Cove Capital successfully raised $9.1 million from accredited investors to fully subscribe this 100% debt-free DST offering
Cove Capital Investments, LLC, a DST sponsor company that specializes in providing accredited investors access to debt-free investment options for their 1031 exchange and direct cash investments, announced its NorthPark Shopping Center Opportunity 78 Delaware Statutory Trust Offering, a Regulation D, Rule 506(c) Delaware Statutory Trust offering, is fully subscribed. The total amount of equity raised for the offering was $9,141,727.
“”We are extremely pleased to have fully subscribed Cove’s NorthPark Shopping Center Opportunity 78 DST,” said Dwight Kay, Managing Member and Founding Partner of Cove Capital Investments. “We continue to see strong demand for the multi-tenant retail asset class from 1031 exchange investors who are seeking tax advantaged investments with the added benefit of zero debt,” said Dwight Kay, Managing Member and Founding Partner of Cove Capital.
According to Kay, NorthPark Shopping Center Opportunity 78 DST appealed to investors for several reasons, including that the asset was purchased below replacement cost and it showed strong tenant commitment to the location.
“We felt confident our value-add business plan set forth in the Private Placement Memorandum would appeal to investors, broker dealers, and RIA’s. In addition, due to our strategy of buying properties debt free, the offering has meaningful distribution potential to our investors payable by monthly ACH direct deposit,” explained Kay.
The 71,068-square-foot NorthPark Shopping Center Opportunity 78 DST occupies a prime location in Monticello, Arkansas, situated at the high-traffic intersection of Highway 278 W and Highway 425 N. With over 30,000 vehicles passing daily and because being ranked #1 most visited shopping center within a 50-mile radius, this property serves as a key economic hub for the region.
“Because of the high traffic nature of this shopping center, the majority of our tenants are strong national brands who have an average tenant tenure of 21 years. We feel very good about having this asset in the Cove Capital portfolio,” said Chay Lapin, Managing Member and Founding Partner of Cove Capital Investments.
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