Saddle Creek Crossing retail center
Retail (necessity center) property in Wichita, KS — sponsored by Cove Capital Investments
Files with the SEC as Saddle Creek Kansas 109 DST
Minimum investment
$1k
Offering size
$13.0M
How much has sold
40.0%
Asset type
Retail (necessity center) property
Location
Wichita, KS
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
Saddle Creek Kansas 109 DST is a Delaware statutory trust — fractional passive property ownership that can serve as 1031 replacement property — sponsored by Cove Capital Investments. It owns Saddle Creek Crossing, a multi-tenant necessity retail center in south Wichita, Kansas, which Cove reported buying with no mortgage in May 2026.2 Cove announced on August 26, 2026 that the offering was fully subscribed at $12,951,877.3
96.37% occupied; all-cash ~$93/SF; in-place rents $7.71 vs mkt $12-16/SF; +4k SF whse, 37k SF land; $12.95M equity target
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These links support the public record as a whole; 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.
What exactly is the property?
The center was formerly known as South City Center and was rebranded Saddlecreek Crossing after local owners took over and began redevelopment.5 On March 26, 2026 the Wichita Business Journal reported that Cove Capital planned to buy the south Wichita property and fund upgrades including an improved parking lot.6 Cove announced the completed all-cash purchase on May 20, 2026, at roughly $93 per square foot and 96.37% occupied.2
- Property address
- S Broadway Ave, west of I-35 (tenant Great Clips listed at 4842A S Broadway Ave), Wichita, KS
- Property size
- 110,061 SF
Who is the tenant, and what's the lease?
No single tenant's credit stands behind this Trust: leasing material names Dollar Tree and Ollie's Bargain Outlet as the anchors.4 A local brokerage's property page lists operators including Carlos O'Kelly's, Goodyear Tires, McDonald's and Pizza Hut.5 Cove reported average in-place rent of $7.71 per square foot against stated market rents of $12–$16 on May 20, 2026.2
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
40.0% reported sold
- Amount sold
- $5,172,629
- Still available
- $7,779,248
- Investors reported
- 15
- Total offering
- $12,951,877
Not enough filings yet to show a trend.
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How is it financed, and what does it pay?
No lender sits inside this structure — there is no mortgage to refinance, no maturity date that can force a sale, and no lender consent to obtain.2 The flip side: the Trust carries no replacement debt for an exchanger who needs to match a loan paid off on the relinquished property.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Cove Capital Investments sponsors Delaware statutory trust offerings for 1031 exchange investors and is a frequent filer in the space. It announced portfolio statistics on July 17, 2026 of $1,133,765,047 across 137 properties and 2,768 investors. Its platform stayed active into August 2026: Blue Vault Partners reported on August 6 that Cove closed a Southfield, Michigan headquarters building to form another DST, and AltsWire reported on August 7 that a Fort Worth small-bay industrial DST was fully subscribed.
- Sponsor
- Cove Capital Investments
- Legal Trust name
- Saddle Creek Kansas 109 DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 24 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 public file holds a single Form D — the short notice a private offering files with the SEC instead of registering — marked as a new notice, with the first sale reported as April 15, 2026.1 The exemption noted below lets the sponsor advertise publicly if it verifies each buyer's accredited status. No amendment has followed the original notice.
- 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.
Common questions
Is Saddle Creek Crossing retail center still raising money?
Top1031 lists Saddle Creek Crossing retail center as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for Saddle Creek Crossing retail 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.
Is this Trust still open to new investors?
Cove Capital announced on August 26, 2026 that it had fully subscribed the Cove Saddle Creek Kansas 109 DST after raising $12,951,877 from accredited investors. The SEC file has not caught up: the only filing on record is the Form D filed April 20, 2026, and no amendment has appeared since. Before identifying this Trust as replacement property, ask the sponsor or your representative for written confirmation of current availability.
What does a debt-free DST mean for me?
Cove Capital's May 20, 2026 release described the purchase of Saddle Creek Crossing as a 100% debt-free, all-cash transaction with no mortgage on the property. There is no loan to refinance, no maturity that can force a sale, and no lender whose default remedies could reach the asset. It also means no borrowed money works alongside your equity, and a debt-free Trust supplies no replacement debt for an exchange that requires matching a loan you paid off.
Who are the tenants at Saddle Creek Crossing?
This is a multi-tenant center, not a single-credit building. Leasing material for the property names Dollar Tree and Ollie's Bargain Outlet as the anchors. A property page maintained by Lange Real Estate lists operators including Burger King, Carlos O'Kelly's, Club Car Wash, Dunkin' Donuts, Godfather's Pizza, Goodyear Tires, Liberty Tax, Mansion Nail Lounge, McDonald's, New China Super Buffet and Pizza Hut, and notes that Mansion Nail Lounge doubled its space and Liberty Tax moved to a larger unit. No tenant-by-tenant lease abstract with expiration dates appears in the public record; the PPM — the private placement memorandum governing the offering — carries the suite-level rents and lease terms.
What do the leases pay, and what is the sponsor's stated plan for the space?
Cove Capital reported on May 20, 2026 that average in-place rent was $7.71 per square foot, against market rents it described as $12 to $16 per square foot. The same release said its value-add plan focused on renewing roughly 11,168 square feet of leases over the following two to three years. Cove's property description also includes about 4,000 square feet of warehouse space and a 37,000-square-foot parcel of land. Those are the sponsor's figures and stated plans, not outcomes; the PPM governs the actual rent roll.
Why do I see two different square-foot figures for this property?
Cove Capital's May 20, 2026 acquisition release and the property leasing material both describe the center as 110,061 square feet, which is the figure Top1031 carries. The August 26, 2026 announcement of full subscription describes it as 100,061 square feet. No public record resolves the discrepancy; the PPM and the deed control.
What is Rule 506(c), and who can invest?
Rule 506(c) is the exemption that lets a private offering advertise publicly, provided every purchaser is an accredited investor — someone meeting SEC income or net-worth tests — whose status the issuer verifies with documents such as tax returns, brokerage statements, or a letter from a CPA or attorney. Self-certification alone is not enough under 506(c), unlike the quieter 506(b) route, where an issuer may rely on an investor's own representations but may not advertise.
Chapter 9Cove Capital Acquires Wichita Retail Center for New $12.9M DST OfferingSponsor-site republication of trade-press coverage of the Saddle Creek Crossing acquisition completing the Cove Kansas Retail DST 109 debt-free offering.