Is FSX Industrial 35 an active offering?

FSX Industrial 35 is an Active offering: its latest Form D was filed Jul 30, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.

Does FSX Industrial 35 have a 721 UPREIT exit?

The record lists a possible 721 exit for FSX Industrial 35. It is an option, not a completed transaction; the offering documents set whether and when it can 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.

What property backs FSX Industrial 35 DST?

One purpose-built cross-dock distribution center of about 798,000 square feet at 10 Orgill Way in Tifton, Georgia, completed in 2024 and leased to Orgill, Inc. Four Springs' offering brochure identifies it as the Trust's single asset, and sponsor-distributed coverage describes it as Orgill's newest and second-largest distribution center. Cross-dock means freight moves across the building from inbound to outbound doors with little storage time. One building, one tenant and one lease carry the entire Offering.

Who is the tenant, and what are the lease terms?

Orgill, Inc. is the sole tenant, described in Four Springs' July 7, 2026 acquisition announcement as the world's largest independent hardlines distributor. That announcement states the building was fully leased to Orgill under a long-term absolute triple-net lease, under which the tenant pays taxes, insurance, maintenance and capital repairs rather than the Trust. The sponsor's brochure gives a lease commencing April 1, 2024 and expiring March 31, 2044, with two ten-year renewal options and contractual rent rising 2% a year.

How is the Trust financed?

With mortgage debt plus the equity raised from investors. A listing by Baker 1031 names Old National Bank as the lender on that mortgage.

Who sponsors the offering?

Four Springs (FSX), a sponsor that assembles Delaware statutory trusts around single-tenant, net-leased commercial buildings for investors completing 1031 exchanges. The Trust's Form D, filed July 30, 2026, names the Four Springs entity as sponsor of the issuer. AltsWire reported on July 31, 2026 that Four Springs had fully subscribed a $98 million industrial DST and launched FSX Industrial 35 as its follow-on offering.

Can investors roll into a REIT at the end?

The record shows no REIT conversion feature for this Trust. In some DST programs a 721 exchange, also called an UPREIT, lets investors swap their trust interest for operating-partnership units in a real estate investment trust instead of taking cash. Here the investor outcome instead turns on the Tifton property and its lease, and on a future sale or refinancing of that building.

What is the minimum investment, and who may buy?

The Form D filed July 30, 2026 reports a $100,000 minimum outside investment. The Offering is made under Rule 506(c), which limits buyers to accredited investors, people who meet SEC income or net-worth tests, and requires the sponsor to obtain documentary proof of that status rather than accept a self-certification. Rule 506(c) also allows the sponsor to advertise the Offering publicly.

FSX Industrial 35

Industrial property in Tifton, GA · sponsored by Four Springs (FSX)

Active offeringLatest Form D filed Jul 30, 2026

FSX Industrial 35 is a DST sponsored by Four Springs (FSX) that owns an industrial property in Tifton, GA (798,000 square feet). Its latest Form D, filed Jul 30, 2026, lists a $35.7 million offering with a $100,000 minimum.

Key facts

A free account shows how much of each active offering has sold and the Sponsor Grade letters.

Minimum investment: $100,000
From the Form D
Offering size: $35,740,000
Equity offered, per the Form D
Sold so far: Just launchedNone reported as of Jul 30, 2026
Form D, Jul 30, 2026
Selling commissions: $1,787,000 · 5.0% of offering
Form D Item 15; the % is our arithmetic
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.
Sponsor buyout right: No
Offering documents, Jul 2026 · Deal terms ↓

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 →

Sales so far

A free account shows how much of each active offering has sold and the Sponsor Grade letters.

Just launched

Latest Form D: Jul 30, 2026 · 1 filing

No sales reported in a Form D amendment yet. Latest notice Jul 30, 2026.

Weighing this offering for your exchange? A licensed 1031 specialist from our affiliated partner can go through these filings with you.

Ask a 1031 specialist about this recordFree. About: FSX Industrial 35. Top1031 is not a broker-dealer.

FSX Industrial 35 · Tifton, GA · Photo: ten31xchange.com

Tifton, GA metroMap shows the city, not the exact address.

