Cove Pharmacy Net Lease 70 DST
Net lease property in Owosso, MI · sponsored by Cove Capital Investments
Cove Pharmacy Net Lease 70 DST was a DST sponsored by Cove Capital Investments that owned a net lease property in Owosso, MI (14,820 sq ft). Its last Form D was filed Sep 13, 2023.
How it ended
No outcome recorded · under 7 years
Last Form D filed Sep 13, 2023.
Cove Capital Investments has 18 active offerings on record →
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $6,146,792Equity offered, per the Form D
- Sold
- Not reported after the first Form D (Sep 13, 2023)Form D, Sep 13, 2023
- Selling commissions
- Form D Item 15; the % is our arithmetic$368,808 · 6.0% 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 →
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 70 DST. Top1031 is not a broker-dealer.What did Cove Pharmacy Net Lease 70 DST own?
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
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
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.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $368,808 · 6.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $662,499 · 10.7% of offeringForm D Item 16· The filing’s note: “Dwight Kay and Chay Lapin will receive a portion of this amount directly, or indirectly, for various fees and selling commissions.”
- 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
- Not in the Form D
- 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 70 DST?
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.
- Sponsor
- Offerings on record
What does the SEC record show?
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.
- Legal Trust name
- Cove Pharmacy Net Lease 70 DST
- SEC CIK
- 1991776
- First Form D
- Sep 13, 2023
- Latest Form D
- Sep 13, 2023
- Filings on record
- 1
- 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 | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D | $6,146,792 | $0 | 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 70 DST?
- Cove Pharmacy Net Lease 70 DST is a Historical offering. Last Form D filed Sep 13, 2023.
- 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. The actual allocation of responsibilities lives in the lease and is summarized in the offering documents.
- 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. 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 offering documents control.
- 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 offering documents.
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.