Top1031

Tractor Supply Co. (Riviera Beach, FL)

Net lease property in Riviera Beach, FL — sponsored by Cove Capital Investments

Files with the SEC as Cove Tractor Net Lease 60 DST

Minimum investment
$1k
Offering size
$11.1M
How much has sold
78.0%
Asset type
Net lease property
Location
Riviera Beach, FL
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?

Cove Tractor Net Lease 60 DST is a Delaware Statutory Trust — a passive co-ownership vehicle whose interests can be acquired in a 1031 exchange — holding a single-tenant Tractor Supply Co. store in Riviera Beach, Florida. Cove Capital Investments announced it had closed on the newly built property on November 20, 2023, and says the Trust owns it debt-free.2 It is offered to accredited investors under Rule 506(c).

Show sources (9)Hide sources (9)

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?

Cove Capital Investments announced on November 20, 2023 that it had completed the purchase of a newly constructed net-lease building in Riviera Beach, Florida, in the West Palm Beach MSA.2 The building operates as Tractor Supply store #2610, which the retailer's own locator places at 6100 N Military Trail.5 The offering brochure lists 6000 North Military Trail instead, so the exact street number remains unresolved.4

Reported location
Riviera Beach, FL
Property size
19,097 sq ft
Chapter 3

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

The tenant is Tractor Supply Company (NASDAQ: TSCO), and the sponsor states the lease is guaranteed by the company itself under a new 15-year net lease with built-in rent increases and renewal options.3 Net lease means the tenant, not the Trust, carries most property-level operating costs.

Chapter 4

How did it end?

What happened

No sale or other ending on record

Cove Capital's Nov. 20, 2023 PRNewswire release identifies the Riviera Beach, FL Tractor Supply asset acquired for this DST, while Cove's current-offerings page and a dated May 2, 2024 KPI1031 page describe the named DST as fully subscribed with a long-term Tractor Supply lease; no full-cycle, sale, 721/UPREIT, or foreclosure is stated.

All-cash/debt-free Reg D 506(c) DST; brand-new 2021-construction Tractor Supply Co. (NASDAQ: TSCO) build-to-suit; 19,097 sq ft; 15-year net lease; investment-grade credit tenant; West Palm Beach MSA.

19,097 sq ft
Supporting evidence
Chapter 5

How is it financed, and what does it pay?

Cove Capital states the Trust acquired the property debt-free, with no mortgage against it.2 With no loan, there is no lender that could foreclose and no maturity to refinance — and no borrowed money magnifying results in either direction.

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

What does the paperwork say?

The Trust's initial Form D — the short notice an issuer files for a private, exempt offering — was later amended to report sales, against a first sale dated August 29, 2023.1 Rule 506(c) permits public advertising, but every buyer must be verified as accredited. Cove's offering page marks the Trust fully subscribed, undated.3

  1. First Form D filedThe public offering record begins.
  2. Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
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.

Chapter 8

Common questions

What happened to Tractor Supply Co. (Riviera Beach, FL)?

Top1031 lists Tractor Supply Co. (Riviera Beach, FL) as historical. It is no longer raising money.

Where does Top1031 get the data for Tractor Supply Co. (Riviera Beach, FL)?

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?

Top1031 classifies it as raising. The most recent SEC filing, a Form D amendment dated December 14, 2023, still reported an unsold portion of the offering, and nothing has been filed since. Cove Capital's own offering page marks the Trust fully subscribed, but that page carries no publication or completion date, so the two records do not line up. Confirm current availability with the sponsor or your representative before relying on either.

What does "debt-free" mean for a 1031 exchanger here?

Cove Capital states the Trust bought the Riviera Beach property with no mortgage. For an investor, that means there is no lender able to foreclose and no loan coming due, but also no borrowed money amplifying outcomes. It also matters for exchange mechanics: an exchanger who carried debt on the relinquished property generally has to replace that debt or bring additional cash to avoid taxable boot. An all-cash DST offers no debt to inherit, so how your particular exchange balances is a question for your tax adviser.

Who is the tenant and how long is the lease?

Tractor Supply Company (NASDAQ: TSCO), the farm-and-ranch retailer, occupies the building, and the sponsor states the lease is guaranteed by the company and runs 15 years from commencement with built-in rent increases and renewal options. No lease instrument or primary record confirming the exact commencement and expiration dates was located in public sources, and sponsor marketing pages have described different end years, so treat the exact expiration as something to verify in the PPM.

What is the exact address of the property?

It is not settled in public records. The February 14, 2023 indication-of-interest brochure gives 6000 North Military Trail, Riviera Beach, FL 33407, while Tractor Supply's own store locator lists store #2610 at 6100 N Military Trail in the same ZIP code. Both point to the same corridor in the West Palm Beach MSA, and no primary deed record resolving the discrepancy was found.

Is there a 721/UPREIT exit path?

No. A 721 or UPREIT exit is where a DST's property is later contributed to a real estate investment trust's operating partnership in exchange for OP units, converting a direct property interest into a securities interest. Top1031's record for this Trust shows no such conversion contemplated; the stated structure is direct ownership of a single net-leased building.

What was the minimum investment?

The Form D filings report a $1,000 minimum investment accepted from any outside investor. That is the regulatory minimum stated on the filing, not necessarily the minimum a selling broker-dealer will accept; the PPM and your representative govern the actual subscription amount.

Chapter 9

In the news