FSC Industrial 10
Industrial (single-tenant NNN) property in Middletown, CT — sponsored by Four Springs (FSX)
Files with the SEC as FSC Industrial 10 DST
Minimum investment
$250k
Offering size
$32.3M
How much has sold
100.0%
Asset type
Industrial (single-tenant NNN) property
Location
Middletown, CT
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
FSC Industrial 10 DST is a Delaware Statutory Trust — a structure that lets accredited investors hold fractional real estate interests eligible for 1031 exchange treatment — sponsored by Four Springs. It holds industrial property in Middletown, Connecticut associated with Leggett & Platt Aerospace/Pegasus Manufacturing and Crothall Laundry Services. The Trust bought without mortgage debt, and it is closed to new investors.
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These links support the historical public record; individual details may come from different 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 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. No public record located the street addresses, the property count, the purchase price, or the acquisition date, and the sponsor has not published them.
- Reported location
- Middletown, CT
Who is the tenant, and what's the lease?
Sponsor materials classify the real estate as single-tenant, triple-net industrial — a lease structure in which the tenant, not the Trust, carries taxes, insurance, and maintenance. Lease terms, expirations, and rent for the Leggett & Platt Aerospace/Pegasus and Crothall space were not found in any public source; those live in the PPM, the private offering document.
How did it end?
No ending on record
No public full-cycle announcement or disposition press release naming FSC Industrial 10 DST (Leggett & Platt Aerospace/Pegasus Manufacturing + Crothall Laundry Services, Middletown CT) was located; while Leggett & Platt closed the sale of its Aerospace Products Group in August 2025, the impact on this specific DST was not stated in available sources.
Leggett & Platt Aerospace/Pegasus Manufacturing + Crothall Laundry Services, Middletown CT · FSC's sponsor listing identifies FSC Industrial 10 as a $31.8 million DST in Middletown, CT backed by Leggett & Platt Aerospace/Pegasus Manufacturing and Crothall Laundry Services; only Pegasus/L&P's exact 422 Timber Ridge Road address was publicly located, while Crothall's street address, offering-specific dated news, and exact-property imagery were not located.
Supporting evidence
How is it financed, and what does it pay?
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.
- Financing
- All cash. This offering reports no mortgage debt.
Who's behind it?
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
- Four Springs (FSX)
- Legal Trust name
- FSC Industrial 10 DST
- 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?
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.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 3
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- 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 Industrial 10?
Top1031 lists FSC Industrial 10 as historical. It is no longer raising money.
Where does Top1031 get the data for FSC Industrial 10?
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 Industrial 10 DST?
No. Four Springs announced the offering was fully subscribed in a January 4, 2024 press release, and the final Form D/A dated February 23, 2024 reported the raise complete. The Trust is historical — closed to new investors. Interests in a fully subscribed DST are not offered again by the sponsor.
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. No public record located the specific street addresses or the number of buildings.
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.
Chapter 9Four Springs TEN31 Xchange Successfully Subscribes FSC Industrial 10, DST Offering and Provides Perspectives on Present and Upcoming 1031Press page entry confirming full subscription of FSC Industrial 10, DST (per fscap.net this was an ~$31.8M all-cash offering for Leggett & Platt Aerospace/Pegasus Manufacturing and Crothall Laundry Services in Middletown, CT) and offering market commentary. Middletown aerospace manufacturer acquiredLocal business journal reporting Leggett & Platt's acquisition of Pegasus Manufacturing in Middletown, CT — the underlying tenant of the FSC Industrial 10 property.