Cove Tenant Profile – Tractor Supply Co

With the launch of Cove Tractor Net Lease 60 DST, located in Riviera Beach, Florida,  Cove Capital is adding another investment-grade Tractor Supply location to its growing portfolio.

Tractor Supply’s long history started in North Dakota in 1939. They were listed on the NASDAQ in 1994 and have since grown to a market cap of $25.27 billion, as of March 30, 2023. This has led to an Investment Grade credit rating of BBB by S&P. Additionally, Tractor Supply falls within the CDC-designation of ‘Essential’ business, allowing them to pay rent throughout the COVID-19 pandemic.

As Tractor Supply has grown, they’ve also expanded their product offerings well beyond tractor parts. Today, TSC stores have built extensive departments in lawn & garden, outdoor living, sporting goods, and other everyday retail items. Locations are strategically located on the borders of suburban and rural communities to conveniently service farming areas as well as suburban customers.

Located in Riviera Beach, Florida, this particular TSC serves the Palm Beach MSA. With estimated agricultural sales of $1.4 billion, Palm Beach County has the largest agricultural sales in all of Florida and it a top 10 sales county nationwide. It leads the nation in the production of sugarcane, fresh sweet corn, and sweet bell peppers. This makes Riviera Beach a prime location for TSC to expand into a booming agricultural market.

Cove Capital is excited to own this new construction and add another Tractor Supply location to its growing portfolio.

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