Northpark Shopping Center
Retail property in Monticello, AR · sponsored by Cove Capital Investments
Northpark Shopping Center was a DST sponsored by Cove Capital Investments that owned a retail property in Monticello, AR (71,068 sq ft). Its last Form D was filed Jul 16, 2024.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Jul 16, 2024.
Cove Capital Investments has 18 active offerings on record →
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $9,141,727Equity offered, per the Form D
- Sold
- Not reported after the first Form D (Jul 16, 2024)Form D, Jul 16, 2024
- Selling commissions
- Form D Item 15; the % is our arithmetic$548,504 · 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 →
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Ask a 1031 specialist about this recordFree. About: Northpark Shopping Center. Top1031 is not a broker-dealer.Northpark Shopping Center · Monticello, AR · Photo: mma.prnewswire.com
What did Northpark Shopping Center own?
NorthPark Shopping Center sits in Monticello, in southeast Arkansas. Cove Capital describes it as a multi-tenant regional retail center that is 95% occupied and shadow-anchored by Walmart — meaning a Walmart nearby draws traffic without being a tenant of this trust. 1 Marcus & Millichap reported brokering a $7.1 million sale of the property by Timber Development to a California-based DST fund; that report does not name the buyer as this trust. 3
- Property address
- 120-155 Northpark Drive, Monticello, AR
- Property size
- 71,068 sq ft
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
Cove describes the trust as all-cash and debt-free: no mortgage lender, no loan maturity to refinance, and no borrowed capital amplifying outcomes in either direction. 1 The June 4, 2025 full-subscription announcement likewise described the offering as 100% debt-free. 2
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $548,504 · 6.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $923,338 · 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 and selling commissions EXCLUDING amounts received for sales in the state of OR. 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
- Not in the Form D
- 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 Northpark Shopping Center?
Cove Capital Investments sponsors 1031-exchange DST offerings and markets a debt-free approach across its programs. 1 The Form D identifies Cove Capital Investments, LLC as the sponsor and names Dwight Kay and Chay Lapin as managers or executive participants in the offering. 4 On June 4, 2025, Cove announced that this trust's offering had been fully subscribed by accredited investors — people who meet SEC income or net-worth thresholds. 2
- Sponsor
- Offerings on record
What does the SEC record show?
The filing record consists of the original Form D with no later amendment located, so no filed update reports sales; Cove's separate June 4, 2025 press release is the source stating the offering was fully subscribed. 2 Rule 506(c) permits public advertising of an offering but limits buyers to investors whose accredited status is verified.
- Legal Trust name
- Northpark Shopping Center Opportunity 78 DST
- SEC CIK
- 2030143
- First Form D
- Jul 16, 2024
- Latest Form D
- Jul 16, 2024
- 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 | Filing on SEC EDGAR |
|---|---|---|---|---|
| Form D | $9,141,727 | $0 | 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
- What happened to Northpark Shopping Center?
- Northpark Shopping Center is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Jul 16, 2024.
- Why does the SEC filing record not reflect the completed raise?
- The trust filed one Form D, on July 16, 2024, and no amendment reporting sales has been located. A secondary Form D index still displayed that filing as unsold as of September 7, 2026, while Cove's June 4, 2025 press release states the offering was fully subscribed. The two public records conflict, and no primary filing located to date resolves them.
- What was the minimum investment?
- Public sources disagree. Cove Capital's property page states a $25,000 minimum, while the Form D on file with the SEC reports a $1,000 minimum for outside investors. No single primary record located resolves the difference, so treat the sponsor's own subscription documents as the controlling source.
- Does the Trust carry a mortgage?
- Cove Capital describes the trust as all-cash and debt-free, and its June 4, 2025 announcement called the offering 100% debt-free. A debt-free DST has no lender, no loan covenants, and no refinancing deadline — but it also gives an exchanger no replacement debt to match against mortgage debt relieved on the property they sold, which matters for a fully tax-deferred exchange.
- Could this Trust roll into a REIT?
- The record shows no 721/UPREIT exit — a structure in which a DST's property is contributed to a REIT's operating partnership in exchange for partnership units. The site's data marks this trust as not convertible to a REIT.
- Has an exit or sale been reported?
- No outcome has been reported yet. The most recent established milestone is the June 4, 2025 announcement that the offering was fully subscribed.
In the news
Sources
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These links support the record as a whole; individual details may come from different sources.
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.