FSC Industrial 10
Industrial property in Middletown, CT · sponsored by Four Springs (FSX)
FSC Industrial 10 was a DST sponsored by Four Springs (FSX) that owned an industrial property in Middletown, CT. Its last Form D, filed Feb 23, 2024, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Feb 23, 2024, reports the offering fully sold.
Key facts
- Minimum investment
- $250,000From the Form D
- Offering size
- $32,300,000Equity offered, per the Form D
- Sold
- 100%Form D, Feb 23, 2024; the % is our arithmetic
- Investors reported
- Form D, Feb 23, 202455
- Selling commissions
- Form D Item 15; the % is our arithmetic$0 · 0.0% of offering
- Financing
- All cash. This offering reports no mortgage debt.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
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 →
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Ask a 1031 specialist about this recordFree. About: FSC Industrial 10. Top1031 is not a broker-dealer.FSC Industrial 10 · Middletown, CT · Photo: ten31xchange.com
What did FSC Industrial 10 own?
The real estate sits in Middletown, Connecticut and is tied to two industrial users: Pegasus Manufacturing, an aerospace components maker that Leggett & Platt acquired in 2016 and operates within its aerospace business, and Crothall Laundry Services, a commercial linen operator.
- Reported location
- Middletown, CT
How was it financed, and what did it cost to sell?
The Trust took title without a mortgage, so there is no lender, no loan maturity to refinance, and no foreclosure exposure at the property level. An exchanger who carried debt on a relinquished property would need to replace that leverage elsewhere in the exchange.
Debt
- Financing
- All cash. This offering reports no mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $0 · 0.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- 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
- Jul 8, 2022
- Minimum investment
- $250,000
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.
Who's behind FSC Industrial 10?
Four Springs TEN31 Xchange is the 1031 exchange platform of Four Springs Capital Markets, which assembles single-tenant net-lease properties into DST offerings for accredited investors. The February 23, 2024 Form D/A names FSC Industrial 10 Sponsor LLC as an executive officer and lists Four Springs Ten31 Xchange LLC and FSC Industrial 10 Manager LLC as promoters. 1 Four Springs announced the offering's full subscription in a press release dated January 4, 2024.
- Sponsor
- Offerings on record
What does the SEC record show?
Three filings carry the whole record: an original notice and two amendments that updated the sale figures as money came in. The Trust was organized in Delaware in 2022, and its first sale occurred July 8, 2022, three days after the initial notice. 1 The private-placement exemption used bars public advertising and limits sales to investors the sponsor already knew.
- Legal Trust name
- FSC Industrial 10 DST
- SEC CIK
- 1935336
- First Form D
- Jul 5, 2022
- Latest Form D
- Feb 23, 2024
- Filings on record
- 3
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $32,300,000 | $32,300,000+$4,077,648 | 55+7 | EDGAR | |
| Form D/A | $32,300,000 | $28,222,352+$28,222,352 | 48 | EDGAR | |
| Form D | $32,300,000 | $0 | 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 Industrial 10?
- FSC Industrial 10 is a Historical offering. The last Form D, filed Feb 23, 2024, reports the offering fully sold.
- Who occupies the property?
- Sponsor materials and the Trust's catalog listing name Leggett & Platt Aerospace/Pegasus Manufacturing and Crothall Laundry Services in Middletown, Connecticut. Pegasus is an aerospace components manufacturer that Leggett & Platt acquired in 2016; Crothall is a commercial laundry and linen services operator.
- What does an all-cash DST mean for my exchange?
- All-cash means the Trust owns the property with no mortgage on it. There is no lender, no loan maturity, and no refinancing event during the hold. It also means the Trust supplies no replacement debt: a 1031 investor who had a mortgage on the property they sold must satisfy that debt-replacement requirement some other way, or face boot. Discuss it with your own tax adviser.
- Will this Trust convert into a REIT through a 721/UPREIT exchange?
- The record shows no 721/UPREIT feature — that is the structure where DST interests are later contributed to a REIT's operating partnership in exchange for OP units. This Trust is not marked as convertible to a REIT.
- Has any sale or other outcome been reported?
- No. As of research conducted August 22, 2026, no disposition, refinancing, tenant change, or distress event has been reported for this Trust, and the SEC record shows no filing after the February 23, 2024 Form D/A. No outcome has been reported yet.
In the news
Sources
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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.