Cove Pharmacy Net Lease 70 DST
Net lease property in Owosso, MI — sponsored by Cove Capital Investments
Minimum investment
$1k
Offering size
$6.1M
How much has sold
None sold yet
Asset type
Net lease property
Location
Owosso, MI
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 70 DST is a Delaware Statutory Trust — a passive co-ownership vehicle whose interests can serve as replacement property in a 1031 exchange — sponsored by Cove Capital Investments. It holds one free-standing Walgreens pharmacy with a drive-thru in Owosso, Michigan.2 The sponsor describes the lease as absolute net and the building as owned debt-free.4 Its Form D was filed in September 2023.
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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?
The Trust's single asset is a free-standing Walgreens pharmacy with a drive-thru at 1001 E M-21/E Main Street in Owosso, Michigan, in Shiawassee County roughly 30 miles northeast of Lansing. Cove Capital's offering page places the building only in Owosso; the street address comes from Top1031's record.2 No filing or sponsor page reviewed states when the Trust bought the property, what it paid, or the year it was built.
- Reported location
- Owosso, MI
- Property size
- 14,820 sq ft
Who is the tenant, and what's the lease?
The tenant is Walgreens (NYSE: WBA), operating under what the sponsor calls an absolute NNN lease — the tenant, not the Trust, pays taxes, insurance, maintenance and structural repairs — with roughly ten years of term remaining as described on that page.3 No public source reviewed gives the lease expiration date or names the guarantor entity.3
How did it end?
Closed to new investment · still operating
No Cove full-cycle press release or trade-press disposition announcement could be found for the Cove Pharmacy Net Lease 70 DST; the dedicated Cove offering page still describes the 14,820 SF absolute-NNN Walgreens at 1001 E M-21, Owosso, MI as fully subscribed with ~10 years of lease remaining, and no third-party sale of that specific Walgreens has been confirmed [1][2][3].
Walgreens Pharmacy (NYSE: WBA) at 1001 E M-21/E Main St in Owosso, MI (Shiawassee County), ~30 miles northeast of Lansing. 14,820 SF free-standing Walgreens with drive-thru; absolute NNN lease with ~10 years remaining; BBB-rated investment-grade tenant. Minimum investment $50,000; debt-free/all-cash DST structure; Form D filed Sept 13, 2023.
14,820 sq ftSupporting evidence
Counted on Cove Capital Investments’s Record Card as: Still operating Document
How is it financed, and what does it pay?
Cove Capital structured this Trust without borrowing, so the equity raise covers the entire purchase price.4 For an investor that means no lender, no loan maturity to refinance and no debt-driven foreclosure risk — and for an exchanger carrying a mortgage on the relinquished property, no replacement debt here.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Cove Capital Investments is the sponsor and manager of this Trust.5 It files DST offerings on EDGAR in volume; the count beneath puts it among the larger 1031 sponsors measured by number of offerings. Research through September 2, 2026 surfaced no public report of a sale, refinancing, tenant change or other material event at this Trust, and no SEC filing for it after 2023.
- Sponsor
- Cove Capital Investments
- Legal Trust name
- Cove Pharmacy Net Lease 70 DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 23 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?
The Trust's Form D claims the exemption that lets a sponsor advertise an offering publicly but requires it to verify each buyer's accredited-investor status with documentation rather than a checkbox.1 No amendment or later notice has followed it.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- 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 70 DST?
Top1031 lists Cove Pharmacy Net Lease 70 DST as historical. It is no longer raising money.
Where does Top1031 get the data for Cove Pharmacy Net Lease 70 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.
Is this Trust still open to new investors?
The SEC file contains a single Form D from September 13, 2023 and no amendment since. Sponsors are not required to amend a Form D when an offering fills or closes, so EDGAR alone cannot confirm current availability. Cove Capital's own offering page for the Trust is the record that would state whether units remain.
What does an "absolute NNN" lease mean for me as an owner?
In an absolute triple-net lease, the tenant pays property taxes, insurance, maintenance and — unlike some "NNN" leases — roof and structural costs too, leaving the landlord with essentially no operating obligations. Cove Capital describes the Walgreens lease this way, with roughly ten years remaining as of its offering page.[3] The actual allocation of responsibilities lives in the lease and is summarized in the PPM, the private placement memorandum that governs the offering.
How creditworthy is the tenant?
The listing data describes Walgreens (NYSE: WBA) as an investment-grade, BBB-rated tenant. Ratings move over time, and what an investor is actually relying on is the specific entity that signed or guaranteed the lease — a store-level subsidiary and a parent guarantee are not the same credit. No public source reviewed identifies the signing entity for this store.
What is the minimum investment?
The Form D reports a minimum outside investment of $1,000.[1] Cove Capital's marketing description for this offering states a $50,000 minimum. The two figures serve different purposes — the Form D box is a regulatory disclosure, while the sponsor's number is the practical subscription minimum — so the PPM controls.
Can this Trust convert into a REIT through a 721 exchange?
The record shows no 721/UPREIT feature — that is, no provision to swap DST interests for operating-partnership units of a REIT at the end of the hold. Absent such a feature, the exit contemplated for a single-tenant net lease DST is normally a sale of the property, after which investors may attempt another 1031 exchange.
What happens when the Walgreens lease term runs out?
That depends on renewal options in the lease and on Walgreens' store-level decisions, neither of which is disclosed in the public record for this Trust. Because the Trust owns one building with one tenant, a decision not to renew would leave the property vacant and the Trust dependent on re-leasing or a sale. Lease options and expiration are documented in the PPM.
Chapter 9Cove Pharmacy Net Lease 70 DST OfferingSponsor's marketing page for the Walgreens Pharmacy DST, describing location in Owosso, MI and lease terms.