The Wichita property, situated just west of Interstate 35, features a mix of national and regional tenants. Managing Member Dwight Kay noted that the firm’s portfolio now spans 139 properties across 36 states, totaling nearly 4.4 million square feet. According to the firm, the acquisition was driven by the center’s below-market rents and limited vacancy rates in the local retail market.
Cove Capital Closes $13M Funding for Wichita Retail Center
Cove Capital Investments has fully subscribed its latest Delaware Statutory Trust, raising $12,951,877 from accredited investors to acquire the 100,061-square-foot Cove Saddle Creek retail center in Wichita, Kansas. The offering, structured as a debt-free investment, marks another milestone in the firm’s strategy of avoiding permanent mortgage financing.
Principals at Cove Capital participated in the capital raise alongside outside investors. Managing Member Chay Lapin emphasized that the firm’s debt-free philosophy aims to insulate investors from interest-rate volatility and foreclosure risks. The deal also includes an optional 721 Exchange exit strategy, providing investors the flexibility to transition into a future UPREIT structure if one becomes available. Securities for the offering were provided through FNEX Capital.
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