Cove Net Lease Distribution 66 DST
Net lease property — sponsored by Cove Capital Investments
Minimum investment
$1k
Offering size
$3.8M
How much has sold
3.0%
Asset type
Net lease property
Location
Not stated
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 66 DST is a Delaware Statutory Trust — a fractional real estate ownership vehicle used for 1031 exchanges — holding a newly built distribution center in Richlands, Virginia that serves Frito-Lay/PepsiCo under a long-term 10-year net lease.2 Cove Capital Investments bought the building without mortgage debt and announced the closing on November 27, 2023.3 AltsWire reported the offering fully subscribed on March 29, 2024.4
Show sources (4)Hide sources (4)
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?
Cove Capital Investments announced on November 27, 2023 that it had completed the purchase of a newly constructed industrial distribution center in Richlands, Virginia for this Trust.3 The sponsor describes the 2023-built property as a distribution warehouse and product exchange center sited adjacent to Highway 460.2 The sources reviewed do not establish a street address, building square footage, or rent.
Who is the tenant, and what's the lease?
The facility serves Frito-Lay, the snack business of PepsiCo, under what the sponsor describes as a long-term 10-year net lease — a structure in which the tenant, rather than the Trust, carries most of the property's operating costs.2
How did it end?
No sale or other ending on record
Homes.com lists the exact 2740 Clinch St. property in Richlands, Virginia, as currently owned by Cove Net Lease Distribution 66 Dst from July 2023 to Present; Cove Capital identifies the associated asset as a Frito-Lay/PepsiCo distribution warehouse with a long-term 10-year lease, and no public full-cycle or disposition announcement was found.
Supporting evidence
How is it financed, and what does it pay?
The Trust holds the building without a mortgage, so there is no lender, no loan maturity, and no refinancing event to plan around. The trade-off is that a 1031 exchanger who needs to replace debt from a sold property cannot get that debt here.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Cove Capital Investments sponsors this Trust and builds its 1031 platform around unleveraged, debt-free net-lease offerings like this one.2 The firm announced the Richlands acquisition on November 27, 2023.3 AltsWire later reported that the offering was fully subscribed on March 29, 2024, with just over $3.8 million of equity raised.4
- Sponsor
- Cove Capital Investments
- Legal Trust name
- Cove Net Lease Distribution 66 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?
One Form D — the brief notice an issuer files with the SEC when it sells securities privately — is on record for this Trust, with no amendments after it.1 It was offered under the SEC rule that allows public advertising but limits purchases to accredited investors whose status the sponsor must verify.
- 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
What happened to Cove Net Lease Distribution 66 DST?
Top1031 lists Cove Net Lease Distribution 66 DST as historical. It is no longer raising money.
Where does Top1031 get the data for Cove Net Lease Distribution 66 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 66 DST?
Probably not. AltsWire reported on March 29, 2024 that the offering was fully subscribed, with just over $3.8 million of equity raised. The SEC record contains only the original Form D filed July 13, 2023 and no amendment closing out the offering, so the filing trail and the sponsor's announcement do not line up. Anyone with a live 45-day clock should confirm current availability directly with Cove Capital Investments or their own representative.
What does the Trust actually own?
A single-tenant industrial property: a distribution warehouse and product exchange center in Richlands, Virginia, built in 2023 and located next to Highway 460, according to the sponsor. Cove Capital announced completing the purchase on November 27, 2023. The exact street address, square footage, and rent are not established in the public sources reviewed.
Who is the tenant and what kind of lease is in place?
The building serves Frito-Lay/PepsiCo, and the sponsor describes the lease as a long-term 10-year net lease. In a net lease, the tenant bears most property-level operating expenses rather than the Trust. Renewal options, rent escalations, and whether the lease is guaranteed by the parent company are not spelled out in the public sources reviewed and would be found in the private placement memorandum (PPM), the offering's full disclosure document.
What does a debt-free DST mean for my exchange?
There is no mortgage on the property, so there is no lender, no debt maturity, and no risk of a loan default or forced refinancing. It also means the Trust carries no debt for you to inherit — so if your relinquished property had a loan and you need to replace that debt to complete a fully tax-deferred exchange, an unleveraged Trust does not supply it. That is a question for your CPA or exchange accommodator.
What was the minimum investment?
The Form D filed July 13, 2023 reports a $1,000 minimum outside investment accepted. Cove Capital's November 27, 2023 announcement described a $25,000 minimum for the offering. The two figures come from different documents and serve different purposes; the PPM governs.
Is there any reported exit or sale?
No outcome has been reported for this Trust in the sources reviewed. There is no record of a sale, refinancing, or 721/UPREIT roll-up — a transaction in which DST interests are exchanged for operating-partnership units in a REIT — and this Trust's data shows no REIT conversion provision. Absence of a reported event is a limit of the public record, not evidence that nothing happened.
Chapter 9Cove Capital Fully Subscribes Richlands, Va., Cove Net Lease Distribution 66 DST OfferingAltsWire reported that the Cove Net Lease Distribution 66 DST offering was fully subscribed. Cove Capital Investments Buys Newly Constructed Distribution Center in Richlands, VA as Part of its Debt-Free Net Lease Distribution 66 Delaware Statutory TrustCove Capital announced the acquisition of a newly built (2023) industrial distribution warehouse in Richlands, Virginia leased to Frito-Lay/PepsiCo on a long-term 10-year net lease as part of the Cove Net Lease Distribution 66 DST, targeting ~$3.8M in equity from accredited investors.