Cove Pharmacy Net Lease 65 DST
Net lease property in Encinitas, CA · sponsored by Cove Capital Investments
Cove Pharmacy Net Lease 65 DST was a DST sponsored by Cove Capital Investments that owned a net lease property in Encinitas, CA (11,370 sq ft). Its last Form D was filed Feb 1, 2024.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Feb 1, 2024.
Cove Capital Investments has 18 active offerings on record →
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $9,106,030Equity offered, per the Form D
- Sold
- 49.6%Form D, Feb 1, 2024; the % is our arithmetic
- Investors reported
- Form D, Feb 1, 202420
- Selling commissions
- Form D Item 15; the % is our arithmetic$455,301 · 4.9% 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 Pharmacy Net Lease 65 DST. Top1031 is not a broker-dealer.Cove Pharmacy Net Lease 65 DST · Encinitas, CA · Photo: i.ytimg.com
What did Cove Pharmacy Net Lease 65 DST own?
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
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
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.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $455,301 · 4.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,052,731 · 11.5% 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 30, 2023
- 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 Cove Pharmacy Net Lease 65 DST?
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
- Offerings on record
What does the SEC record show?
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.
- Legal Trust name
- Cove Pharmacy Net Lease 65 DST
- SEC CIK
- 1963503
- First Form D
- Feb 13, 2023
- Latest Form D
- Feb 1, 2024
- Filings on record
- 2
- 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/A | $9,106,030 | $4,525,453+$2,181,588 | 20+16 | EDGAR | |
| Form D | $9,106,030 | $2,343,865 | 4 | 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 65 DST?
- Cove Pharmacy Net Lease 65 DST is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Feb 1, 2024.
- 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 offering documents govern.
- 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 offering documents.
- 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.
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.