Product distribution and logistics center
Industrial property in Luling, LA · sponsored by Cove Capital Investments
Product distribution and logistics center was a DST sponsored by Cove Capital Investments that owned an industrial property in Luling, LA (27,000 square feet). Its last Form D was filed Dec 14, 2023.
How it ended
No outcome recorded · under 7 years
The record lists the offering as fully subscribed; the last Form D was filed Dec 14, 2023.
Cove Capital Investments has 18 active offerings on record →
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $12,443,403Equity offered, per the Form D
- Sold
- 34.8%Form D, Dec 14, 2023; the % is our arithmetic
- Investors reported
- Form D, Dec 14, 20237
- Selling commissions
- Form D Item 15; the % is our arithmetic$746,604 · 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 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: Product distribution and logistics center. Top1031 is not a broker-dealer.What did the Trust own?
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
How was it financed, and what did it cost to sell?
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
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $746,604 · 5.9% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $1,200,202 · 9.6% of offeringForm D Item 16· The filing’s note: “Mr. Kay & Lapin will receive a portion of this amount (in)directly for various fees 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
- Nov 14, 2023
- 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 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
- Offerings on record
What does the SEC record show?
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.
- Legal Trust name
- Cove Net Lease Distribution 69 DST
- SEC CIK
- 2002486
- First Form D
- Nov 29, 2023
- Latest Form D
- Dec 14, 2023
- Filings on record
- 2
- 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/A | $12,443,403 | $4,334,193+$2,158,884 | 7+1 | EDGAR | |
| Form D | $12,443,403 | $2,175,309 | 6 | 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 Product distribution and logistics center?
- Product distribution and logistics center is a Historical offering. The record lists the offering as fully subscribed; the last Form D was filed Dec 14, 2023.
- 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.
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.