net lease, Frito-Lay/PepsiCo) property
Location
Fort Walton Beach, FL
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Cove Florida Industrial 98 DST is a Delaware statutory trust — fractional, passive ownership that can serve as replacement property in a 1031 exchange — holding one 2022-built distribution facility in Fort Walton Beach, Florida leased to Frito-Lay.2 Cove Capital Investments announced the completed purchase on September 23, 2025.3 The Trust owns the building without a mortgage, and the offering is still raising.
Debt-free (0% LTV); $11,972,671 equity target; min $100k; 2022 build; tenant Frito-Lay (PepsiCo); near US-98/I-10
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These links support the public record as a whole; 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 Capital Investments announced on September 23, 2025 that it had completed the purchase of a single-tenant net-lease distribution center in Fort Walton Beach, forming the Trust.3 The sponsor describes the building as newly constructed in 2022.2 No located source gives a street address or purchase price, and the sponsor's own page reports two slightly different square-footage figures, one of them about 9,683 square feet.2
- Reported location
- Fort Walton Beach, FL
- Property size
- 9,863 SF on ~1.77 ac
Who is the tenant, and what's the lease?
Frito-Lay, part of PepsiCo, occupies the whole building under a ten-year industrial triple-net lease that the sponsor says commenced in March 2025 — triple-net meaning the tenant, not the Trust, pays taxes, insurance, and maintenance.2 Cove Capital's acquisition release described the warehouse as 100% occupied.3
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
82.0% reported sold
- Amount sold
- $9,784,340
- Still available
- $2,188,331
- Investors reported
- 32
- Total offering
- $11,972,671
Not enough filings yet to show a trend.
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How is it financed, and what does it pay?
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 state leverage, so the debt-free characterization comes from Cove Capital's own materials.2
- Financing
- All cash. This offering reports no mortgage debt.
- Loan-to-value
- 0%covecapitalinvestments.com
Who's behind it?
Cove Capital Investments is a DST sponsor built around debt-free offerings; the Form D names co-founders Dwight Kay and Chay Lapin as this Trust's managers and executive officers.1 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. On August 19, 2026 it announced an all-cash Southfield, Michigan headquarters purchase for a separate trust.
- Sponsor
- Cove Capital Investments
- Legal Trust name
- Florida Industrial 98 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 Form D on record is a new notice rather than an amendment, so no later filing has revised the offering since launch.1 Interests are offered under the Regulation D exemption that permits public advertising, provided the sponsor verifies each buyer is an accredited investor meeting SEC income or net-worth tests.
- 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
Is Cove Florida Industrial 98 DST still raising money?
Top1031 lists Cove Florida Industrial 98 DST as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for Cove Florida Industrial 98 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 open to new investors?
On the public record, yes. The Form D filed September 26, 2025 reports the offering still selling interests, and Cove Capital's current-offerings page displayed this Trust as limited availability when reviewed on August 31, 2026, rather than fully subscribed. No announcement of full subscription naming this Trust was located. The dollar figures sold and remaining appear in the sales figures on this page.
Who is the tenant, and how long is the lease?
Cove Capital identifies the tenant/operator as Frito-Lay, part of PepsiCo, under a ten-year industrial triple-net lease that the sponsor says commenced in March 2025. 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 PPM — the Private Placement Memorandum governing the offering — contains the actual lease terms.
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 a minimum outside investment of $1,000, while Cove Capital's own page for the Trust lists a $100,000 minimum. Top1031 does not reconcile the two. The PPM and subscription agreement govern, so confirm the figure there before committing exchange proceeds.
How large is the building, exactly?
Cove Capital's property page describes the facility as approximately 9,863 square feet on roughly 1.77 acres, but a separate property-highlights passage on the same page describes approximately 9,683 square feet. The discrepancy is unresolved in the sources reviewed, and no independent survey or deed record was located to settle it. The PPM should state the measured rentable area used for the offering.
What is still unknown from public filings?
No located source gives a street address, parcel identifier, or purchase price for the Fort Walton Beach facility. One Form D is on file and it is a new notice with no amendment, and no disposition, refinancing, lease change, or distress event has been reported. Coverage of the acquisition also used the name Essential Net Lease Industrial 98 DST in one passage, while the SEC issuer and sponsor page use Florida Industrial 98 DST. Occupancy rests on the September 2025 acquisition announcement, not a later verified record.
Chapter 9Dwight Kay and Chay Lapin, Co-Founders of Cove Capital Investments, LLC Announce the DST Sponsor Firm Has Acquired a Single Tenant Net Lease Industrial Facility for Its New Cove Florida Industrial 98 DST OfferingPR Newswire press release announcing Cove Capital's acquisition of a newly built (2022) Frito-Lay (PepsiCo) distribution facility in Fort Walton Beach that establishes the Cove Florida Industrial 98 DST targeting $11,972,671 in equity. Cove Capital Launches Florida Industrial DST, Aiming to Raise $12MAltsWire reports Cove Capital's acquisition in Fort Walton Beach establishes the Cove Florida Industrial 98 DST, a Reg D 506(c) offering seeking to raise more than $11.97 million for the Frito-Lay distribution facility.