Minimum investment
$250k
Offering size
$19.7M
How much has sold
100.0%
Asset type
Industrial
Location
Romulus, MI
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
FSC Industrial 11, DST is a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional interests in real estate — holding a single cold-storage warehouse in Romulus, Michigan, net-leased to Performance Food Group. Four Springs TEN31 Xchange sponsored it and announced the $32 million offering fully subscribed on April 4, 2023.3 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 Trust holds a Class A industrial cold-storage building at 33000 Smith Road in Romulus, Michigan, less than a mile from Detroit Metropolitan Wayne County Airport and on the I-94 corridor running between Detroit and Chicago.2 Four Springs reported acquiring the facility for $28.1 million on behalf of the Trust in an announcement dated January 5, 2023.2 The year built and the building's earlier ownership history are not disclosed in the public record.
- Reported location
- Romulus, MI
- Property size
- 165,000 sq ft
Who is the tenant, and what's the lease?
Performance Food Group, Inc. — described in the sponsor's materials as the third-largest food distributor in the United States — occupies the building under a long-term net lease, meaning the tenant rather than the Trust carries the operating burdens such as taxes, insurance and maintenance. At the January 2023 acquisition announcement, 13 years remained on the lease term.2
How did it end?
No sale or other ending on record
JRW Investments' Four Springs Capital sponsor page lists FSC Industrial 11, DST as 'Active' (not 'Full Cycle'), and no press release naming a sale or 721 UPREIT exchange of this trust has been located (JRW; AltsWire).
$32 million DST offering comprising a single ~165,000 sq ft industrial cold-storage facility net-leased on a long-term basis to Performance Food Group, Inc. (PFG), the third-largest food distributor in the U.S. Facility is located less than one mile from Detroit Metropolitan Wayne County Airport (DTW) along I-94 in the Chicago-Detroit corridor. Sponsor: Four Springs TEN31 Xchange, LLC (subsidiary of Four Springs Capital Trust, NJ). Fully subscribed April 4, 2023.
165,000 sq ftSupporting evidence
Who's behind it?
Four Springs TEN31 Xchange, LLC is the 1031 exchange arm of Four Springs Capital Trust, a New Jersey net-lease real estate company. The Trust's amended Form D names it as sponsor, with FSC Industrial 11 Manager, LLC as manager and FSC Industrial 11 Depositor, LLC as depositor; William P. Dioguardi signed as chief executive.1 The sponsor's 1031 platform page continues to list this Trust as its Performance Food Group, Romulus, Michigan offering.4
- Sponsor
- Four Springs (FSX)
- Legal Trust name
- FSC Industrial 11, 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?
The paper trail is short: an initial Form D when the offering launched, then a single amendment recording the raise as complete and reporting the investor count. The filing describes a Delaware trust with a stated organization year of 2021.1
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- 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 11, DST?
Top1031 lists FSC Industrial 11, DST as historical. It is no longer raising money.
Where does Top1031 get the data for FSC Industrial 11, DST?
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 11, DST?
No. This Trust is Historical — closed to new investors. Four Springs TEN31 Xchange announced on April 4, 2023 that the $32 million offering had been fully subscribed, and the Trust's amended Form D filed April 28, 2023 reported nothing remaining to be sold.
What does the Trust actually own?
A single industrial cold-storage facility at 33000 Smith Road in Romulus, Michigan, less than a mile from Detroit Metropolitan Wayne County Airport and along I-94. The sponsor reported acquiring it for $28.1 million on behalf of the Trust in January 2023. There is one property and one tenant, so there is no diversification within the Trust.
Who is the tenant and how long is the lease?
Performance Food Group, Inc., a national food distributor, under a net lease in which the tenant bears taxes, insurance and maintenance. The sponsor's January 2023 acquisition report stated 13 years remained on the lease at that time. No exact expiration date, renewal-option terms, or rent-escalation schedule was located in public sources — those appear in the private placement memorandum (PPM), the offering's full legal disclosure document.
How much debt is on the property?
Not disclosed in the public record. The Form D filings do not report loan amounts, lender identity, or loan-to-value, and no financing terms for this Trust were located in sponsor announcements or third-party reporting. Investors reviewing an assumed interest would need the PPM and the loan documents.
Why do the offering sizes reported for this Trust differ?
The sponsor's April 4, 2023 closing announcement described a $32 million offering, and the sponsor's 1031 platform page lists $31.8 million, while the Trust's own SEC Form D reports a lower total offering amount — the figure shown in the sales rows on this page. The Form D covers only the securities sold under that exemption; the sources have not been reconciled publicly.
Was this offering sold under Rule 506(b) or 506(c)?
Rule 506(b), a private-placement exemption that permits sales to accredited investors but bars general solicitation or advertising. That is why offerings like this one were visible only through broker-dealers and registered representatives with a pre-existing relationship, not through public marketing.
Chapter 8Four Springs TEN31 Xchange Announces Closing of FSC Industrial 11, DSTFour Springs TEN31 Xchange announced that its $32 million FSC Industrial 11 DST was fully subscribed, comprising a 165,000 sq ft industrial cold-storage facility net-leased to Performance Food Group near Detroit Metropolitan Wayne County Airport along I-94.