Frito-Lay distribution facility, Vicksburg MS
Single-tenant net lease industrial distribution property in Vicksburg, MS — sponsored by Cove Capital Investments
0% leverage; min $100k; Frito-Lay (PepsiCo) 10-yr lease thru 3/2035; 2025 build-to-suit; Jackson MSA
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What is this, in one paragraph?
This Trust owns a single-tenant industrial distribution facility on Halls Ferry Road in Vicksburg, Mississippi, built in 2025 and leased to Frito-Lay.1 Cove Capital Investments reported completing the purchase debt-free on November 18, 2025.2 Interests in the Delaware statutory trust, or DST — the ownership form the IRS treats as 1031 replacement property — are sold only to accredited investors meeting SEC income or net-worth tests.
Minimum investment
$1k
Offering size
$4.8M
How much has sold
60.0%
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.
What exactly is the property?
Cove Capital's offering page describes a brand-new 2025 built-to-suit distribution facility for Frito-Lay in the Jackson, Mississippi metropolitan area.1 The sponsor's acquisition release adds five loading docks and yard space near Interstate 20, and reported the building fully occupied at closing.2 Cove publishes no street number, but a Mississippi State Department of Health facility record dated October 13, 2025 places Frito Lay – Vicksburg PEC at 4295 Halls Ferry Road.3
- Property address
- Halls Ferry Rd (no number public), Vicksburg, MS
- Property size
- 5,968 SF building
Who is the tenant, and what's the lease?
Cove Capital identifies the tenant as Frito-Lay, part of PepsiCo, under a newly signed ten-year lease running through March 2035.2 Net lease means the tenant carries stated operating costs; a single occupant means all of the rent rests on that one company.
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.
60.0% reported sold
- Amount sold
- $2,887,203
- Reported unsold
- $1,908,756
- Investors reported
- 13
- Total offering
- $4,795,959
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.
How is it financed, and what does it pay?
There is no lender in this structure: no loan to refinance, no maturity to survive, no mortgage to be foreclosed if rent stops. Cove Capital announced the November 18, 2025 purchase as a 100% debt-free transaction.2 An exchanger who carried debt on a relinquished property will find none to replace here.
- Financing
- All cash. This offering reports no mortgage debt.
- Loan-to-value
- 0%covecapitalinvestments.com
Who's behind it?
Cove Capital Investments sponsors Delaware statutory trusts holding net-lease property for 1031 exchange investors, and this Trust follows the debt-free pattern the firm markets.1 The Form D lists Cove Capital Investments, LLC, Dwight Kay and Chay Lapin as related persons, with Kay signing as manager of the signatory trustee.4 Cove announced the Vicksburg acquisition itself on November 18, 2025.2 A July 16, 2026 firm-wide portfolio-milestone release carried by Connect Money and AltsWire covered the broader platform and did not reference this Trust.
- Sponsor
- Cove Capital Investments
- May convert to a REIT
- No
- Offerings from this sponsor
- 24 active / 58 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 only SEC filing is its original notice of exempt offering; no amendment appears on the file. That notice reports a first sale on November 4, 2025.4 The exemption claimed here lets a sponsor advertise a private placement publicly, but requires documentary verification of each buyer's accredited status rather than self-certification.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- Essential Net Lease Industrial 104 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.
Common questions
Is Frito-Lay distribution facility, Vicksburg MS still raising money?
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, Vicksburg MS?
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.
Who is the tenant, and how long is the lease?
Cove Capital identifies the tenant as Frito-Lay, part of PepsiCo, under a newly signed ten-year lease running through March 2035, and reported the building 100% occupied when the purchase closed on November 18, 2025. The sponsor's public materials on this record do not establish whether PepsiCo guarantees the lease. The executed lease and the PPM — the Private Placement Memorandum, the offering's full disclosure document — are where a buyer confirms the signing entity, any guarantor, rent escalations, renewal options, and repair obligations.
Where exactly is the property?
Cove Capital places the facility along Halls Ferry Road in Vicksburg, Mississippi, near Interstate 20 in the Jackson metropolitan area, and publishes no street number in its offering page or its November 18, 2025 acquisition release. A Mississippi State Department of Health facility record dated October 13, 2025 lists Frito Lay – Vicksburg PEC at 4295 Halls Ferry Road, Vicksburg, MS 39180, with a status of Open. The deed and the PPM identify the exact parcel the Trust owns, and are the documents a buyer uses to confirm the address and lot.
What does a debt-free DST mean for me as an investor?
Cove Capital announced the Vicksburg acquisition as a 100% debt-free transaction, so the Trust owns the property outright. There is no lender, no loan maturity to refinance during the hold, and no mortgage that could be foreclosed if the tenant stops paying. The trade-off: a 1031 exchanger who carried debt on the relinquished property has no replacement debt here, and would need other leverage or additional cash to balance the exchange.
What happens if the tenant leaves at the end of the lease?
A single-tenant building is either fully leased or fully vacant. If Frito-Lay does not renew when the term ends in March 2035, the Trust would need to re-lease the space or sell the property, with no second tenant's rent to cushion the gap. Because there is no mortgage, no lender has to be satisfied in that scenario, but distributions would depend on reserves and any re-leasing outcome. Reserve levels and renewal options are PPM items.
Is this offering still open?
The Form D filed December 9, 2025 — a brief notice of an exempt offering under an SEC exemption from full registration — is the only SEC filing on record for this Trust, and Cove Capital's current-offerings site carries the Cove Essential Net Lease Industrial 104 DST page. A Form D is a dated snapshot rather than a live availability report, so current availability has to be confirmed with the sponsor or your representative.
Why does the minimum investment differ between sources?
Cove Capital's offering materials list a $100,000 minimum, while the Form D filed December 9, 2025 records the minimum accepted from an outside investor as $1,000. Form D minimums are often stated at a nominal level and are not a subscription requirement. The binding minimum is the one in the PPM and subscription agreement, which is what a buyer confirms before signing.
Chapter 9Cove Capital Acquires Frito-Lay/PepsiCo Distribution Center for DST OfferingAltsWire recap of the Vicksburg, MS Frito-Lay build-to-suit acquisition, noting 5,968-square-foot facility, 10-year lease through March 2035, and Jackson MSA location. Cove Capital Investments, LLC Completes the Acquisition of Another Single Tenant Net Lease Industrial Distribution Facility for Its Cove Essential Net Lease Industrial 104 DST in a 100% Debt-Free TransactionCove Capital acquired a 5,968 SF single-tenant net-lease industrial distribution facility in Vicksburg, MS, with five loading docks and abundant yard space along Halls Ferry Road near I-20; targeting $4,795,959 in equity; Frito-Lay (PepsiCo) is the tenant under a new 10-year lease through March 2035. Cove Capital Acquires New-Build Industrial Distribution Facility in Vicksburg, MSTrade-press coverage of the new-build industrial distribution facility acquisition in Vicksburg, MS for the Essential Net Lease Industrial 104 DST in a 100% debt-free transaction; $4.8 million equity raise.