Top1031

Cove Pharmacy Net Lease 46 DST

Net-lease retail pharmacy property in Miami Beach, FL · sponsored by Cove Capital Investments

HistoricalLast Form D filed Sep 20, 2022 (opens in a new tab)

Cove Pharmacy Net Lease 46 DST was a DST sponsored by Cove Capital Investments that owned a net-lease retail pharmacy property in Miami Beach, FL (8,896 square feet). Its last Form D was filed Sep 20, 2022.

How it ended

No outcome recorded · under 7 years

Last Form D filed Sep 20, 2022.

Cove Capital Investments has 18 active offerings on record →

Key facts

Minimum investment
$1,000
From the Form D
Offering size
$22,272,773
Equity offered, per the Form D
Sold
60.8%
Form D, Sep 20, 2022; the % is our arithmetic
Investors reported
63
Form D, Sep 20, 2022
Selling commissions
$668,183 · 2.9% of offering
Form D Item 15; the % is our arithmetic
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 →

Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.

Ask a 1031 specialist about this recordFree. About: Cove Pharmacy Net Lease 46 DST. Top1031 is not a broker-dealer.
Cove Pharmacy Net Lease 46 DST image

Cove Pharmacy Net Lease 46 DST · Miami Beach, FL · Photo: covecapitalinvestments.com

What did Cove Pharmacy Net Lease 46 DST own?

Cove Capital Investments acquired a single-tenant CVS pharmacy at 4000 Collins Avenue in Miami Beach, a build-to-suit building completed in 2021. 1 The sponsor announced on August 31, 2022 that it had completed the purchase of the property, which sits one block from the beach on Collins Avenue, for the Trust. 2 The South Florida Business Journal reported on May 4, 2022 that the CVS-leased space there sold for $17.83 million.

Reported location
Miami Beach, FL
Property size
8,896 square feet

Tenant and lease terms are not in the SEC filings or cited sources.

How was it financed, and what did it cost to sell?

There is no mortgage. Cove Capital bought the property all-cash and offers the Trust debt-free, so there is no lender, no loan maturity to refinance and no foreclosure risk at the property level. 5 Exchangers who need to replace debt carried on a relinquished property will not find any here.

Debt

Financing
All cash. This offering reports no mortgage debt.

Costs and terms from the Form D

Selling commissions
$668,183 · 2.9% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$2,831,374 · 12.7% of offering
Form D Item 16
· The filing’s note: “Dwight Kay or Chay Lapin will receive a portion of this amount, directly, or indirectly, for various fees or selling commissions.”
Broker-dealers named in the Form D
1 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Apr 28, 2022
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.

What does the SEC record show?

The initial Form D, filed May 9, 2022, reported a first sale on April 28, 2022. 7 Two amendments followed later that year, each updating the sale tally and investor count; nothing has been filed since.

Legal Trust name
Cove Pharmacy Net Lease 46 DST
SEC CIK
1927068
First Form D
May 9, 2022
Latest Form D
Sep 20, 2022
Filings on record
3
Offered under
Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$22,272,773
$13,562,073+$4,194,620
63+27
EDGAR
Form D/A$22,272,773
$9,367,453+$3,227,259
36+15
EDGAR
Form D$22,272,773
$6,140,194
21
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 Pharmacy Net Lease 46 DST?
Cove Pharmacy Net Lease 46 DST is a Historical offering. Last Form D filed Sep 20, 2022.
What does this Trust actually own?
One property: a single-tenant CVS pharmacy at 4000 Collins Avenue in Miami Beach, Florida, built to suit in 2021. Cove Capital Investments announced completion of the purchase on August 31, 2022, describing the building as one block from the beach in downtown Miami Beach. There is no second asset — the Trust's performance rests entirely on this one building and its tenant.
Who is the tenant and how long is the lease?
CVS occupies the building, and sponsor materials state the property is 100% leased with CVS Health Corp. as guarantor of the lease. The brochure states the lease commenced May 26, 2021, has a 25.5-year term expiring in 2046, and includes nine five-year renewal options with 10% increases at the start of each option period. A corporate guarantee means the parent company, not just the store operating entity, stands behind the rent obligation.
Is there a mortgage on the property?
No. Sponsor materials describe the offering as all-cash and debt-free, with no leverage on the property. AltsWire also reported the offering as debt-free. For a 1031 exchanger, that matters two ways: there is no lender that can foreclose and no loan maturity to refinance, but there is also no debt allocated to your interest to help replace mortgage debt from the property you sold.
What is the minimum investment?
The two available records do not agree and are reported here unreconciled. The Form D filed May 9, 2022 states a minimum investment accepted of $1,000. The sponsor's undated offering page displays a $50,000 minimum. The offering documents are the controlling source on subscription terms.
How was this Trust offered to investors?
As a Rule 506(c) private placement, meaning the sponsor could advertise it publicly but could sell only to accredited investors whose status was verified, not merely self-certified. The Trust filed a Form D — the brief SEC notice of an exempt offering — on May 9, 2022, followed by two amendments during 2022.

In the news

Sources

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These links support the record as a whole; individual details may come from different sources.

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.