FSC Industrial 11, DST
Industrial property in Romulus, MI · sponsored by Four Springs (FSX)
FSC Industrial 11, DST was a DST sponsored by Four Springs (FSX) that owned an industrial property in Romulus, MI (165,000 sq ft). Its last Form D, filed Apr 28, 2023, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Apr 28, 2023, reports the offering fully sold.
Key facts
- Minimum investment
- $250,000From the Form D
- Offering size
- $19,680,000Equity offered, per the Form D
- Sold
- 100%Form D, Apr 28, 2023; the % is our arithmetic
- Investors reported
- Form D, Apr 28, 202332
- Selling commissions
- Form D Item 15; the % is our arithmetic$984,000 · 5.0% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.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 11, DST. Top1031 is not a broker-dealer.What did FSC Industrial 11, DST own?
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
How was it financed, and what did it cost to sell?
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $984,000 · 5.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $990,106 · 5.0% of offeringForm D Item 16· The filing’s note: “Estimate of certain fees and expenses including Organization and Offering Expense Allowance, Acquisition Fee and Finance Fee, 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
- Jan 6, 2023
- 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. The issuer marked these amounts as an estimate.
Who's behind FSC Industrial 11, DST?
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
- Offerings on record
What does the SEC record show?
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
- Legal Trust name
- FSC Industrial 11, DST
- SEC CIK
- 1961216
- First Form D
- Jan 6, 2023
- Latest Form D
- Apr 28, 2023
- Filings on record
- 2
- 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 | $19,680,000 | $19,680,000+$19,680,000 | 32 | EDGAR | |
| Form D | $19,680,000 | $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 11, DST?
- FSC Industrial 11, DST is a Historical offering. The last Form D, filed Apr 28, 2023, reports the offering fully 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 offering documents.
- 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 offering documents and the loan documents.
- 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.
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.