FSC Industrial 32
Industrial property in Monroe, MI · sponsored by Four Springs (FSX)
FSC Industrial 32 was a DST sponsored by Four Springs (FSX) that owned an industrial property in Monroe, MI (1,100,000 sq ft). Its last Form D, filed Jun 6, 2025, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Jun 6, 2025, reports the offering fully sold.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $82,705,000Equity offered, per the Form D
- Sold
- 100%Form D, Jun 6, 2025; the % is our arithmetic
- Investors reported
- Form D, Jun 6, 2025179
- Selling commissions
- Form D Item 15; the % is our arithmetic$4,026,250 · 4.8% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
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 32. Top1031 is not a broker-dealer.What did FSC Industrial 32 own?
The building stands at 14741 Laplaisance Road, on Ford's Monroe Packaging Center campus in Monroe, Michigan. Four Springs' materials describe it as newly constructed to Ford's specifications and completed in the first quarter of 2024. 2 Modern Materials Handling reported that Ford opened the Monroe Packaging Center in March 2024 to consolidate its aftermarket-parts repackaging operations. 5 The Trust owns the real estate; Ford runs the operation inside it.
- Reported location
- Monroe, MI
- Property size
- 1,100,000 sq ft
How was it financed, and what did it cost to sell?
This Trust is not all-cash. The sponsor's executive summary described the capitalization as investor equity combined with mortgage debt secured by the property, so the loan sits ahead of investors in the capital stack. 3 No lender identity or loan terms were confirmed in the SEC filings or sponsor materials reviewed here.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $4,026,250 · 4.8% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $4,436,670 · 5.3% of offeringForm D Item 16· The filing’s note: “Estimate of certain fees and expenses including Organization and Offering Expense Allowance, Acquisition Fee, Finance Fee and Third-Party Due Diligence Expenses, 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
- Oct 24, 2024
- Minimum investment
- $100,000
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 32?
Four Springs TEN31 Xchange, LLC sponsors net-lease DST offerings for 1031 exchange investors. Its Form D lists William P. Dioguardi as chief executive officer and names FSC Industrial 32 Manager, LLC and FSC Industrial 32 Depositor, LLC among related persons. 1 The firm announced this offering on October 21, 2024. 2 AltsWire reported on June 23, 2025 that Four Springs had closed it alongside a second trust, FSC Healthcare 28, DST. 4
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust's first Form D — the short SEC notice a private placement files — went in as a new offering with no sales yet made, and it was amended once to report the raise complete. 1 It was offered under Rule 506(c), which permits public advertising but limits buyers to accredited investors whose status is verified.
- Legal Trust name
- FSC Industrial 32, DST
- SEC CIK
- 2036696
- First Form D
- Sep 9, 2024
- Latest Form D
- Jun 6, 2025
- Filings on record
- 2
- Offered under
- Rule 506(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $82,705,000was $80,525,000 | $82,705,000+$82,705,000 | 179 | EDGAR | |
| Form D | $80,525,000 | $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 32?
- FSC Industrial 32 is a Historical offering. The last Form D, filed Jun 6, 2025, reports the offering fully sold.
- Who is the tenant, and what kind of lease is it?
- Ford Motor Company leases the entire Monroe, Michigan facility. Four Springs describes it as a triple-net lease, meaning Ford — not the Trust — pays property taxes, insurance and maintenance, with a ten-year term, five five-year renewal options and annual rent escalations per the sponsor's August 2024 executive summary. Investor cash flow depends on Ford continuing to pay rent.
- Is the Trust leveraged?
- Yes. The sponsor's executive summary describes a capitalization combining investor equity with mortgage debt secured by the property. Leverage means a lender's claim sits ahead of investors, and 1031 investors replacing debt from a relinquished property often need a leveraged replacement to match their old loan balance. The specific lender and loan terms were not confirmed in the filings reviewed.
- Does this Trust convert into a REIT?
- The record shows no 721/UPREIT exit — the structure in which a DST's property is later contributed to a REIT's operating partnership in exchange for units, which defers tax but ends the ability to do another 1031 exchange. This Trust is recorded as not having that conversion feature.
- What outcome has been reported since the raise closed?
- Full subscription in June 2025 is the last publicly reported milestone. No sale, refinancing, lease change or other disposition outcome has been reported for this Trust in the sources reviewed as of September 9, 2026.
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.