Top1031

Frito-Lay distribution facility

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

Files with the SEC as Essential Net Lease Industrial 99 DST

Minimum investment
$1k
Offering size
$5.5M
How much has sold
95.0%
Asset type
Industrial (single-tenant net lease, Frito-Lay/PepsiCo) property
Location
Walla Walla, Washington
Financing
All cash. This offering reports no mortgage debt.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

Essential Net Lease Industrial 99 DST is a Delaware statutory trust — fractional, passive property 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, with no debt, on November 11, 2025.2 AltsWire reported the Offering fully subscribed on November 10, 2025, so it is closed to new investors.3

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)

Show sources (9)Hide sources (9)

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

City-level mapWalla Walla, Washington metroCity-level location. Exact address not publicly confirmed.

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 a newly constructed 2025 distribution facility built for Frito-Lay use.1 The sponsor announced completion of the all-cash purchase on November 11, 2025 and reported the building 100% occupied at closing, without stating a 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 extension options.2 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
Still available
$266,319
Investors reported
21
Total offering
$5,501,030
Not enough filings yet to show a trend.
See how much of this offering has soldSign in by email and confirm you’re an accredited investor.
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 no borrowed money works alongside investor equity. Cove Capital announced the acquisition as a 100% debt-free 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 filed a single Form D and has never amended it. That notice 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.
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?

Top1031 lists Frito-Lay distribution facility as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.

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 labels the Trust 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 extension options. 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 the facility actually in operation?

Public evidence points that way. Cove Capital's November 11, 2025 acquisition release said the building was 100% occupied at closing, 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.

Could this Trust convert into a REIT?

The record carries no committed REIT-conversion feature for this Trust, and Top1031 marks it as not designated for a 721/UPREIT exit — the exchange of trust interests for operating-partnership units in a REIT. Whether any such transaction is permitted, and on what terms, is governed by the trust agreement and the PPM, not by the Form D.

Chapter 9

In the news