FSC Healthcare 28 (BioLife Plasma Services, Tucson AZ)
Medical office (single-tenant NNN) property in Tucson, AZ — sponsored by Four Springs (FSX)
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
FSC Healthcare 28, DST is a Delaware Statutory Trust — a structure letting 1031 exchangers hold fractional interests in real estate — that owns one medical office building in Tucson, Arizona leased to BioLife Plasma Services, a subsidiary of Baxalta Inc./Takeda Pharmaceutical. It carries no mortgage debt and is closed to new investors; the sponsor announced completed subscriptions on August 29, 2024.2
Minimum investment
$25k
Offering size
$10.6M
How much has sold
100.0%
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
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
Who is the tenant, and what's the lease?
BioLife Plasma Services L.P. holds a 15-year absolute triple-net lease running to December 31, 2034 — meaning the tenant, not the Trust, carries taxes, insurance, maintenance and structural costs.1 Baxalta Incorporated guarantees the rent, and the sponsor states Baxalta's obligations, including lease guarantees, are supported by Takeda.1
How did it end?
Still operating
No sale, foreclosure, or 721 UPREIT conversion announcement has been found for FSC Healthcare 28, DST as of mid-2026 (the Form D run ended Apr 11, 2025, before the typical 5-10 year DST hold); the underlying BioLife Plasma Services center at 8019 E Golf Links Road, Tucson AZ remains operating per BioLife's website and 2026 Yelp listings [1][2][3].
Single-tenant medical office 1031 DST in Tucson, AZ (Pima County); $10.567M all-cash offering; purpose-built for BioLife Plasma Services (subsidiary of Baxalta Inc./Takeda Pharmaceutical); 15-year Absolute Triple Net (Abs. NNN) lease with annual rent escalations.
Purpose-built BioLife Plasma facilitySupporting evidence
Counted on Four Springs (FSX)’s Record Card as: No outcome recorded · under 7 years Document
How is it financed, and what does it pay?
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.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
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
- Four Springs (FSX)
- May convert to a REIT
- No
- Offerings from this sponsor
- 2 active / 10 total offerings from Four Springs (FSX)
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
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.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- FSC Healthcare 28, DST
- Filings on record
- 2
- How it may be offered
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
- Read the filings on SEC EDGAR
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.
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 Private Placement Memorandum before investing.
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: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for FSC Healthcare 28 (BioLife Plasma Services, Tucson AZ)?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in FSC Healthcare 28, DST?
No. This Trust is Historical — closed to new investors. Four Springs announced completed subscriptions on August 29, 2024, and the April 11, 2025 Form D amendment reported the offering fully subscribed.[2] Any interest today would have to come from a private secondary transfer, which DST agreements typically restrict.
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.[1] 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.[1] The lease expires December 31, 2034, so the tenant's renewal or departure decision is the central future event for this Trust.[1]
Is there a mortgage on the property?
No. The sponsor reports the property was acquired all-cash with no mortgage debt or other leverage.[1] 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 PPM, the private placement memorandum.
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.[3]
Chapter 9Four Springs TEN31 Xchange Successfully Completes $160 Million in DST OfferingsFSXchange announced the successful completion of $160M in subscriptions across FSC Industrial Portfolio 27, DST (22 industrial properties, $150M) and FSC Healthcare 28, DST ($10.5M BioLife Plasma Services medical facility in Tucson, AZ) on a 15-year Absolute NNN lease. BioLife Plasma Services Signs Ground Lease to Open Second Location in Tucson–CBRECBRE announced BioLife Plasma Services signed a ground lease for a 15,000 SF retail development at N. Oracle Road and W. Auto Mall Drive in Tucson, AZ (the same site that became the HC28 DST property), with opening slated for 2023.