Frito-Lay distribution facility, Vicksburg MS
Industrial property in Vicksburg, MS · sponsored by Cove Capital Investments
Active offeringLatest Form D filed Dec 9, 2025 (opens in a new tab)
Frito-Lay distribution facility, Vicksburg MS is a DST sponsored by Cove Capital Investments that owns an industrial property in Vicksburg, MS. Its latest Form D, filed Dec 9, 2025, lists a $4.7 million offering with a $1,000 minimum.
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $4,795,959Equity offered, per the Form D
- Sold so far
- Form D, Dec 9, 2025; the % is our arithmetic60.2%
- Investors reported
- Form D, Dec 9, 202513
- Selling commissions
- Form D Item 15; the % is our arithmetic$287,758 · 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 →
Sales so far
- Latest Form D
- Dec 9, 2025 · 1 filing
- First sale
- Nov 4, 2025
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
- Amount sold
- $2,887,203
- Not yet sold
- $1,908,756
- Investors
- 13
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
60.2% of $4,795,959 sold, calculated by Top1031 from the Form D
- Average since first sale
- about $2.5 million a month
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Ask a 1031 specialist about this recordFree. About: Frito-Lay distribution facility, Vicksburg MS. Top1031 is not a broker-dealer.Frito-Lay distribution facility, Vicksburg MS · Vicksburg, MS · Photo: covecapitalinvestments.com
What does the Trust own?
Cove Capital describes a build-to-suit facility completed in 2025 for Frito-Lay, in the Jackson, Mississippi metro area. 1 The sponsor's acquisition release adds five loading docks and yard space near Interstate 20 and reported the building fully occupied; it gave no closing date. 2 A broker's property memorandum places the building on 1.43 acres. 3 A state health record lists an open Frito-Lay facility at 4295 Halls Ferry Road, permitted October 13, 2025. 4
- Property address
- Halls Ferry Rd (no number public), Vicksburg, MS
- Property size
- 5,968 SF building
How have sales gone?
The Form D record has one sales figure so far, so there is no trend to chart. The figure is in Sales so far ↑.
How is it financed, and what did it cost to sell?
There is no lender in this structure: no loan to refinance, no maturity to survive, no mortgage that could be foreclosed if rent stops. The trade-off runs the other way for an exchanger who carried a mortgage on the relinquished property — there is no replacement debt here to offset it.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $287,758 · 6.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $512,718 · 10.6% of offeringForm D Item 16· The filing’s note: “Mr Kay & Lapin will receive a portion of this amount (in)directly for various fees & Selling Commissions, EXCLUDING amounts received from sales in Oregon, OR proceeds will be received by registered representatives licensed in the state of OR”
- 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
- Nov 4, 2025
- 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 the Trust?
Cove Capital Investments sponsors Delaware statutory trusts that hold net-lease property for 1031 exchange investors, and markets a debt-free structure across much of its lineup. 1 Cove announced this Vicksburg acquisition itself on November 18, 2025. 2 A firm-wide portfolio-milestone release carried by Connect Money and AltsWire on July 16, 2026 and by citybiz on July 17, 2026 covered the broader platform and made no reference to this Trust.
- Sponsor
- Offerings on record
What does the SEC record show?
A single notice of exempt offering stands unamended on the file, so the public filing record is one snapshot rather than a running series. The Trust is offered under the SEC exemption that lets a sponsor advertise a private placement publicly but requires documentary verification of each buyer's accredited status rather than self-certification.
- Legal Trust name
- Essential Net Lease Industrial 104 DST
- SEC CIK
- 2098886
- First Form D
- Dec 9, 2025
- Latest Form D
- Dec 9, 2025
- 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 | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D | $4,795,959 | $2,887,203 | 13 | 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
- Is Frito-Lay distribution facility, Vicksburg MS an active offering?
- Frito-Lay distribution facility, Vicksburg MS is an Active offering: its latest Form D was filed Dec 9, 2025. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
- Who is the tenant, and how long is the lease?
- Cove Capital identifies the tenant as Frito-Lay, part of PepsiCo, under a new ten-year lease running through March 2035, and reported the building 100% occupied in its November 18, 2025 acquisition release. A broker's property memorandum for the same facility names Rolling Frito-Lay Sales, LP as the tenant, describes an industrial triple-net lease commencing March 18, 2025 and expiring March 31, 2035, and reports 2% annual rent escalations. That memorandum is sales material, not an executed lease, so the signing entity's capacity and any PepsiCo parent guaranty remain unconfirmed here. The lease and the offering documents are where a buyer confirms the guarantor, 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 on its offering page or in its November 18, 2025 acquisition release. A Mississippi State Department of Health facility record lists an open Frito-Lay facility at 4295 Halls Ferry Road in Vicksburg with a permit date of October 13, 2025, and a broker's memorandum for a Frito-Lay facility at that address describes a 1.43-acre site. Neither source establishes what parcel the Trust owns; the deed and the offering documents do.
- 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 and avoid boot.
- 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 stated 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 offering-document items.
- Why does the minimum investment differ between sources?
- Cove Capital's offering page lists 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 offering documents and subscription agreement, which is what a buyer confirms before signing. The sources reviewed here do not explain the difference.
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.