Saddle Creek Crossing retail center
Retail (necessity center) property in Wichita, KS — sponsored by Cove Capital Investments
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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What is this, in one paragraph?
Saddle Creek Kansas 109 DST is a Delaware statutory trust — fractional, passive real estate ownership that can serve as 1031 exchange 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 without a mortgage in May 2026.1 Cove announced on August 31, 2026 that the offering was fully subscribed at $12,951,877.2
Minimum investment
$1k
Offering size
$13.0M
How much has sold
40.0%
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 center was formerly known as South City Center and came under local ownership with redevelopment underway, according to a Wichita brokerage's project page.4 In December 2023 the City of Wichita created the Saddle Creek Crossing Community Improvement District, authorizing tenant-space and facade rehabilitation, parking-lot reconstruction and roof repairs at an estimated $9,923,844, funded by a 1.5% district sales tax.5 Cove Capital reported buying the property on May 20, 2026 at roughly $93 per square foot.1
- 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. Offering materials for the property identify 11 tenants — among them Ollie's Bargain Outlet, Dollar Tree, Goodyear and Great Clips — and describe the center as 96.37% occupied.3 Lease-by-lease expiration dates are not in the public record; the PPM, the private placement memorandum governing the offering, carries suite-level terms.
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
- Reported unsold
- $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. Cove Capital reported buying the property debt-free, so there is no loan to refinance and no maturity that can force a sale.1 The trade-off is that an exchanger who paid off a mortgage on the relinquished property finds no replacement debt here.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
Cove Capital Investments builds Delaware statutory trusts that hold property without mortgage debt for 1031 exchange investors, and the Form D names Dwight Kay as manager of the signatory trustee and manager of the issuer.6 On July 17, 2026 the firm announced portfolio statistics of $1,133,765,047 across 137 properties and 2,768 investors. Its platform stayed active into August 2026: Blue Vault Partners reported a Southfield, Michigan headquarters acquisition on August 6, and AltsWire reported a Fort Worth industrial DST fully subscribed on August 7.
- Sponsor
- Cove Capital Investments
- May convert to a REIT
- No
- Offerings from this sponsor
- 24 active / 58 total offerings from Cove Capital Investments
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The SEC file holds only the initial notice a private offering files instead of registering, and no amendment has followed it to reflect the sponsor's later full-subscription announcement. The exemption noted below lets Cove advertise the offering publicly, provided it verifies that every buyer is an accredited investor — someone meeting SEC income or net-worth tests.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- Saddle Creek Kansas 109 DST
- 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?
Sold out: the source record identifies this offering as Fully Subscribed. The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.
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 through PR Newswire on August 31, 2026 that the Cove Saddle Creek Kansas 109 DST was fully subscribed after raising $12,951,877 from accredited investors. Connect Money reported the close on September 4, 2026 and AltsWire on September 8, 2026. The SEC record has not caught up: the only filing on record is the Form D filed April 20, 2026, with no amendment since. Before naming this Trust as replacement property, get written confirmation of current availability from the sponsor or your representative.
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 at approximately $93 per square foot. Debt-free means there is no loan to refinance, no maturity date that can force a sale, and no lender remedies reaching the asset. It also means no borrowed money working alongside your equity, and no replacement debt for an exchange that requires matching a mortgage you paid off on the relinquished property.
Who are the tenants at Saddle Creek Crossing?
This is a multi-tenant center, not a single-credit building. Offering materials for the property count 11 tenants and name Ollie's Bargain Outlet, Dollar Tree, Goodyear, Great Clips, Godfather's Pizza, Mansion Nails, KS Truck Driving School, Black Friday Deals, Carlos O'Kelly's and New China Buffet. SEC filing data lists Great Clips at 4842A S Broadway Ave. No tenant-by-tenant lease abstract with expiration dates appears in the public record; the PPM — the private placement memorandum governing the offering — carries suite-level rents and lease terms.
What do the leases pay today?
Cove Capital's May 20, 2026 acquisition release reported average in-place rents of $7.71 per square foot against market rents of $12 to $16 per square foot, and said roughly 11,168 square feet of leases were expected to come up for renewal over the following two to three years. Offering materials for the property describe the center as 96.37% occupied. Public research did not verify occupancy or rent levels from any independent record, so treat these as the sponsor's stated figures; the actual rent roll is governed by the PPM.
Why do I see two different square-foot figures for this property?
Coverage of the August 2026 full-subscription announcement described the center as 100,061 square feet, while the May 2026 acquisition release and the property offering brochure both describe it as 110,061 square feet — the figure Top1031 carries. No public record reconciles the two. The PPM and the recorded deed control.
What is the Community Improvement District at this center?
On December 12, 2023 the City of Wichita established the Saddle Creek Crossing Community Improvement District by ordinance. It authorized rehabilitation of tenant space and facades, parking-lot reconstruction and improvements, and roof repairs, at an estimated project cost of approximately $9,923,844, and imposed a 1.5% CID sales tax at the district for up to 22 years or a shorter period sufficient to pay approved project costs. A CID adds a local sales tax on purchases made at the property to fund those improvements. How this Trust's ownership interacts with the district is a PPM question.
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.