Top1031

Tractor Supply Co. (Riviera Beach, FL)

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

HistoricalLast Form D filed Dec 14, 2023 (opens in a new tab)

Tractor Supply Co. (Riviera Beach, FL) was a DST sponsored by Cove Capital Investments that owned a net lease property in Riviera Beach, FL (19,097 sq ft). Its last Form D was filed Dec 14, 2023.

How it ended

No outcome recorded · under 7 years

Last Form D filed Dec 14, 2023.

Cove Capital Investments has 18 active offerings on record →

Key facts

Minimum investment
$1,000
From the Form D
Offering size
$11,100,440
Equity offered, per the Form D
Sold
78.3%
Form D, Dec 14, 2023; the % is our arithmetic
Investors reported
37
Form D, Dec 14, 2023
Selling commissions
$555,022 · 5.0% of offering
Form D Item 15; the % is our arithmetic
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 →

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Ask a 1031 specialist about this recordFree. About: Tractor Supply Co. (Riviera Beach, FL). Top1031 is not a broker-dealer.
Tractor Supply Co. (Riviera Beach, FL) image

Tractor Supply Co. (Riviera Beach, FL) · Riviera Beach, FL · Photo: covecapitalinvestments.com

What did the Trust own?

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

Tenant and lease terms are not in the SEC filings or cited sources.

How was it financed, and what did it cost to sell?

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.

Debt

Financing
All cash. This offering reports no mortgage debt.

Costs and terms from the Form D

Selling commissions
$555,022 · 5.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$1,208,655 · 10.8% of offering
Form 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

Individual representatives named in Item 12 are not listed.

Date of first sale
Aug 29, 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.

What does the SEC record show?

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

Legal Trust name
Cove Tractor Net Lease 60 DST
SEC CIK
1979290
First Form D
Jun 6, 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
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$11,100,440
$8,698,890+$8,698,890
37
EDGAR
Form D$11,100,440
$0
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 Tractor Supply Co. (Riviera Beach, FL)?
Tractor Supply Co. (Riviera Beach, FL) is a Historical offering. Last Form D filed Dec 14, 2023.
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 offering documents.
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 offering documents and your representative govern the actual subscription amount.

In the news

Sources

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These links support the record as a whole; individual details may come from different sources.

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.