New Mexico distribution center
Industrial property in Tularosa, NM · sponsored by Cove Capital Investments
Active offeringLatest Form D filed Jan 7, 2026 (opens in a new tab)
New Mexico distribution center is a DST sponsored by Cove Capital Investments that owns an industrial property in Tularosa, NM. Its latest Form D, filed Jan 7, 2026, lists a $5.5 million offering with a $1,000 minimum.
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $5,505,718Equity offered, per the Form D
- Sold so far
- Form D, Jan 7, 2026; the % is our arithmetic38.8%
- Investors reported
- Form D, Jan 7, 20265
- Selling commissions
- Form D Item 15; the % is our arithmetic$330,343 · 5.9% 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
- Jan 7, 2026 · 1 filing
- First sale
- Dec 15, 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
- $2,138,881
- Not yet sold
- $3,366,837
- Investors
- 5
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
38.8% of $5,505,718 sold, calculated by Top1031 from the Form D
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Ask a 1031 specialist about this recordFree. About: New Mexico distribution center. Top1031 is not a broker-dealer.No photo on record. Tularosa, NM · no mappable address in the filings.
What does New Mexico distribution center own?
The distribution center was completed in 2025 and built specifically for the tenant that occupies it. 2 Cove Capital announced the purchase as complete in a release dated February 19, 2026. 2 Neither the Form D nor that release names a city; AltsWire reported on February 20, 2026 that the building sits in Tularosa. 3 No street address appears in any reviewed public record — the exact site is identified in the offering documents.
- Reported location
- Tularosa, NM
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?
With no mortgage on the property, there is no lender, no loan maturity, and no refinancing to negotiate at the Trust level. The trade-off is that there is no Trust-level debt for an exchanger who must replace mortgage debt carried on a relinquished property.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
- May convert to a REIT (721)
- Yes
Costs and terms from the Form D
- Selling commissions
- $330,343 · 5.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $560,399 · 10.1% 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 for 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
- Dec 15, 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 New Mexico distribution center?
Cove Capital Investments is the sponsor named in the Trust's Form D, and it builds debt-free DST offerings for 1031 exchange investors. 1 In a June 17, 2026 milestone release the firm said its portfolio spanned more than 132 properties and $1.083 billion in transactions. Connect Money reported on February 20, 2026 that the platform then oversaw more than 3.5 million square feet across 126 properties nationwide.
- Sponsor
- Offerings on record
What does the SEC record show?
- Legal Trust name
- Essential Net Lease Industrial 106 DST
- SEC CIK
- 2104066
- First Form D
- Jan 7, 2026
- Latest Form D
- Jan 7, 2026
- 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 | $5,505,718 | $2,138,881 | 5 | 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 New Mexico distribution center an active offering?
- New Mexico distribution center is an Active offering: its latest Form D was filed Jan 7, 2026. 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.
- Does New Mexico distribution center have a 721 UPREIT exit?
- The record lists a possible 721 exit for New Mexico distribution center. It is an option, not a completed transaction; the offering documents set whether and when it can happen. In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
- How a DST-to-721 UPREIT exit works
- Where exactly is the property?
- The January 7, 2026 Form D lists no property address, and Cove Capital's February 19, 2026 acquisition release identifies only the state of New Mexico. AltsWire reported on February 20, 2026 that the building is in Tularosa, New Mexico. No street address appears in any reviewed public document, and neither the SEC filing nor the sponsor release corroborates the town, so the exact site is settled in the offering documents.
- Who is the tenant?
- Cove Capital's February 19, 2026 acquisition release describes the property as 100% occupied by a supply-chain operator on a newly signed 10-year lease, but does not name the company. No SEC filing for this Trust names it either. The tenant's legal name, the lease commencement and expiration dates, and the rent are found in the offering documents and the lease itself.
- What does a debt-free DST mean for my exchange?
- It means the Trust bought the property with equity alone — no mortgage. There is no loan to mature, no lender covenant, and no refinancing risk at the property level. It also means there is no Trust-level debt for an exchanger who must replace mortgage debt from a relinquished property, which affects how much equity you need to place to defer fully.
- What is the minimum investment?
- The January 7, 2026 Form D reports a $1,000 minimum for the smallest investment accepted from an outside investor. Sponsors commonly set higher practical minimums for 1031 exchange and cash subscriptions in the offering documents, so the offering documents' subscription section is the controlling number.
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.