Cove Capital Investments Purchases Highly Sought-After Net Lease Distribution Center for Debt-Free Delaware Statutory Trust Offering in Rochester, NY
LOS ANGELES, Aug. 19, 2022 /PRNewswire/ — Cove Capital Investments, LLC, a private equity real estate firm and DST sponsor company that specializes in providing accredited investors access to unlevered/debt-free investment options for their 1031 exchange and direct cash investments, announced it has completed the acquisition of a 100% occupied logistics/distribution facility in the Rochester, NY area. The new acquisition is for the Cove Net Lease Distribution 53 DST offering, a regulation D Rule 506c Delaware Statutory Trust offering.
According to Chay Lapin, Managing Member and Co-Founder of Cove Capital Investments, the 111,741 square-foot building was purchased by Cove Capital and offered as a debt-free DST investment for accredited investors. The offering is designed for those investors who want to potentially mitigate risk by investing in an unlevered/debt-free DST with no risk of lender foreclosure or lender cash flow sweeps. The building, located in Rochester, NY is 100% leased by a Fortune 500 logistics tenant.
“The acquisition of this essential industrial facility adds to our growing inventory of high-quality logistics assets across the country. With the booming industrial/logistics real estate sector, and the high demand for logistical space across the country, we feel confident in the future for this asset due to its location, the stability of the tenant, and a supply-constrained industrial market,” said Lapin.
“With this acquisition, Cove Capital has now purchased more than 2 million square feet of industrial, medical, net lease, and multifamily assets nationwide. This would not have been possible without the trust and support from all the members of the Cove Capital selling group over the years which includes Broker/Dealers, Registered Representatives and RIAs. Also, I would like to recognize our amazing fully integrated real estate team at Cove Capital consisting of acquisitions, asset management, accounting, due diligence, in-house counsel, investor relations, marketing and capital markets. We are thankful to the Lord for this incredible opportunity to work with such talented individuals at Cove Capital,” said Dwight Kay.