Cove Capital acquires debt-free trophy net-lease building in Miami Beach
Cove Capital Investments, 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, has completed the purchase of the 8,896-square-foot trophy asset located one block from the beach on Collins Avenue in downtown Miami Beach, Fla. The 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 100 percent 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,” sai