Cove Net Lease Distribution 57 DST
Industrial net lease / distribution facility in Elko, NV — sponsored by Cove Capital Investments
Minimum investment
$1k
Offering size
$3.7M
How much has sold
82.0%
Asset type
Industrial net lease / distribution facility
Location
Elko, NV
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 57 DST is a Delaware statutory trust — a passive co-ownership vehicle that qualifies as 1031 exchange replacement property — holding a single FedEx Ground distribution building at 3225 Ruby Vista Drive in Elko, Nevada.3 The Trust took title debt-free in August 2022, and Cove Capital Investments reported the roughly $3.7 million offering fully subscribed on February 15, 2023.2
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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 at 3225 Ruby Vista Drive in Elko, Nevada was constructed in 2012 as a build-to-suit for FedEx Ground; the sponsor's brochure splits it into 9,773 square feet of warehouse and 1,709 square feet of office.3 Elko County assessor records show the parcel transferring on August 25, 2022 from Cole FE Elko NV LLC to Cove Net Lease Distribution 57 for recorded consideration of $3,403,856.4
- Reported location
- Elko, NV
- Property size
- 11,482 square feet; 1 building
Who is the tenant, and what's the lease?
The sponsor's brochure identifies FedEx Ground as tenant, operator and guarantor at 100% occupancy under a long-term net lease — net meaning the tenant carries specified property-level costs rather than the Trust.3 A lease extension was reported, but the term, expiration date, renewal options and rent escalations are not in the public record.
How did it end?
No ending on record
No public full-cycle announcement, sale press release, or disposition filing was found for Cove Net Lease Distribution 57 DST (CIK 1945231); only the original Form D offering filed in September 2022 and amendments appear on SEC EDGAR.
The offering launched in September 2022; the property was constructed as a FedEx build-to-suit in 2012, was 100% occupied by FedEx, and had a reported lease extension. The visited sponsor press index did not provide a verified street address, exact-property photo URL, or a separate article URL for this dated item.
11,482 square feet; 1 buildingSupporting evidence
How is it financed, and what does it pay?
The Trust holds the building all-cash: no mortgage, no lender, no loan maturity to refinance and no debt service. An exchanger who needs to replace debt from a relinquished property gets none of it here, since a debt-free Trust passes through no mortgage liability.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Cove Capital Investments sponsors DSTs built around net-leased buildings, with a stated emphasis on debt-free structures. Its Form D for this Trust lists Dwight Kay and Chay Lapin as executive officers and managing members.1 The firm announced on February 15, 2023 that this offering had been fully subscribed.2 No later filings or exact-entity announcements for this Trust were located.
- Sponsor
- Cove Capital Investments
- Legal Trust name
- Cove Net Lease Distribution 57 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?
Cove Capital filed an initial Form D — the short SEC notice a sponsor files after its first sale in a private placement — in September 2022, then a single amendment updating the subscription tally. The Trust was offered under Rule 506(c), which permits public advertising but requires the sponsor to verify that every investor is accredited.
- 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 57 DST?
Top1031 lists Cove Net Lease Distribution 57 DST as historical. It is no longer raising money.
Where does Top1031 get the data for Cove Net Lease Distribution 57 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?
No. Cove Capital Investments reported on February 15, 2023 that Cove Net Lease Distribution 57 was fully subscribed. The last Form D on file with the SEC dates from September 2022, and no later filings for the Trust were located, so it is effectively closed to new investors and appears here as a historical record.
What does the Trust actually own?
A single industrial distribution building at 3225 Ruby Vista Drive in Elko, Nevada, originally built in 2012 as a build-to-suit for FedEx Ground. The sponsor's brochure describes it as 9,773 square feet of warehouse plus 1,709 square feet of office, occupied by FedEx Ground as tenant, operator and guarantor.
Who is the tenant and how long is the lease?
FedEx Ground, identified in the sponsor's August 2022 brochure as tenant, operator and guarantor under a long-term net lease with the building 100% occupied. A lease extension was reported, but the original term, remaining term, expiration date, renewal options and rent escalations are not documented in any public source we located — those terms would sit in the PPM, the private placement memorandum given to prospective investors.
What does 'all-cash' or 'debt-free' mean for a DST like this one?
The Trust bought the property without a mortgage. There is no lender, no loan covenant and no refinancing deadline, which removes lender-driven risk. The trade-off: an exchanger who must replace debt to avoid boot on their 1031 exchange gets no mortgage allocation from a debt-free Trust and has to source that elsewhere.
Can this Trust convert into a REIT interest?
No. The record shows no 721/UPREIT exit — the structure in which a DST's property is contributed to a REIT's operating partnership in exchange for OP units. Investors here hold beneficial interests in a Delaware statutory trust that owns the Elko building directly.
Who is behind the Trust?
Cove Capital Investments, a DST sponsor known for debt-free net-lease offerings. Its Form D for this Trust names Dwight Kay and Chay Lapin as executive officers and managing members. Cove Capital has sponsored dozens of DST offerings, listed on this site with counts of active and total programs.
Chapter 9Cove Capital Fully Subscribes Nevada DST OfferingCove Capital announced full subscription of Cove Net Lease Distribution 57, a $3.7 million all-cash/debt-free DST backed by an 11,482-square-foot FedEx facility in Elko, Nevada.