Cove Capital Investments, a Delaware Statutory Trust sponsor company, has completed the purchase of a newly constructed net-lease asset in West Palm Beach, Fla., through a Regulation D, Rule 506(c) offering that is targeting to raise $11.1 million.
According to Dwight Kay, managing member and founding partner of Cove Capital Investments, the Delaware Statutory Trust property was purchased by Cove Capital as part of its growing portfolio of debt-free real estate assets for 1031 exchange and direct cash investors.
“We are excited about this unique Delaware Statutory Trust offering for several reasons. First, this is rare net-lease real estate,” said Kay. “The asset is located in a thriving community of the West Palm Beach MSA with a population of more than 214,000 within a five-mile radius. Second, the tenant is the largest national farm and ranch retail store brand in the nation. This coupled with the strategic location of the asset in Palm Beach County, which has