FSX Industrial 34
Industrial distribution / single-tenant absolute NNN portfolio in Multi-state (2) — sponsored by Four Springs (FSX)
Files with the SEC as FSX Industrial 34, DST
Minimum investment
$100k
Offering size
$50.2M
How much has sold
100.0%
Asset type
Industrial distribution / single-tenant absolute NNN portfolio
Location
Multi-state (2)
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
FSX Industrial 34, DST is a Delaware statutory trust — fractional real estate ownership that can qualify for a 1031 exchange — sponsored by Four Springs TEN31 Xchange, LLC.1 It holds two single-tenant industrial buildings, one leased to Eaton in Duncan, South Carolina and one to Carhartt in Hanson, Kentucky.2 AltsWire reported on July 31, 2026 that the sponsor said the $98 million offering was fully subscribed.3
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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 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, Duncan, SC
- Property size
- ~996k SF total (Eaton 315,273 SF on 30.3 ac; Carhartt ~681k SF)
Who is the tenant, and what's the lease?
Eaton Corporation leases the South Carolina facility and Carhartt, Inc. the Kentucky one, both under absolute triple-net leases — the tenant pays taxes, insurance and maintenance directly — with contractual rent escalations.2 A third-party listing page reports 11.9 years remaining on the Eaton lease and 11.8 on the Carhartt lease.4
How did it end?
No sale or other ending on record
We have not found a public record of how this offering ended. That is not the same as knowing it still operates.
$98M total offering (Form D equity $50.2M); tenants Eaton (NYSE:ETN) + Carhartt; absolute NNN, rent escalations; launched on iCapital 1/15/2026
~996k SF total (Eaton 315,273 SF on 30.3 ac; Carhartt ~681k SF)How is it financed, and what does it pay?
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
Who's behind it?
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
- Four Springs (FSX)
- Legal Trust name
- FSX Industrial 34, 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?
A single new-notice Form D covers this Trust, with no amendment since, so the equity figure it reports is the original one and sits below the $98 million total offering the sponsor announced.2 Rule 506(c) permits public advertising but requires the sponsor to verify each buyer's accredited status.
- 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(c)May be advertised publicly. Every buyer’s accredited status must be verified.
- 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 FSX Industrial 34?
Top1031 lists FSX Industrial 34 as historical. It is no longer raising money.
Where does Top1031 get the data for FSX Industrial 34?
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 this Trust?
Probably not. AltsWire reported on July 31, 2026 that Four Springs TEN31 Xchange said the $98 million FSX Industrial 34 offering was fully subscribed and that the sponsor was launching a follow-on offering, and a third-party listing page updated August 5, 2026 showed the offering closed with no equity available. The only Form D on record was filed January 2, 2026, so the filing snapshot predates both statements. Confirm current status with the sponsor or your representative.
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 Private Placement Memorandum is 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 PPM summarizes.
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 a PPM 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 PPM and the property condition report.
Is there a 721/UPREIT exit?
No. The Trust is not recorded as one that may convert to a REIT. A 721 or UPREIT exit contributes the property to a real estate investment trust's operating partnership in exchange for partnership units, deferring tax but ending 1031 eligibility for that position. Without it, the expected path is a sale of the properties, after which investors may pursue another exchange.
Chapter 9Four Springs TEN31 Xchange Fully Subscribes $98 Million Industrial DST, Launches Follow-On OfferingAltsWire reported that Four Springs TEN31 Xchange fully subscribed FSX Industrial 34, a $98 million two-property absolute-NNN portfolio leased to Eaton and Carhartt, and launched a follow-on offering. Four Springs TEN31 Xchange Launches $98 Million Industrial DST Offering on iCapital MarketplaceFour Springs launched FSX Industrial 34, a $98M DST consisting of two single-tenant NNN industrial facilities leased to Eaton (Duncan, SC) and Carhartt (Hanson, KY). FSXchange Launches $98M DST Offering of Industrial PropertiesCoverage of the launch of FSX Industrial 34, the $98M two-property NNN industrial facilities DST leased to Eaton and Carhartt in SC and KY.