Talk to a 1031 specialistData updated Jan 2, 2026
Offering size$50.2M
Asset typeIndustrial
LocationDuncan, SC
FinancingNot disclosed
Regulation D exemptionRule 506(c)
Sponsor-reported potential 721/UPREIT exitNo
First filedJan 2, 2026
Last filedJan 2, 2026
Minimum$100k
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.
FSX Industrial 34, DST is a Delaware statutory trust sponsored by Four Springs TEN31 Xchange that holds two single-tenant, absolute net-leased industrial facilities totaling roughly 996,000 square feet. The portfolio pairs a Carhartt national distribution hub in Hanson, Kentucky with an Eaton electrical-segment facility in Duncan, South Carolina, both leased long-term with contractual rent escalations. The sponsor reports the properties were acquired for $86.4 million using a $47.52 million Old National Bank loan at roughly 48.6% loan-to-value. A Form D reported a $50.2 million equity offering with a first sale dated December 15, 2025.
$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)Based on issuer-filed Form D notices through Jan 2, 2026. Amounts are self-reported, may lag current subscriptions, and do not confirm availability. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Reported sold as a percentage of stated offering amount6.0%
Not enough filing history for a trend line.
Capital sold, per latest Form D$3,205,471
Remaining amount reported in latest Form D$46,994,529
Investor count reported in latest Form D6
Stated minimum investment$100,000
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First filedJan 2, 2026
Latest filingJan 2, 2026
Filings tracked1
View filing on SEC EDGARForm D is an issuer notice filing. A filing does not mean the SEC approved, endorsed, or verified the offering.
Offering profile
SEC filings + cited sources
Portfolio and tenants
FSX Industrial 34, DST holds two single-tenant industrial properties leased on an absolute net basis. The larger asset, at 380 Estill Baker Road in Hanson, Kentucky, spans about 680,508 square feet and serves as Carhartt's primary national distribution hub, which the sponsor reports is supported by more than $70 million in automation and infrastructure investment.32 The second, at 1730 East Main Street in Duncan, South Carolina, is a 315,273-square-foot facility on a 30.3-acre site serving Eaton's Electrical business segment.2 The sponsor reports remaining lease terms of about 11.7 years for Carhartt and 11.8 years for Eaton.3
Lease structure
The leases are long-term absolute NNN arrangements with contractual rent escalations. Per the sponsor, the Carhartt lease carries five 5-year renewal options and the Eaton lease carries eight 5-year renewal options.1
Acquisition and financing
Four Springs reports the portfolio was acquired for $86.4 million and financed with a $47.52 million loan from Old National Bank priced at SOFR plus 1.95% and swapped to a 5.495% fixed rate, interest-only for 48 months before shifting to 30-year amortization, at a 48.63% loan-to-value.1 The offering was publicly described by the sponsor as a $98 million industrial DST launched on the iCapital marketplace.2
Offering and sponsor
A Form D notice filed January 2, 2026 reported a total equity offering of $50,200,000, with a first sale dated December 15, 2025 and $3,205,471 sold as of that filing, leaving $46,994,529 reported as remaining.45 These are issuer-filed figures as of that date and do not establish current availability. The trust's sponsor is Four Springs TEN31 Xchange, LLC of Wall, New Jersey, with FSX Industrial 34 Manager, LLC as trust manager and William P. Dioguardi named as Executive Chairman.5
In the news
Frequently asked questions
Is FSX Industrial 34 currently active?
FSX Industrial 34 is classified by Top1031 as active. “Active” reflects the latest public record and does not confirm that interests remain available.
Where does Top1031 get the data for FSX Industrial 34?
Top1031 tracks this offering from SEC Form D filings and cited sponsor disclosures. Filing data may lag current subscriptions and does not mean the SEC approved or verified the offering.