Top1031

Cove Pharmacy Net Lease 46 DST

Net-lease retail pharmacy property — sponsored by Cove Capital Investments

Minimum investment
$1k
Offering size
$22.3M
How much has sold
61.0%
Asset type
Net-lease retail pharmacy property
Location
Not stated
Financing
All cash. This offering reports no mortgage debt.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

Cove Pharmacy Net Lease 46 DST is a Delaware statutory trust — a structure that lets 1031 exchangers hold fractional real estate — owning a single CVS pharmacy at 4000 Collins Avenue in Miami Beach.1 Cove Capital Investments bought the 2021 build-to-suit building debt-free, with no mortgage on the property.5 Its SEC filing record has not been updated since 2022.

Show sources (13)Hide sources (13)

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.

Chapter 2

What exactly is the property?

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.

Property size
8,896 square feet
Chapter 3

Who is the tenant, and what's the lease?

CVS is the sole tenant under a net lease — a structure in which the tenant carries property operating costs — and CVS Health Corp. guarantees it.4 Sponsor materials state the lease began May 26, 2021, runs 25.5 years to a 2046 expiration, and carries nine five-year renewal options with 10% increases at each option.3

Chapter 4

How did it end?

What happened

No sale or other ending on record

Cove Pharmacy Net Lease 46 DST (newly constructed CVS ground lease, SWC Collins Ave & W 41st St, Miami Beach, FL, leased through 2046) remains listed on Cove Capital's current offerings page with no disposition announcement found.

The 2021 build-to-suit CVS was fully occupied under a 25.5-year lease through 2046 with a corporate guarantee by CVS Health; AltsWire described a nearly $22.3 million debt-free 506(c) offering. Property occupancy is not treated as offering-subscription status, so the news-only status_signal remains none.

8,896 square feet
Supporting evidence
Chapter 5

How is it financed, and what does it pay?

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.

Chapter 7

What does the paperwork say?

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.

  1. First Form D filedThe public offering record begins.
  2. Offering amount recordedA Form D amendment recorded offering and sales totals.
  3. Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
Filings on record
3
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.

Chapter 8

Common questions

What happened to Cove Pharmacy Net Lease 46 DST?

Top1031 lists Cove Pharmacy Net Lease 46 DST as historical. It is no longer raising money.

Where does Top1031 get the data for Cove Pharmacy Net Lease 46 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.

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.[1] 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.[2] 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.[4] 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.[3] 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.[5] AltsWire also reported the offering as debt-free.[8] 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.

Is the offering still open?

The record is mixed. The last Form D on file with the SEC, filed September 20, 2022, showed the raise incomplete, and no amendment has been filed since.[7] The sponsor's own undated offering page for the Trust displays the wording "fully subscribed."[6] Anyone working a 45-day identification window should confirm current availability directly with the sponsor or their own representative before identifying it.

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.[7] The sponsor's undated offering page displays a $50,000 minimum.[6] The private placement memorandum — the offering's governing disclosure document — is 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.[8] The Trust filed a Form D — the brief SEC notice of an exempt offering — on May 9, 2022, followed by two amendments during 2022.

Chapter 9

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