Cove Net Lease Distribution 55 DST
Net lease (industrial distribution) property in Gunnison, CO — sponsored by Cove Capital Investments
Minimum investment
$1k
Offering size
$24.2M
How much has sold
100.0%
Asset type
Net lease (industrial distribution) property
Location
Gunnison, CO
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Cove Net Lease Distribution 55 DST is a Delaware statutory trust — a passive co-ownership vehicle whose interests qualify as 1031 exchange replacement property — holding a newly built FedEx Ground distribution center in Gunnison, Colorado.1 The property was bought without mortgage debt, and the Trust is now closed to new investors as fully subscribed. It was offered under Rule 506(c), publicly marketed but sold only to verified accredited investors.
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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?
The building is new construction inside Gunnison Rising, a master-planned development on the east side of Gunnison, Colorado, and is occupied by FedEx Ground. Cove Capital Investments announced on April 1, 2023 that it had completed the purchase of the facility in a debt-free transaction.2 Trade press covered the acquisition when the Trust was launched in 2022.3 No purchase price appears in the reviewed sources.
- Reported location
- Gunnison, CO
- Property size
- 38,073 sq ft
Who is the tenant, and what's the lease?
FedEx Ground occupies the building under a lease of ten years with two five-year renewal options at the tenant's election.4 The lease is a net lease, meaning the tenant — not the Trust — carries property-level operating costs, and the sponsor describes parent FedEx Corp (NYSE: FDX) as investment grade.
How did it end?
No sale or other ending on record
As of the 2026-08-11 retrieval, Cove Capital's sponsor page (HTML modified 2025-09-25) lists the fully subscribed DST with current monthly distributions and a recently executed 10-year FedEx Ground lease; Top1031 reports no recorded sale or full-cycle announcement.
FedEx Ground distribution center; brand-new construction in Gunnison Rising master-planned development on east side of Gunnison, CO; 10-year net lease with two 5-year renewal options; investment-grade parent FedEx Corp (NYSE: FDX); $50,000 minimum; all-cash/debt-free. Sponsor page displays 'Fully Subscribed' badge consistent with closed Form D window.
38,073 sq ftSupporting evidence
How is it financed, and what does it pay?
Cove Capital bought the property outright, with no mortgage recorded against it in the reviewed sources. For an investor that means no lender, no loan maturity to refinance and no foreclosure exposure; it also means the Trust carries no debt for an exchanger who needs to replace mortgage debt from a sold property.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Cove Capital Investments is a DST sponsor that markets all-cash, debt-free net-lease trusts to 1031 exchange investors, and this Gunnison FedEx Ground purchase was covered as one of them.3 The firm announced completion of the acquisition on April 1, 2023.2 It also published a video walk-through of this offering. SEC filings name Cove Capital Investments, LLC as the sponsor and promoter.1
- Sponsor
- Cove Capital Investments
- Legal Trust name
- Cove Net Lease Distribution 55 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 first sale of interests occurred on December 30, 2022, with the initial Form D — the short notice an issuer files for a private placement — following days later and reporting a raise still in progress.1 A single amendment a year later brought the reported figures current and showed the offering complete.5
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- 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 Net Lease Distribution 55 DST?
Top1031 lists Cove Net Lease Distribution 55 DST as historical. It is no longer raising money.
Where does Top1031 get the data for Cove Net Lease Distribution 55 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.
Can I still invest in Cove Net Lease Distribution 55 DST?
No. The Trust is closed to new investors. The sponsor's offering page displays a "Fully Subscribed" badge, and the Form D amendment filed January 17, 2024 brought the offering's reported figures current with no remaining availability.[5] Cove Capital lists other offerings separately.
Who is the tenant, and what happens when the lease ends?
FedEx Ground occupies the Gunnison, Colorado distribution center under a ten-year lease with two five-year renewal options that the tenant may or may not exercise.[4] Because this is a single-tenant building, a decision not to renew would leave the Trust to re-tenant or sell the property. The reviewed materials do not state whether FedEx Corp guarantees the lease — that belongs in the PPM, the private placement memorandum that governs the offering.
What does "debt-free" mean for my 1031 exchange?
It means the Trust holds the property with no mortgage, so there is no loan to refinance and no lender that could foreclose. It also means an investor whose relinquished property carried a mortgage has no debt to match here; taxpayers in that position generally must contribute additional cash or address the difference with their own tax adviser.
Has the property been sold or gone full cycle?
No outcome has been reported yet in the sources reviewed. The most recent SEC filing on record is the January 17, 2024 Form D amendment, and no sale, refinancing or full-cycle announcement was found for this Trust.[5]
What was the minimum investment?
The sponsor's offering page listed a $50,000 minimum for this Trust, while the Form D filings reported a $1,000 minimum accepted from any outside investor.[1] Sponsors commonly set a higher practical minimum than the figure disclosed on Form D; the PPM controls.
Can this Trust convert into a REIT through a 721/UPREIT exit?
The record shows no REIT conversion feature — that is, no path for investors' interests to be rolled into a REIT's operating partnership in exchange for units (a 721 or UPREIT exit). The Trust is structured as a single-property, single-tenant net-lease holding.
Chapter 9DST 1031 Offering by Cove Capital - Cove Net Lease Distribution 55Sponsor-produced video walk-through of the Cove Net Lease Distribution 55 Delaware Statutory Trust offering in Gunnison, CO. Cove Capital Completes Purchase for Debt-Free Cove Net Lease Distribution 55 DSTSponsor blog confirming close of purchase for the Gunnison, CO FedEx Ground facility anchoring Net Lease Distribution 55 DST. Cove Capital Buys FedEx Distribution Center for Debt-Free DST OfferingTrade-press coverage of Cove Capital acquiring a FedEx Ground distribution center in Gunnison, Colorado for its debt-free Net Lease Distribution 55 DST; approximately 38,000 sq ft on a 10-year net lease. Cove Net Lease Distribution 55 DST – offering pageSponsor listing for a brand-new 38,073 sq ft FedEx Ground distribution center in Gunnison, CO on a 10-year net lease with two 5-year extension options; all-cash/debt-free structure.