FSX Industrial 35
Industrial in Tifton, GA — sponsored by Four Springs (FSX)
$74.1 million offering launched July 9, 2026; the purpose-built cross-dock facility was built in 2024 and is described as Orgill Inc.'s newest and second-largest distribution center; offering available to accredited investors.
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What is this, in one paragraph?
FSX Industrial 35 DST is a Delaware statutory trust — fractional passive ownership that can serve as 1031 replacement property — sponsored by Four Springs TEN31 Xchange.1 Its single asset is a 2024-completed cross-dock distribution facility in Tifton, Georgia, leased to Orgill, Inc. under an absolute triple-net lease.2 The sponsor announced a July 9, 2026 launch, a $74.1 million offering open to accredited investors — those meeting SEC wealth tests.2
Minimum investment
$100k
Offering size
$35.7M
How much has sold
None sold yet
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited 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?
Four Springs announced on July 7, 2026 that it had acquired the purpose-built cross-dock distribution center at 10 Orgill Way in Tifton, Georgia, completed in 2024 on an approximately 87-acre site, two days before the Offering launched.4 Sponsor-distributed coverage describes it as Orgill's newest and second-largest distribution center. Baker 1031 describes the Trust's interest as a leasehold rather than fee title.3
- Reported location
- Tifton, GA
- Property size
- 798,000 square feet; one distribution facility
Who is the tenant, and what's the lease?
Orgill, Inc. — described in the sponsor's July 7, 2026 acquisition announcement as the world's largest independent hardlines distributor — is the sole tenant under an absolute triple-net lease, meaning the tenant, not the Trust, carries taxes, insurance and maintenance.4 Baker 1031 reports a direct lease with no master lease and roughly 17 years remaining, through March 2044.3
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
Raise history appears here once sales are filed — free account required.
How is it financed, and what does it pay?
The Trust is leveraged: Baker 1031's offering page reports a first mortgage from Old National Bank sitting alongside the equity being raised.3 The SEC Form D names no lender and discloses no debt. Mortgage debt ranks ahead of investor equity, and leverage magnifies both gains and losses.
Who's behind it?
Four Springs TEN31 Xchange, LLC sponsors 1031 exchange DST offerings; the SEC record names it as sponsor of this Trust and FSX Industrial 35 Depositor, LLC as depositor.1 AltsWire reported on July 31, 2026 that Four Springs had fully subscribed a $98 million industrial DST and launched this Trust as the follow-on offering. On August 17, 2026, AltsWire reported the sponsor had acquired an Amazon-leased Georgia facility and launched a separate $58.93 million DST.
- Sponsor
- Four Springs (FSX)
- 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?
The sponsor announced the launch on July 9, 2026, and the Trust's new-notice Form D — the short SEC notice an issuer files when it sells securities under a private-placement exemption — followed later that month, with no amendment since.2 Because the Offering relies on general solicitation, the sponsor may advertise publicly but must verify each buyer's accredited status.
- Form D filedFirst and latest filing on record.
- Legal Trust name
- FSX Industrial 35 DST
- Filings on record
- 1
- 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
Is FSX Industrial 35 still raising money?
The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.
Where does Top1031 get the data for FSX Industrial 35?
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.
What property backs FSX Industrial 35 DST?
A purpose-built cross-dock industrial distribution facility of approximately 798,000 square feet in Tifton, Georgia, completed in 2024 and leased to Orgill, Inc., per the sponsor's July 9, 2026 launch announcement. Baker 1031's offering page places it at 10 Orgill Way on roughly 86.9 acres. Sponsor-distributed coverage describes it as Orgill's newest and second-largest distribution center. It is the Trust's only building.
Does the Trust own the building outright?
Not according to the public descriptions located. Baker 1031 reports that the Trust holds a leasehold interest in the Tifton facility rather than fee title. That is a sponsor-distributor source, so the PPM — the Private Placement Memorandum, the offering's governing disclosure document — along with the ground lease and title documents are where a buyer confirms what interest the Trust actually holds and for how long.
Who is the tenant, and why does that matter?
Orgill, Inc., described in the sponsor's July 7, 2026 acquisition announcement as the world's largest independent hardlines distributor, is the sole occupant, and that announcement describes the building as fully leased to it. Baker 1031 reports a direct triple-net lease — not a master lease — with approximately 17 years remaining through March 2044, two ten-year renewal options and approximately 2% annual rent escalations. With one tenant, one building and one lease, the tenant's credit and the lease's remaining term drive the Trust's income, so the PPM is where a buyer looks for whatever tenant financial or guaranty information the sponsor discloses.
Is the Trust leveraged, and who is the lender?
The SEC Form D names no lender and discloses no debt. Baker 1031's offering page reports a $38,425,000 first mortgage from Old National Bank, stated as SOFR plus 1.75% and fixed at 5.60% for the full term by an interest-rate swap, interest-only for 60 months and then amortizing on a 360-month schedule, maturing June 30, 2033, with a stated loan-to-value of 51.81%. Whether the loan is nonrecourse to investors and whether cash-management or lockbox terms apply were not established in the sources reviewed as of September 19, 2026, so the loan documents and the PPM's debt section control.
Why do public sources show different offering sizes?
Because they measure different things, and the public record does not reconcile them. The sponsor's July 9, 2026 announcement described a $74.1 million offering; Baker 1031 lists total capitalization of $74,165,000, made up of the equity being raised plus $38,425,000 of debt; the SEC Form D reports only the Regulation D equity amount and names no property, purchase price or mortgage. The PPM's sources-and-uses table is where a buyer settles which total governs.
Is the Offering still open, and what is the minimum?
Four Springs' website listed FSX Industrial 35 among its available offerings when it was reviewed in the September 19, 2026 research run, and the SEC record holds a single Form D new notice with no amendment or termination filing since. That filing states a $100,000 minimum investment and an offering made under Rule 506(c) — the exemption that lets a sponsor advertise publicly provided every buyer's accredited status is verified rather than self-certified. Subscription levels change daily, so the sponsor and its selling group are where a buyer confirms current availability.
Chapter 9Four 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. Four 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.