Top1031

Parkdale Commons

Retail (multi-tenant, anchored by Hobby Lobby) property in Waco, TX — sponsored by Cove Capital Investments

Files with the SEC as Cove Parkdale Commons Opportunity 62 DST

Minimum investment
$1k
Offering size
$21.6M
How much has sold
50.0%
Asset type
Retail (multi-tenant, anchored by Hobby Lobby) property
Location
Waco, TX
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?

Parkdale Commons is a Hobby Lobby-anchored multi-tenant retail center in Waco, Texas, held in a Delaware statutory trust (DST) — a passive co-ownership vehicle whose interests qualify for 1031 exchanges — sponsored by Cove Capital Investments and bought with no mortgage. Cove announced on August 9, 2023 that the offering was fully subscribed, with total equity of approximately $21,593,348.3

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These links support the historical public record; individual details may come from different sources.

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?

Parkdale Commons is a multi-tenant retail power center built in 1973 in the primary retail node of west Waco, surrounded by Target, Walmart, Lowe's and Home Depot and near Baylor University. The center sits on 16.28 acres.1 Cove Capital announced on January 31, 2023 that it had closed on the property as a value-add acquisition for this Trust.2

Property address
1200 Richland Dr, Waco, TX 76710
Property size
191,559 sq ft
Chapter 3

Who is the tenant, and what's the lease?

Hobby Lobby anchors the center alongside dd's Discounts, Burlington and True Value. Cove reports Hobby Lobby and dd's leases running through 2026, staggered expirations out to 2031, and 22,502 square feet vacant.1 On June 26, 2026 Cove reported signing a 10-year triple-net ground lease — tenant covers taxes, insurance and upkeep — with 7 Brew Coffee on former parking.4

Chapter 4

How did it end?

What happened

No sale or other ending on record

Cove Parkdale Commons Opportunity 62 DST (191,559 sf Hobby Lobby-anchored retail center, 1200 Richland Dr, Waco, TX, acquired Jan 31, 2023 for $15.4M) remains listed on Cove Capital's current offerings page with no full-cycle sale announcement found in trade press or sponsor news.

Parkdale Commons is a 191,559 sq ft multi-tenant retail power center built in 1973 and anchored by Hobby Lobby (lease through 2026), True Value Hardware, dd's Discounts (Ross Stores subsidiary), and Burlington; located at 1200 Richland Dr, Waco, TX 76710 in the primary retail node of west Waco near Target, Walmart, Lowe's, Home Depot and Baylor University. Original Palomar Group marketing offering was priced at $15,400,000 with a 7.71% cap rate on in-place NOI of $1,187,879. Cove structured the acquisition as a debt-free DST; total equity raised was approximately $21,593,348 and the offering fully subscribed in August 2023.

191,559 sq ft
Supporting evidence
Chapter 5

How is it financed, and what does it pay?

Cove bought the center outright with no mortgage, so there is no lender, no loan maturity and no refinancing risk.2 The flip side: a debt-free Trust carries no debt for an exchanger who needs to replace mortgage debt from the property they sold.

Financing
All cash. This offering reports no mortgage debt.
Chapter 7

What does the paperwork say?

No amendment has been filed since the original Form D new notice; the sponsor reported the offering's first sale on January 3, 2023.5 Rule 506(c) let Cove advertise the Trust publicly, provided each investor's accredited status — income or net-worth tested — was verified.

  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

What happened to Parkdale Commons?

Top1031 lists Parkdale Commons as historical. It is no longer raising money.

Where does Top1031 get the data for Parkdale Commons?

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 the Parkdale Commons DST?

No. Cove Capital announced on August 9, 2023 that the Cove Parkdale Commons Opportunity 62 DST was fully subscribed, with total equity of approximately $21,593,348, so the Trust is closed to new investors. Any current interest in the property would have to come from an existing beneficial owner, not from the sponsor's original offering.

Why does the SEC data show only part of the raise?

Because the sales figures come from the single Form D filed January 12, 2023, days after the offering's first sale on January 3, 2023, and that notice was never amended. Sponsors are not required to file an updated Form D as a raise fills, so the SEC snapshot is a January 2023 point-in-time picture, not the final tally the sponsor announced in August 2023.

What does a debt-free DST mean for a 1031 exchanger?

The Trust owns the property with no mortgage. There is no lender, no loan covenant and no maturity date that could force a refinancing or sale. It also means an investor whose relinquished property carried a mortgage has no debt in this Trust to replace, which is a question for their own tax adviser.

Who are the tenants, and when do the leases run out?

Cove identifies Hobby Lobby as the anchor, with dd's Discounts (a Ross Stores brand), True Value, Burlington and other retailers in the center. The sponsor reports Hobby Lobby and dd's Discounts terms through 2026, staggered expirations extending to 2031, a True Value renewal on a 10-year term, and 22,502 square feet of vacancy. Income depends on multiple tenants rather than one.

Has anything changed at the property since the offering closed?

Cove reported on June 26, 2026 that it had constructed a coffee kiosk on previously unused parking at Parkdale Commons and executed a new 10-year triple-net ground lease with 7 Brew Coffee at $75,000 per year. That report came in a paid press release from the sponsor and was not independently verified.

Is there a REIT or 721 UPREIT exit planned?

The record shows no 721/UPREIT feature — the structure in which DST investors contribute their interest to a REIT's operating partnership instead of doing another exchange. No sale, refinancing or other exit outcome for this Trust has been reported in the sources reviewed.

Chapter 9

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