Cove Net Lease Industrial 77 DST
Industrial property in Texas and a FedEx Ground distribution center in El Dorado, AR · sponsored by Cove Capital Investments
Cove Net Lease Industrial 77 DST was a DST sponsored by Cove Capital Investments that owned 3 industrial properties in Texas and a FedEx Ground distribution center in El Dorado, AR. Its last Form D was filed Jun 13, 2024.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Jun 13, 2024.
Cove Capital Investments has 18 active offerings on record →
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $13,389,616Equity offered, per the Form D
- Sold
- 13.2%Form D, Jun 13, 2024; the % is our arithmetic
- Investors reported
- Form D, Jun 13, 20245
- Selling commissions
- Form D Item 15; the % is our arithmetic$803,377 · 6.0% 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 →
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Ask a 1031 specialist about this recordFree. About: Cove Net Lease Industrial 77 DST. Top1031 is not a broker-dealer.What did the Trust own?
Cove Capital Investments announced on August 1, 2024 that it had completed the purchase of the net-lease industrial distribution centers held by this Trust. 2 Two are newly constructed Frito-Lay distribution centers in Texas; the other is a FedEx Ground distribution center in El Dorado, Arkansas. Street addresses, building square footage and the specific Texas cities were not established in the public materials reviewed.
- Reported location
- Texas and a FedEx Ground distribution center in El Dorado, AR
- Property size
- 3 properties
How was it financed, and what did it cost to sell?
The Trust bought the portfolio outright, with no mortgage against it. 3 For an investor that means no lender, no loan maturity to refinance and no chance of a foreclosure wiping out trust equity — and no borrowed leverage magnifying either direction.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $803,377 · 6.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,424,795 · 10.6% of offeringForm D Item 16· The filing’s note: “Mr Kay & Lapin will receive a portion of this amount (in)directly for various fees and selling commissions, EXCLUDING amounts received for sales in the state of OR, 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
- Not in the Form D
- 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 the Trust?
Cove Capital Investments sponsors this Trust and markets debt-free, all-cash DST offerings to 1031 exchange investors. 3 It announced completion of the portfolio purchase on August 1, 2024. 2 On December 18, 2024 it announced the offering had been fully subscribed. 1 No later sale, disposition or full-cycle outcome for this Trust was found in public materials.
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust filed one Form D — the brief SEC notice used for an exempt offering — and never amended it, so the sales figures on the record capture an early snapshot rather than the finish. It was offered under Rule 506(c), which permits public advertising but requires the sponsor to verify that every buyer is an accredited investor.
- Legal Trust name
- Net Lease Industrial 77 DST
- SEC CIK
- 2025951
- First Form D
- Jun 13, 2024
- Latest Form D
- Jun 13, 2024
- 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 | $13,389,616 | $1,779,161 | 5 | 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
- What happened to Cove Net Lease Industrial 77 DST?
- Cove Net Lease Industrial 77 DST is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Jun 13, 2024.
- Why does the SEC filing show only part of the offering sold?
- Because only one Form D was ever filed, on June 13, 2024, early in the raise. Sponsors are not required to keep amending a Form D as sales progress. The sponsor's own December 18, 2024 announcement of full subscription is the later data point.
- What does "debt-free" mean for a 1031 exchanger?
- The Trust owns its properties with no mortgage, so there is no lender, no refinancing deadline and no loan that could be foreclosed. It also means the Trust supplies no replacement debt — an exchanger who is relieving mortgage debt on a relinquished property would have to address that elsewhere in the exchange with their tax adviser.
- Who are the tenants?
- Frito-Lay occupies the two newly constructed Texas distribution centers, and FedEx Ground occupies the distribution center in El Dorado, Arkansas. Cove reported the portfolio as 100% occupied, with 10-year net leases carrying annual rent increases on the Texas assets and an extended lease on the Arkansas asset.
- What was the minimum investment?
- The June 13, 2024 Form D reported a $1,000 minimum outside investment. Cove Capital's own offering page for the Trust listed a $25,000 minimum. The two figures come from different documents; the offering-specific offering documents govern.
- Has the Trust sold the properties or converted to a REIT?
- No such outcome is reported. The Trust is not structured for a 721/UPREIT exit, in which DST investors contribute property to a REIT's operating partnership for REIT units, and no disposition or full-cycle result was established in public materials as of September 7, 2026.
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.