FSC Industrial Portfolio 27
Industrial property · sponsored by Four Springs (FSX)
FSC Industrial Portfolio 27 was a DST sponsored by Four Springs (FSX) that owned 22 industrial properties. Its last Form D, filed Aug 29, 2024, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Aug 29, 2024, reports the offering fully sold.
Key facts
- Minimum investment
- $25,000From the Form D
- Offering size
- $78,325,000Equity offered, per the Form D
- Sold
- 100%Form D, Aug 29, 2024; the % is our arithmetic
- Investors reported
- Form D, Aug 29, 2024170
- Selling commissions
- Form D Item 15; the % is our arithmetic$3,916,250 · 5.0% 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 Portfolio 27. Top1031 is not a broker-dealer.What did FSC Industrial Portfolio 27 own?
This is a portfolio Trust rather than a single-building deal: the properties sit across 13 states, with the industry mix weighted toward chemical distribution, logistics and food and beverage. Four Springs Capital Trust's fund profile describes the buildings as net leased to 14 investment-grade and other creditworthy tenants spanning 10 industries. 3 The parent trust holds them through wholly owned Operating Trust sub-DSTs, a common structure for multi-property DSTs. 3 No property-by-property address or square-footage list appears in the public record.
- Property size
- 22 properties; 1,300,000 SF
How was it financed, and what did it cost to sell?
"Leveraged" means the Trust carries mortgage debt alongside investor equity, which matters to exchangers who need to replace debt from a relinquished property. A $72.2 million loan from Deutsche Bank closed in June 2023 as the offering launched. 1 No later filing on record shows a refinancing.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $3,916,250 · 5.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $3,638,621 · 4.6% of offeringForm D Item 16· The filing’s note: “Estimate of certain fees and expenses including O&O Expenses, 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
- Jun 30, 2023
- Minimum investment
- $25,000
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 Portfolio 27?
Four Springs TEN31 Xchange, LLC sponsors this DST program and is a subsidiary of Four Springs Capital Trust, a net-lease real estate firm. 1 On August 29, 2024, the sponsor announced it had completed $160 million in subscriptions across two offerings — this one and FSC Healthcare 28, DST — and said it was pursuing further acquisitions. 2 The sponsor's release did not tie those acquisitions to this Trust's properties.
- Sponsor
- Offerings on record
What does the SEC record show?
The initial Form D was followed by three amendments: the first revised the recorded equity offering amount, the later two updated sales progress. Rule 506(c) means the sponsor could advertise the Trust publicly, provided every purchaser's accredited status was verified. The Form D lists June 30, 2023 as the date of first sale. 4
- Legal Trust name
- FSC Industrial Portfolio 27, DST
- SEC CIK
- 1975742
- First Form D
- Apr 28, 2023
- Latest Form D
- Aug 29, 2024
- Filings on record
- 4
- 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 | $78,325,000 | $78,325,000+$15,076,203 | 170+40 | EDGAR | |
| Form D/A | $78,325,000 | $63,248,797+$63,248,797 | 130 | EDGAR | |
| Form D/A | $78,325,000was $80,007,000 | $0 | EDGAR | ||
| Form D | $80,007,000 | $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 Portfolio 27?
- FSC Industrial Portfolio 27 is a Historical offering. The last Form D, filed Aug 29, 2024, reports the offering fully sold.
- What does "master-leased" mean for this Trust?
- A Delaware statutory trust cannot actively operate real estate without jeopardizing the tax treatment that lets its interests qualify for a 1031 exchange. In a master-lease structure, the trust leases the portfolio to a master tenant affiliated with the sponsor, which holds the relationships with the operating tenants. The sponsor's fund profile describes this Trust as a master-leased DST whose parent trust owns the 22 properties through wholly owned Operating Trust sub-DSTs.
- Who are the tenants?
- The sponsor reported the portfolio as fully leased to 14 investment-grade tenants across 13 states, naming Brenntag, Domino's, Columbia Gas, International Paper and New York State Electric & Gas among them.
- How is the Trust financed?
- With mortgage debt. Four Springs announced in June 2023 that a $72.2 million loan from Deutsche Bank had closed at the same time the $150.5 million offering launched. Loan-to-value, interest rate, maturity and prepayment terms are set out in the offering documents rather than in the SEC Form D record.
- Has anything happened since the offering closed?
- Two items appear in the public record. The sponsor's August 29, 2024 release announced full subscription across this Trust and FSC Healthcare 28, DST. Separately, on March 30, 2025, The White Law Group — a plaintiffs' securities law firm — said it was investigating potential claims involving FSC Industrial Portfolio 27 DST and whether brokerage firms recommended it unsuitably. That is a law-firm announcement, not a regulatory action or a finding that anything improper occurred.
- What is not disclosed in the public record?
- Individual property addresses and square footage, property-level purchase prices, current occupancy, loan-to-value, distribution history, and any record of a sale or refinancing. As of research conducted September 6, 2026, no primary filing documenting a disposition or a debt amendment was located. Those details, where they exist, would sit in the offering documents and in sponsor investor reporting.
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.