Four Springs (FSX) announced on July 7, 2026 that it had acquired the purpose-built cross-dock facility at 10 Orgill Way, two days before announcing the Offering. ² The building was completed in 2024 and is described as Orgill, Inc.'s newest and second-largest distribution center. ¹

Reported location: Tifton, GA
Property size: 798,000 square feet; one distribution facility

The Trust carries mortgage debt alongside the equity it raises. A listing by Baker 1031 names Old National Bank as the lender. ³ Mortgage debt is repaid ahead of investor equity.

Debt

Financing: Leveraged. This offering reports mortgage debt on the property.
May convert to a REIT (721): See Deal terms ↓
Loan interest rate: 5.60% From Four Springs (FSX)’s offering documents (Jul 2026). As reported by the sponsor.

Costs and terms from the Form D

Selling commissions: $1,787,000 · 5.0% of offering
Finders’ fees: $0
Paid to officers, directors and promoters: $2,141,875 · 5.9% of offering
Form 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: Not in the Form D
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.

From Four Springs (FSX)’s offering documents (Jul 2026).

A free account shows how much of each active offering has sold and the Sponsor Grade letters.

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?: The tenant or master tenant
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

The sponsor announced the Offering on July 9, 2026, and the Form D, the brief notice an issuer files with the SEC when it sells securities privately, followed later that month. Rule 506(c) lets the sponsor market publicly but requires documentary proof that each buyer is accredited.

Legal Trust name: FSX Industrial 35 DST
SEC CIK: 2147163
First Form D: Jul 30, 2026
Latest Form D: Jul 30, 2026
Filings on record: 1
Offered under: Rule 506(c)
May be advertised publicly. Every buyer’s accredited status must be verified.
Source filing: Read the filings on SEC EDGAR

SEC Form D filings, newest first

SEC Form D filings for FSX Industrial 35, newest first
Filed	Form	Offering amount	Amount sold	Filing on SEC EDGAR
Jul 30, 2026	Form D	$35,740,000	$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.

Is FSX Industrial 35 an active offering?: FSX Industrial 35 is an Active offering: its latest Form D was filed Jul 30, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
Does FSX Industrial 35 have a 721 UPREIT exit?: The record lists a possible 721 exit for FSX Industrial 35. It is an option, not a completed transaction; the offering documents set whether and when it can 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
What property backs FSX Industrial 35 DST?: One purpose-built cross-dock distribution center of about 798,000 square feet at 10 Orgill Way in Tifton, Georgia, completed in 2024 and leased to Orgill, Inc. Four Springs' offering brochure identifies it as the Trust's single asset, and sponsor-distributed coverage describes it as Orgill's newest and second-largest distribution center. Cross-dock means freight moves across the building from inbound to outbound doors with little storage time. One building, one tenant and one lease carry the entire Offering.
Who is the tenant, and what are the lease terms?: Orgill, Inc. is the sole tenant, described in Four Springs' July 7, 2026 acquisition announcement as the world's largest independent hardlines distributor. That announcement states the building was fully leased to Orgill under a long-term absolute triple-net lease, under which the tenant pays taxes, insurance, maintenance and capital repairs rather than the Trust. The sponsor's brochure gives a lease commencing April 1, 2024 and expiring March 31, 2044, with two ten-year renewal options and contractual rent rising 2% a year.
How is the Trust financed?: With mortgage debt plus the equity raised from investors. A listing by Baker 1031 names Old National Bank as the lender on that mortgage.
Who sponsors the offering?: Four Springs (FSX), a sponsor that assembles Delaware statutory trusts around single-tenant, net-leased commercial buildings for investors completing 1031 exchanges. The Trust's Form D, filed July 30, 2026, names the Four Springs entity as sponsor of the issuer. AltsWire reported on July 31, 2026 that Four Springs had fully subscribed a $98 million industrial DST and launched FSX Industrial 35 as its follow-on offering.
Can investors roll into a REIT at the end?: The record shows no REIT conversion feature for this Trust. In some DST programs a 721 exchange, also called an UPREIT, lets investors swap their trust interest for operating-partnership units in a real estate investment trust instead of taking cash. Here the investor outcome instead turns on the Tifton property and its lease, and on a future sale or refinancing of that building.
What is the minimum investment, and who may buy?: The Form D filed July 30, 2026 reports a $100,000 minimum outside investment. The Offering is made under Rule 506(c), which limits buyers to accredited investors, people who meet SEC income or net-worth tests, and requires the sponsor to obtain documentary proof of that status rather than accept a self-certification. Rule 506(c) also allows the sponsor to advertise the Offering publicly.

