Top1031
FSX Industrial 34
2 industrial distribution properties in 2 states · sponsored by Four Springs (FSX)
FSX Industrial 34 was a DST sponsored by Four Springs (FSX) that owned 2 industrial distribution properties in 2 states. Its last Form D, filed Aug 14, 2026, reports the offering fully sold.
How it ended
No outcome recorded · under 7 years
The last Form D, filed Aug 14, 2026, reports the offering fully sold.
Key facts
- Minimum investment
- $100,000From the Form D
- Offering size
- $50,200,000Equity offered, per the Form D
- Sold
- 100%Form D, Aug 14, 2026; the % is our arithmetic
- Investors reported
- Form D, Aug 14, 2026108
- Selling commissions
- Form D Item 15; the % is our arithmetic$2,510,000 · 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 →
Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.
Ask a 1031 specialist about this recordFree. About: FSX Industrial 34. Top1031 is not a broker-dealer.FSX Industrial 34 · Photo: ten31xchange.com
What did FSX Industrial 34 own?
The Duncan, South Carolina plant was built in 1980 and expanded in 2011, and has been occupied by Eaton's Electrical business continuously since 1984. 4 The Hanson, Kentucky building is a build-to-suit distribution hub completed in 1998 and expanded in 2009, serving as Carhartt's primary national SKU facility. 4 A third-party listing page reports the portfolio was acquired for $86.4 million; no reviewed source states the closing date. 4
- Property address
- 1730 E Main St
- Property size
- ~996k SF total (Eaton 315,273 SF on 30.3 ac; Carhartt ~681k SF)
How was it financed, and what did it cost to sell?
The Form D does not state whether the Trust carries mortgage debt, and no primary loan record was located. A third-party listing page describes one portfolio loan from Old National Bank, floating-rate but swapped to a fixed rate, with an interest-only period before principal amortization begins. 4
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
- May convert to a REIT (721)
- Loan interest rate
- 5.495% fixed (not stated) From Four Springs (FSX)’s offering documents (Dec 2025). As reported by the sponsor.
Costs and terms from the Form D
- Selling commissions
- $2,510,000 · 5.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $3,274,600 · 6.5% 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
- Dec 15, 2025
- 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.
What are the deal terms?
From Four Springs (FSX)’s offering documents (Dec 2025).
Your exit
- Can the sponsor's affiliate buy investors out?
- No
Rent and the bills
- Who pays rent to the trust?
- The property's tenants directly
- Who pays for roof and structural repairs?
- Investors, through the trust
- Who pays if taxes or insurance go up?
- The tenant or master tenant
- Was the property bought from a sponsor affiliate?
- No
Your rights
- Can investors remove the manager?
- No
- How are disputes with the sponsor resolved?
- Mandatory arbitration
Who's behind FSX Industrial 34?
Four Springs TEN31 Xchange, LLC sponsors Delaware statutory trust programs and is the sponsor named for this Trust. 1 It placed the offering on iCapital, an alternative-investment marketplace used by advisers, on January 15, 2026. 2 AltsWire reported on July 31, 2026 that Four Springs said the offering was fully subscribed and that a follow-on offering was launching. 3 The firm runs a continuing program of single-tenant net-lease exchange trusts, including a Georgia distribution facility offering announced July 9, 2026.
- Sponsor
- Offerings on record
What does the SEC record show?
- Legal Trust name
- FSX Industrial 34, DST
- SEC CIK
- 2103428
- First Form D
- Jan 2, 2026
- Latest Form D
- Aug 14, 2026
- 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 | $50,200,000 | $50,200,000+$46,994,529 | 108+102 | EDGAR | |
| Form D | $50,200,000 | $3,205,471 | 6 | 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 FSX Industrial 34?
- FSX Industrial 34 is a Historical offering. The last Form D, filed Aug 14, 2026, reports the offering fully sold.
- Does FSX Industrial 34 have a 721 UPREIT exit?
- The record lists a possible 721 exit for FSX Industrial 34. The offering documents set whether and when it could happen. In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
- How a DST-to-721 UPREIT exit works
- Why does the Form D amount differ from the $98 million the sponsor advertises?
- A Form D reports the securities offered to investors — the equity. The sponsor's $98 million figure describes the total offering for the two-property portfolio, which for a leveraged DST combines equity with mortgage debt. A third-party listing page describes an Old National Bank loan on the portfolio, but no primary loan document was located, so the offering documents are the place to reconcile the two figures.
- What does 'absolute NNN' mean here?
- Under an absolute triple-net lease the tenant pays rent plus property taxes, insurance and maintenance — in the most tenant-heavy versions including roof and structure — leaving the landlord largely passive. Four Springs describes both buildings as held under long-term absolute-NNN leases with contractual rent escalations. Exactly how roof, structure and capital-expenditure duties are allocated is set by each lease, which the offering documents summarize.
- Who are the tenants?
- The building in Duncan, South Carolina is leased to Eaton Corporation, the diversified power management company listed on the NYSE, and the building in Hanson, Kentucky is leased to Carhartt, Inc., the privately held workwear manufacturer. Each site has a single tenant, so all rent at that site comes from one occupant. Whether the parent company or an operating subsidiary signs and guarantees each lease is an offering-document question.
- How old are the buildings?
- A third-party offering page reports the Duncan, South Carolina facility was built in 1980 and expanded in 2011, and that Eaton has occupied it continuously since 1984. The same page reports the Hanson, Kentucky facility was built to suit in 1998 and expanded in 2009. Neither date appears in the SEC filing, so confirm construction, expansion and any deferred-maintenance history in the offering documents and the property condition report.
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.