Cove Capital Investments Completes the Purchase of Highly Sought-After Essential Net-Lease Pharmacy in Downtown Miami for Its Debt-Free “Cove Pharmacy Net Lease 46 DST”
Cove Capital continues to acquire high-quality unlevered/debt-free assets to its growing list of DST investments designed to generate potential monthly cash flow, risk mitigation through debt-free offerings, and provide investors with multiple exit strategies
LOS ANGELES, Aug. 31, 2022 /PRNewswire/ — Cove Capital Investments, LLC, a private equity real estate firm specializing in debt-free Delaware Statutory Trust 1031 exchange-eligible assets as well as other real estate investment offerings, announced today it has completed the purchase of the 8,896 square foot, irreplaceable trophy asset located one block from the beach on Collins Avenue in downtown Miami Beach, FL. The new acquisition will be part of the Firm’s “Cove Pharmacy Net Lease 46 DST.”
The property was constructed as a build-to-suit project in 2021. It is currently 100% occupied by an investment-grade pharmacy tenant with a BBB rating from Standard and Poor’s, and with a 25.5-year long-term lease that is corporately guaranteed.
“As Cove Capital continues to grow our base of accredited investors and industry appeal for our portfolio of high-quality, unlevered/debt-free DSTs and real estate fund investments, this irreplaceable trophy asset is an excellent addition to Cove Capital’s growing list of debt-free 1031/DST investment options. We would especially like to thank all of the members of the Cove selling group over the years which includes Broker/Dealers, Registered Representatives and RIAs for their support and trust in Cove Capital,” said Dwight Kay, Managing Member and Co-Founder of Cove Capital Investments.
“The tenant is investment grade and a leader in the essential pharmaceutical business vertical that remained open during the entire COVID-19 Pandemic. On top of that, it is located just one block from the ocean in the renowned tourist location of Miami Beach and is surrounded by Miami’s luxury hotel market, high-rise condominiums, waterfront homes, and newly renovated state-of-the-art Convention Center. In addition, the location has on-site parking and sees a heavy volume of foot and vehicle traffic because of the coveted location,” said Chay Lapin, Managing Member, and Co-Founder of Cove Capital Investments.
About Cove Capital Investments
Cove Capital Investments is a private equity real estate firm providing accredited investors access to 1031 exchange-eligible Delaware Statutory Trust properties as well as other real estate investment offerings. The Cove Capital team consists of Acquisitions, Asset Management, Accounting, Due Diligence, In-House Counsel, Investor Relations, Marketing and Capital Markets. Cove Capital maintains a robust current inventory of DST and private equity real estate offerings potentially available to investors. Cove Capital Investments has sponsored and co-sponsored the syndication of over 2.3 million square feet of 1031 DST and real estate offerings in the multifamily, net lease, industrial and office sectors. The Principals of Cove Capital Investments seek to invest alongside investors in each of their offerings.
For further information, please visit www.covecapitalinvestments.com or contact Cove Capital at (877) 899-1315 and via email at [email protected].
* Annualized return is defined as total return including profit on sale and monthly distributions earned on an annualized basis and is calculated as if an investor closed on their DST investment the same day that the DST closed on the property.
** Past performance does not guarantee or indicate the likelihood of future results. No representation is made that any DST investment will or is likely to achieve profits similar to those achieved in the past or that losses will not be incurred on future offerings.
This material does not constitute an offer to sell nor a solicitation of an offer to buy any security. Investors should perform their own investigations before considering any investment. IRC Section 1031, IRC Section 1033 and IRC Section 721 are complex tax codes therefore you should consult your tax or legal professional for details regarding your situation. This material is not intended as tax or legal advice. There are material risks associated with investing in real estate, Limited Liability Company owned (LLC) properties, LLC interests, Delaware Statutory Trust (DST) properties, and real estate securities including illiquidity, tenant vacancies, general market conditions and competition, lack of operating history, interest rate risks, the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and net lease properties, short term leases associated with net lease properties, financing risks, potential adverse tax consequences, general economic risks, development risks and long hold periods. There is a risk of loss of the entire investment principal. Nothing contained in this material, including in this disclosure or in any other disclosure in this message, constitutes tax, legal, insurance or investment advice, nor does it constitute a solicitation or an offer to buy or sell any security or other financial instrument. Securities offered through FNEX Capital, member FINRA, SIPC.
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SOURCE Cove Capital Investments
