Cove Pearland Business Park Opportunity 76 DST
Industrial property in Pearland, TX · sponsored by Cove Capital Investments
Cove Pearland Business Park Opportunity 76 DST was a DST sponsored by Cove Capital Investments that owned an industrial property in Pearland, TX (39,597 sq ft). Its last Form D was filed Jan 9, 2024.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Jan 9, 2024.
Cove Capital Investments has 18 active offerings on record →
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $8,573,663Equity offered, per the Form D
- Sold
- 12.4%Form D, Jan 9, 2024; the % is our arithmetic
- Investors reported
- Form D, Jan 9, 20246
- Selling commissions
- Form D Item 15; the % is our arithmetic$514,420 · 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 Pearland Business Park Opportunity 76 DST. Top1031 is not a broker-dealer.Cove Pearland Business Park Opportunity 76 DST · Pearland, TX · Photo: mma.prnewswire.com
What did the Trust own?
The park sits at 1329–1331 E. Broadway St. in Pearland, Texas, on 2.47 acres. 2 The sponsor describes three separate buildings, newly renovated in 2021 with more than $1,045,000 spent, roughly 98% occupied and leased to a mix of tenants it calls e-commerce-resistant. 1 Connect Money, reporting April 30, 2024, put occupancy at 96.41% and noted recent tenant lease extensions and renewals. 4
- Reported location
- Pearland, TX
- Property size
- 39,597 sq ft
How was it financed, and what did it cost to sell?
Cove Capital bought the park all cash, with no mortgage on it — nothing to refinance, no lender that could foreclose, and no loan maturity forcing a sale. 1 Debt-free structuring is how the sponsor branded this offering from the acquisition announcement onward. 3
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $514,420 · 6.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $926,724 · 10.8% 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
- Jan 4, 2024
- 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 Delaware Statutory Trusts for 1031 exchangers and markets debt-free, no-leverage deals as its signature structure. 3 It announced the Pearland purchase on March 21, 2024, and its offering page for this Trust now shows it fully subscribed. 1 A KPI 1031 indication-of-interest brochure dated October 23, 2023 circulated the deal months before the Form D reached the SEC. 2
- Sponsor
- Offerings on record
What does the SEC record show?
One Form D — the short notice an issuer files with the SEC when it sells securities without registering them — is on record, and it has never been amended. The Trust is offered under Rule 506(c), which permits public advertising but limits buyers to investors whose accredited status is verified.
- Legal Trust name
- Pearland Business Park Opportunity 76 DST
- SEC CIK
- 2006924
- First Form D
- Jan 9, 2024
- Latest Form D
- Jan 9, 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 | $8,573,663 | $1,071,678 | 6 | 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 Pearland Business Park Opportunity 76 DST?
- Cove Pearland Business Park Opportunity 76 DST is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Jan 9, 2024.
- What does a debt-free DST mean for a 1031 exchanger?
- The Trust owns the property with no mortgage, so there is no loan to refinance, no lender covenants, and no maturity date that could force a sale. The trade-off matters for exchangers replacing debt: if your relinquished property had a mortgage, an all-cash replacement carries no debt for you to match, which can create boot unless you contribute additional cash. That is a question for your tax adviser, not the sponsor.
- What was the minimum investment?
- The March 21, 2024 press release announcing the acquisition stated a $25,000 minimum for accredited investors. The Form D filed January 9, 2024 reported a $1,000 minimum investment accepted from any outside investor — a filing field that often reflects the lowest amount the issuer could accept, not the practical offering minimum. The offering documents control.
- Who are the tenants?
- Named tenants are not in the public record. The sponsor says the park is 100% NNN leased to a mix of businesses it describes as e-commerce-resistant across three buildings, with annual rental escalations. Connect Money reported on April 30, 2024 that the property had recent lease extensions and renewals. The tenant roster, lease expirations and rent schedule would be in the offering documents.
- Why do sources disagree on size and occupancy?
- Cove Capital's own materials state 39,597 square feet and approximately 98% occupancy at acquisition. Connect Money's April 30, 2024 report described a roughly 39,000-square-foot property that was 96.41% occupied. The figures are close and likely reflect different measurement dates and rounding, but they have not been reconciled by any source, so both are presented as reported.
- Does this Trust convert into a REIT?
- No. The record shows no 721/UPREIT exit — the arrangement where a DST's property is later contributed to a real estate investment trust's operating partnership in exchange for REIT units. Without that feature, the expected path is an eventual sale of the property, after which investors may attempt another 1031 exchange.
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.