In the news

Jul 31, 2026Four Springs TEN31 Xchange Fully Subscribes $98 Million Industrial DST, Launches Follow-On OfferingAltsWire reported that Four Springs subsequently launched FSX Industrial 35, a $74.1 million net-lease offering backed by a 798,000-square-foot 2024 cross-dock distribution facility in Tifton, Georgia, leased to Orgill.

AltsWire ↗

Jul 30, 2026FSX Industrial 35 Files at $35.74 Million; Its Sponsor's Page Says $38.1 Million, Trade Coverage $74.1 Million

Top1031

Jul 9, 2026Four Springs TEN31 Xchange Launches $74.1M Industrial DST Offering Leased to Orgill, Inc.The sponsor announced FSX Industrial 35, DST, a $74.1 million accredited-investor offering backed by a 798,000-square-foot Tifton industrial distribution center leased long-term to Orgill.

Four Springs TEN31 Xchange ↗

Jul 9, 2026Four Springs Launches $74.1M Industrial DST Tied to Georgia Distribution FacilityFour Springs TEN31 Xchange, LLC launched FSX Industrial 35, DST, a $74.1 million Delaware statutory trust offering backed by a 798,000-square-foot purpose-built cross-dock distribution facility in Tifton, Georgia, leased long-term to Orgill Inc. under an absolute triple-net agreement.

AltsWire ↗

Picked by sponsor, asset type and state, newest filing first, never by Grade.

More from Four Springs (FSX)

Offering	Minimum	Offering size	Status	Latest Form D
FSX Industrial 36 DSTAppling, GA C1 loss · 7 completed sales	$100,000	$58,930,000	Active	Sep 8, 2026
FSX Industrial 34 C1 loss · 7 completed sales	$100,000	$50,200,000	Historical	Aug 14, 2026
Jet Aviation FBO Complex, AVE Aviation & Commerce CenterMiami (Opa-Locka), FL C1 loss · 7 completed sales	$25,000	$22,350,000	Historical	Jul 24, 2025

Industrial offerings in Georgia

Offering	Minimum	Offering size	Status	Latest Form D
Hasbro Flagship Distribution Center, Midway, GAMidway, GA NRNo program finished yet	$100,000	$91,509,083	Active	Mar 18, 2026
Georgia International Trade CenterSavannah, GA NRNo program finished yet	$250,000	$199,751,931	Historical	Nov 6, 2025
General Time Industrial Park Opportunity 84 DSTAthens, GA B0 losses · 7 completed sales	$1,000	$16,527,966	Historical	Oct 18, 2024

Industrial offerings

Offering	Minimum	Offering size	Status	Latest Form D
AX Big Industrial Portfolio I DST NRNo program finished yet	Not in the Form D	Not in the Form D	Active	Nov 4, 2026
BR Diversified Industrial Portfolio 7Bridgeton, MO A0 losses · 16 completed sales	$100,000	$60,051,084	Historical	Oct 23, 2026
Essential Birmingham Industrial 129 DSTBirmingham, AL B0 losses · 7 completed sales	$1,000	$11,333,949	Active	Oct 22, 2026

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These links support the record as a whole; individual details may come from different sources.

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.

FSX Industrial 35

Key facts

Sales so far

What does FSX Industrial 35 own?

How is it financed, and what did it cost to sell?

Debt

Costs and terms from the Form D

What are the deal terms?

Your exit

Rent and the bills

Your rights

What does the SEC record show?

SEC Form D filings, newest first

Common questions

In the news

Sources