product distribution and logistics center
Industrial in Luling, LA — sponsored by Cove Capital Investments
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
Cove Net Lease Distribution 69 DST is a Delaware Statutory Trust — a passive co-ownership vehicle that can serve as replacement property in a 1031 exchange — holding a newly built industrial distribution center net leased to a PepsiCo subsidiary for Frito-Lay logistics. Cove Capital Investments sponsored it and raised equity under Rule 506(c). The sponsor's own offering page labels the Trust fully subscribed.2
Minimum investment
$1k
Offering size
$12.4M
How much has sold
35.0%
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?
The building is new construction. Cove Capital Investments announced on February 6, 2024 that it had completed the purchase of the brand-new distribution and logistics facility for this Trust.1 Sponsor materials give the address as 286 Judge Edward Dufresne Parkway and place the asset in the greater New Orleans industrial market.3 The public records reviewed did not establish a purchase price or an occupancy figure.
- Reported location
- Luling, LA
- Property size
- 27,000 square feet
Who is the tenant, and what's the lease?
Sponsor materials describe the facility as a product distribution and industrial logistics center net leased to a PepsiCo subsidiary, meaning the tenant rather than the Trust carries the operating obligations the lease assigns to it.3 Cove describes a 10-year net lease with annual rent increases and two five-year extension options.2 The legal tenant entity is not named in public records.
How did it end?
No ending on record
The DST's underlying asset is a brand-new construction industrial distribution facility leased to a PepsiCo subsidiary in Luling, LA, per Cove Capital's offering page and the February 2024 prnewswire acquisition release; AltsWire covered only the January 2024 acquisition announcement and no full-cycle, sale, foreclosure, or 721/UPREIT announcement naming DST 69 or the Luling property has been located.
Brand-new construction industrial distribution center in Luling, LA (greater New Orleans industrial market); single-tenant net leased to a PepsiCo subsidiary (Frito-Lay distribution and logistics). Reg D 506(c) offering targeting $12,443,403 raise; $25,000 minimum; all-cash/debt-free DST structure.
27,000 square feetSupporting evidence
Counted on Cove Capital Investments’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
There is no lender in this deal. Cove's materials describe the offering as all-cash and debt-free, so there is no loan to refinance, no maturity date to plan around, and no mortgage balance an exchanger could count toward replacing debt from a relinquished property.3
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Cove Capital Investments sponsors Delaware Statutory Trusts for 1031 exchange investors, and this Trust's name places it inside the firm's numbered Net Lease Distribution series. The sponsor announced the completed acquisition on February 6, 2024, and trade press covered the same purchase on January 31, 2024.1 Cove's offering page for this Trust labels it fully subscribed.2
- Sponsor
- Cove Capital Investments
- May convert to a REIT
- No
- Offerings from this sponsor
- 23 active / 57 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 filed a Form D — the short notice an issuer files for a private placement — and then amended it once, reporting a larger subscribed amount and one additional investor. It is offered under Rule 506(c), which permits public advertising but limits sales to investors whose accredited status has been verified.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- Cove Net Lease Distribution 69 DST
- Filings on record
- 2
- 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
What happened to product distribution and logistics center?
Top1031 lists product distribution and logistics center in the Historical cohort because its latest filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for product distribution and logistics center?
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 this Trust?
Probably not. Cove Capital's offering page for Cove Net Lease Distribution 69 DST labels the Trust fully subscribed, and the SEC record contains only two filings, the last one dated December 14, 2023, with no later issuer-filed subscription update in the public materials reviewed. Anyone mid-exchange should confirm current availability directly with the sponsor or their own representative rather than relying on a directory listing.
What is the property and where is it?
A newly constructed single-tenant industrial distribution and logistics center in Luling, Louisiana, inside the greater New Orleans industrial market. Sponsor materials give the address as 286 Judge Edward Dufresne Parkway and report the building at 27,000 square feet. Cove Capital announced on February 6, 2024 that it had completed the purchase of the asset for this Trust.
Who is the tenant?
Sponsor materials identify the occupant as a PepsiCo subsidiary using the building for Frito-Lay distribution and logistics, under a net lease that Cove describes as a 10-year term with annual rent increases and two five-year extension options. The specific legal entity signing the lease, and the lease commencement and expiration dates, were not established in the public records reviewed.
What does 'debt-free' mean for a 1031 exchanger here?
Cove describes this Trust as all-cash with no mortgage financing. That means no lender, no loan covenants, and no refinancing or maturity event during the hold. It also means the Trust carries no mortgage debt, so an exchanger whose relinquished property had a loan to replace would not find replacement debt in this structure. How that interacts with your own exchange is a question for your tax adviser.
How large was the offering, and what was the minimum?
The Form D on file reports a total offering amount of $12,443,403. Cove's February 6, 2024 acquisition announcement described the raise as a Regulation D Rule 506(c) offering targeting that same $12,443,403 in equity with a $25,000 minimum investment, while the SEC filing itself lists a $1,000 minimum outside investment accepted from any outside investor.
Is there a 721/UPREIT exit in this Trust?
Nothing in the record indicates one. A 721 or UPREIT exit is where a DST's property is eventually contributed to a real estate investment trust's operating partnership in exchange for units instead of being sold for cash. The data on this Trust shows no such conversion feature, and the Trust is recorded as not expected to convert to a REIT.
Chapter 9Cove Capital Investments Acquires a Brand-New Construction Industrial Net Lease Asset for Its Debt-Free Net Lease Distribution 69 DSTPress release announcing the acquisition of a newly constructed 27,000 sq ft industrial distribution facility in Luling, LA net-leased to a PepsiCo subsidiary (Frito-Lay distribution), structured as a Reg D 506(c) DST targeting $12,443,403 raise. Cove Capital Acquires Frito-Lay/PepsiCo Distribution Center for DST OfferingTrade-press article covering Cove Capital's acquisition of the Frito-Lay/PepsiCo distribution center in Luling, LA for the Net Lease Distribution 69 DST, targeting to raise more than $12.4 million in equity.