FSC Healthcare 28 (BioLife Plasma Services, Tucson AZ)
Medical office property in Tucson, AZ · sponsored by Four Springs (FSX)
FSC Healthcare 28 (BioLife Plasma Services, Tucson AZ) was a DST sponsored by Four Springs (FSX) that owned a medical office property in Tucson, AZ. Its last Form D, filed Apr 11, 2025, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Apr 11, 2025, reports the offering fully sold.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $10,567,000Equity offered, per the Form D
- Sold
- 100%Form D, Apr 11, 2025; the % is our arithmetic
- Investors reported
- Form D, Apr 11, 202535
- Selling commissions
- Form D Item 15; the % is our arithmetic$422,680 · 4.0% of offering
- Financing
- All cash. This offering reports no mortgage debt.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: FSC Healthcare 28 (BioLife Plasma Services, Tucson AZ). Top1031 is not a broker-dealer.FSC Healthcare 28 (BioLife Plasma Services, Tucson AZ) · Tucson, AZ · Photo: realestatedaily-news.com
What did the Trust own?
The Trust owns a single-tenant medical office building at 8019 E Golf Links Road in Tucson, Arizona, recorded in Pima County as Block 1, Bio-Life Plasma Services Center. 1 Sponsor materials describe 15,230 square feet completed in 2019 and built for BioLife Plasma Services' plasma-collection operation. 1 BioLife still lists an operating donation center at that Golf Links Road address. 3 The reviewed public materials do not disclose what the Trust paid or when it closed on the property.
- Reported location
- Tucson, AZ
- Property size
- Purpose-built BioLife Plasma facility
Tenant and lease terms are not in the SEC filings or cited sources.
How was it financed, and what did it cost to sell?
The property was acquired on an all-cash basis, and the reviewed offering materials report no mortgage debt. 1 That means no lender, no loan covenants and no maturity date to refinance — and no debt for an exchanger who needs to replace mortgage from a relinquished property.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $422,680 · 4.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $635,000 · 6.0% of offeringForm D Item 16· The filing’s note: “Estimate of certain fees and expenses including Organization and Offering Expense Allowance, Acquisition Fee, Finance Fee and Third-Party Due Diligence Expenses, which may accrue to one or more related persons.”
- Broker-dealers named in the Form D
- 1 named in the Form D
Show the firms
- Third Seven Capital LLC · CRD 160209
Individual representatives named in Item 12 are not listed.
- Date of first sale
- May 3, 2024
- Minimum investment
- $25,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind the Trust?
The sponsor is Four Springs TEN31 Xchange, LLC, the DST platform affiliated with Four Springs Capital; William P. Dioguardi is identified as CEO and signed the Trust's filings. 4 On August 29, 2024 Four Springs announced it had completed $160 million in subscriptions across this Trust and FSC Industrial Portfolio 27, DST. 2 AltsWire reported on June 23, 2025 that the platform fully subscribed a further $175 million pair of industrial and healthcare DSTs. 5
- Sponsor
- Offerings on record
What does the SEC record show?
The filing record is short: an initial Form D — the brief notice an issuer files with the SEC for an exempt offering — followed by one amendment reporting the raise as fully sold. 7 The Trust was offered under Rule 506(c), the exemption that permits public advertising so long as every buyer is a verified accredited investor.
- Legal Trust name
- FSC Healthcare 28, DST
- SEC CIK
- 2021727
- First Form D
- May 3, 2024
- Latest Form D
- Apr 11, 2025
- Filings on record
- 2
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $10,567,000 | $10,567,000+$9,349,310 | 35+31 | EDGAR | |
| Form D | $10,567,000 | $1,217,690 | 4 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Common questions
- What happened to FSC Healthcare 28 (BioLife Plasma Services, Tucson AZ)?
- FSC Healthcare 28 (BioLife Plasma Services, Tucson AZ) is a Historical offering. The last Form D, filed Apr 11, 2025, reports the offering fully sold.
- Who is the tenant, and who actually stands behind the rent?
- The tenant is BioLife Plasma Services L.P., which operates a plasma donation center at the property. Baxalta Incorporated provides the lease-payment guaranty, and the sponsor's executive summary states that Baxalta's obligations, including lease guarantees, are supported by Takeda. BioLife is a subsidiary within that Baxalta/Takeda structure.
- What does "absolute triple net" mean here?
- Under the 15-year absolute NNN lease, the tenant is responsible for essentially all property costs — taxes, insurance, maintenance and structure — with no landlord responsibilities stated in the sponsor's summary. The lease expires December 31, 2034, so the tenant's renewal or departure decision is the central future event for this Trust.
- Is there a mortgage on the property?
- No. The sponsor reports the property was acquired all-cash with no mortgage debt or other leverage. Exchangers who carried debt on a relinquished property generally cannot replace it through an all-cash Trust; that is a point to confirm with your own tax adviser and in the offering documents.
- Could this Trust convert into a REIT through a 721/UPREIT exchange?
- The record for this Trust does not indicate a 721/UPREIT exit — the transaction in which a DST's property is contributed to a REIT's operating partnership in exchange for OP units. No such conversion, sale, refinancing or loss has been reported in the available current-status materials.
- What has happened since the raise closed?
- No sale, foreclosure, refinancing, impairment or REIT conversion has been reported in the public record reviewed through September 2026. The most concrete current-status evidence is BioLife's own website, which still lists an operating Tucson center at the Trust's Golf Links Road address.
In the news
Sources
Show sources (8)Hide sources (8)
These links support the record as a whole; individual details may come from different sources.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current offering documents before investing.