Top1031

Frito-Lay distribution facility

Industrial (single-tenant net lease, Frito-Lay/PepsiCo) property in Walla Walla, Washington — sponsored by Cove Capital Investments

Frito-Lay distribution facility image

Debt-free (0% LTV); $5,501,030 equity target; min $100k; brand-new 2025 build; tenant Frito-Lay (PepsiCo Global Real Estate)

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These links support the public record as a whole; individual details may come from different sources.

City-level mapWalla Walla, Washington metroMap shows the city, not the exact address.
Chapter 1

What is this, in one paragraph?

Essential Net Lease Industrial 99 DST is a Delaware statutory trust — fractional, passive real estate ownership that can qualify for a 1031 exchange — sponsored by Cove Capital Investments. It holds a 2025-built Frito-Lay distribution facility in Walla Walla, Washington.1 Cove announced completion of the purchase, without borrowing, on November 11, 2025.2 AltsWire reported the Offering fully subscribed on November 10, 2025; it is closed to new investors.3

Minimum investment
$1k
Offering size
$5.5M
How much has sold
95.0%
Financing
All cash. This offering reports no mortgage debt.

Sponsor-reported, from SEC filings and cited 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's offering page describes the asset as a distribution facility built new in 2025 and used by Frito-Lay.1 Cove announced completion of the all-cash purchase on November 11, 2025, reporting the building 100% occupied by a snack-foods distribution tenant and stating no purchase price.2 No street address or parcel identifier appears in the Form D or in the sponsor's public summary.

Reported location
Walla Walla, Washington
Property size
5,000 Sq Ft
Chapter 3

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

Frito-Lay occupies the building under a single-tenant net lease signed by PepsiCo Global Real Estate Inc., reported with an initial 10-year term plus options to extend.1 Under a net lease the tenant, not the Trust, carries most operating costs; the exact allocation lives in the lease document rather than in the sponsor's summary.

Chapter 4

How are sales going?

These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.

How we work out how much has sold

We divide the amount the sponsor reports sold by the offering size in its latest SEC filing, filed Sep 17, 2025.

  • The sponsor reports these amounts itself, and can amend them later.
  • A filing can be behind what has actually sold. It does not confirm that interests are still available.
  • The amount left to sell is the offering size minus the amount sold.
95.0% reported sold
Amount sold
$5,234,711
Reported unsold
$266,319
Investors reported
21
Total offering
$5,501,030
Not enough filings yet to show a trend.
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Chapter 5

How is it financed, and what does it pay?

No lender sits behind this Trust: nothing is borrowed against the building, so there are no loan maturities, refinancing deadlines or foreclosure risk, and investor equity funded the purchase on its own. Cove Capital announced the completed acquisition as an unleveraged transaction on November 11, 2025.2

Financing
All cash. This offering reports no mortgage debt.
Loan-to-value
0%covecapitalinvestments.com
Chapter 7

What does the paperwork say?

The Trust's exemption notice has never been amended. A Form D is a self-filed claim of exemption, not an SEC approval or review of the deal. Rule 506(c) lets the sponsor advertise the offering publicly but requires it to verify that every buyer is an accredited investor — someone meeting SEC income or net-worth tests.

  1. Form D filedFirst and latest filing on record.
Legal Trust name
Essential Net Lease Industrial 99 DST
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.

Chapter 8

Common questions

Is Frito-Lay distribution facility still raising money?

Sold out: the source record identifies this offering as Fully Subscribed. The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.

Where does Top1031 get the data for Frito-Lay distribution facility?

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?

No. Cove Capital's current-offerings page lists the Trust as fully subscribed, and AltsWire reported on November 10, 2025 that Cove had fully subscribed its Essential Net Lease Industrial 99 DST. It is closed to new investors; the filing record stays public for reference.

What does "debt-free" actually mean here?

The Trust paid cash for the building, so there is no mortgage on the property. Cove Capital described the acquisition it announced on November 11, 2025 as a 100% debt-free transaction. For an investor that removes lender-driven risks such as maturity defaults and cash-flow sweeps, and it also means no borrowed money is applied alongside equity.

Who is the tenant and who signed the lease?

Cove Capital identifies Frito-Lay as the occupant and PepsiCo Global Real Estate Inc. as the party that signed the single-tenant net lease, reported with an initial 10-year term plus options to extend. No public source reviewed states the lease commencement or expiration date, or the terms of any guaranty, so those belong in the lease itself and in the PPM — the Private Placement Memorandum, the offering's full legal disclosure document.

Why do the reported minimum investments differ?

The Form D reports a minimum outside investment of $1,000, while Cove Capital's own material for this Trust lists $100,000. Public sources do not reconcile the two. Sponsors commonly file a low statutory minimum and enforce a higher practical one; the governing figure is the one in the PPM and subscription agreement.

Is there a 721/UPREIT exit?

Top1031's record shows no designated 721 exit — that is the structure in which trust interests are swapped for operating-partnership units in a REIT. What is actually permitted at exit, and on what terms, is governed by the trust agreement and the PPM rather than by the Form D.

Is the facility actually in operation?

Public evidence points that way. Cove Capital's November 11, 2025 acquisition release said the property was 100% occupied by its distribution tenant, and PepsiCo posted a logistics warehouse worker opening at its Walla Walla, Washington site on July 28, 2026. Neither source states lease commencement or expiration dates.

Chapter 9

In the news

Chapter 11

What can I do next?

Check the source documents, compare this offering with other public records, or ask a licensed specialist about the facts shown here.