Cove Pharmacy Net Lease 65 DST
Net lease (retail pharmacy) property in Encinitas, CA — sponsored by Cove Capital Investments
Minimum investment
$1k
Offering size
$9.1M
How much has sold
50.0%
Asset type
Net lease (retail pharmacy) property
Location
Encinitas, CA
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Cove Pharmacy Net Lease 65 DST is a Delaware statutory trust — a structure that lets 1031 exchangers own a fractional interest in real estate — holding one freestanding Walgreens pharmacy in downtown Encinitas, California. Cove Capital Investments bought the building all cash in 2023 with the long-term Walgreens lease already in place.2 The sponsor's offering page now labels the raise fully subscribed.1
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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 March 2, 2023 that it had bought this freestanding Walgreens — store #11653, at 1320 Encinitas Blvd in downtown Encinitas, California, a short walk from Moonlight Beach. The purchase was all cash, with the pharmacy lease already running.2 The sponsor reports the single-tenant building as 100% occupied.1
- Reported location
- Encinitas, CA
- Property size
- 11,370 sq ft
Who is the tenant, and what's the lease?
Walgreens occupies the building under a 15-year absolute triple-net lease corporately guaranteed by its parent, Walgreens Boots Alliance — absolute triple-net meaning the tenant, not the Trust, carries taxes, insurance, maintenance and structural repairs. The sponsor states the term runs through December 31, 2037, with five five-year renewal options.1
How did it end?
No ending on record
No public full-cycle or disposition announcement was identified for this Walgreens-anchored pharmacy DST in Encinitas, CA; the property remains listed on Cove Capital's website as a current offering, suggesting no sale has been publicly announced.
Sponsor: Cove Capital Investments, LLC. 100% debt-free acquisition of a freestanding 11,370 sq ft Walgreens pharmacy on a new 15-year absolute triple-net lease corporately guaranteed by Walgreens Boots Alliance. The store is located in downtown Encinitas, CA, near Moonlight Beach. Property address confirmed as 1320 Encinitas Blvd, Encinitas, CA 92024 (Walgreens Store #11653).
11,370 sq ftSupporting evidence
How is it financed, and what does it pay?
The Trust owns the pharmacy free of mortgage debt: no lender, no loan covenants, no refinancing date, and no possibility of foreclosure by a mortgage holder. There is also no borrowed money, which is what an exchanger relying on replacement debt to match a relinquished loan would need to weigh with a tax adviser.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Cove Capital Investments is a Los Angeles–area sponsor whose 1031 platform is built specifically around debt-free trusts — DSTs that buy property without a mortgage. SEC records list this Trust as a Delaware entity operating from Cove's offices at 2958 Columbia Street, Torrance, California.3 Cove marketed the offering publicly, including an April 16, 2024 release circulating aerial drone footage of the Encinitas store to prospective investors.2
- Sponsor
- Cove Capital Investments
- Legal Trust name
- Cove Pharmacy Net Lease 65 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?
Cove filed the initial Form D — the short SEC notice used for a private offering exempt from registration — at the start of the raise, then a single amendment about a year later updating the amounts reported. The Trust is offered under Rule 506(c), which permits public advertising but limits buyers to verified accredited investors.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- 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 Pharmacy Net Lease 65 DST?
Top1031 lists Cove Pharmacy Net Lease 65 DST as historical. It is no longer raising money.
Where does Top1031 get the data for Cove Pharmacy Net Lease 65 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 this Trust?
Cove Capital's own offering page, retrieved on August 28, 2026, labels the offering fully subscribed. The most recent SEC filing on record for the Trust is a Form D amendment filed February 1, 2024. Anyone mid-exchange should confirm current availability directly with the sponsor or a broker-dealer before relying on it as replacement property.
Why does the sponsor describe a $10 million raise when the SEC filing shows a different number?
The Form D amendment filed February 1, 2024 reports a total offering amount of $9,106,030 and a minimum investment of $1,000. Cove Capital's April 16, 2024 press release described the same Trust as a Regulation D Rule 506(c) offering seeking $10 million with a $50,000 minimum. Marketing figures and Form D fields are prepared for different purposes and are not reconciled in the public record; the PPM governs.
What happens if Walgreens closes this store?
The lease is described as an absolute triple-net lease corporately guaranteed by Walgreens Boots Alliance, meaning the corporate parent — not the individual store — stands behind the rent and property obligations for the lease term. A guarantee is a credit promise, not a guarantee of occupancy, and its exact terms and remedies are set out in the lease and summarized in the PPM.
What does a debt-free DST mean for my 1031 exchange?
A debt-free DST holds its property with no mortgage, so there is no loan for investors to be allocated. If the property you sold carried debt, a no-debt replacement interest does not supply replacement debt on its own; that is a tax question for your CPA or qualified intermediary, not something the Trust structure resolves.
Has the property been sold or the Trust taken full cycle?
No disposition or full-cycle announcement for this Trust appears in the public record reviewed, and no outcome has been reported yet. The Trust remains a single-property, single-tenant holding as described in its filings and sponsor materials.
Chapter 9Cove Capital Investments Provides Investors a Closer Look at Its Pharmacy Net Lease 65 DST in Downtown Encinitas, CA Through Aerial Drone PhotographyCove Capital released aerial drone footage of the Pharmacy Net Lease 65 DST, an 11,370 sq ft Walgreens on a new 15-year absolute triple-net lease backed by Walgreens Boots Alliance, located in downtown Encinitas, CA. Press Releases Archive (includes Cove Pharmacy Net Lease 65 acquisition, Mar 2, 2023)Sponsor press archive listing the PR Newswire release announcing Cove Capital's purchase of the Encinitas trophy pharmacy for the Cove Pharmacy Net Lease 65 DST. Cove Pharmacy Net Lease 65 DST (Walgreens, Encinitas, CA)Sponsor-site listing page describing the debt-free DST as an 11,370 SF Walgreens on a 15-year absolute triple-net lease in Encinitas, CA; page states offering is fully subscribed. Cove Capital Buys Trophy Pharmacy in Downtown Encinitas, CA for Its Cove Pharmacy Net Lease 65 DSTPress release announcing Cove Capital's acquisition of an 11,370 SF freestanding Walgreens (corporately guaranteed by WBA, Inc.) in downtown Encinitas, CA for the Cove Pharmacy Net Lease 65 DST, a $10 million Reg D 506(c) offering.