Three figures are attached to the same Tifton, Georgia building, and only one of them went to the SEC. FSX Industrial 35 DST reported on July 30, 2026 that it is offering up to $35.74 million. On July 9, 2026, the offerings page of Four Springs (FSX) listed FSX Industrial 35, DST as a $38.1 million industrial offering in Tifton, Georgia. AltsWire, that same day, reported that Four Springs (FSX) had launched the Trust as a $74.1 million Delaware Statutory Trust (DST) offering available to accredited investors and tied to a 798,000-square-foot industrial distribution facility in Tifton.
Nothing in the record reconciles them. A Form D reports the amount of securities offered; it names no property, states no purchase price and reports no mortgage debt, and neither the sponsor's listing nor the July 9 coverage states a loan amount. Top1031 carries the filed amount and reports the other two as published.
What the filing does settle is the cost of selling. The stated sales commissions come to 5.0% of the maximum offering, against a 6.0% median across the Trusts Top1031 tracked over the trailing twelve months. Third Seven Capital LLC is named as broker-dealer. The Trust claims Rule 506(c), which permits general solicitation and requires every purchaser to be verified as accredited.
Form D, filed July 30, 2026 | |
|---|---|
Total offering amount | $35,740,000 |
Amount sold as of filing date | $0 |
Number of investors | 0 |
Date of first sale | Yet to occur |
Minimum investment | $100,000 |
Sales commissions | $1,787,000 |
Exemption claimed | Rule 506(c) |
Broker-dealer | Third Seven Capital LLC |
Related persons, relationship as filed: Executive Officer | Four Springs TEN31 Xchange, LLC; FSX Industrual 35 Depositor, LLC (as spelled in the filing); William Dioguardi |
Issuer address | 3349A State Route 138, Wall, New Jersey |
Signature | William P. Dioguardi, Executive Chairman |
Source |
Where this Trust sits in the market depends on which figure holds. Across the 230 active Trusts in Top1031's data, offering size over the trailing twelve months carries a median the data places at $46,890,694.50; the filed amount and the sponsor's own listing fall below that, the July 9 figure above it. The minimum matches the tracked median exactly.
Four Springs shows 2 active offerings in the directory. The other is the immediate predecessor. The sponsor's offerings page listed FSX Industrial 34, DST, a $50.2 million industrial offering in Hanson, Kentucky and Duncan, South Carolina, as open on July 9, 2026. Its last Form D on record is dated December 31, 2025.
FSX Industrial 34, DST, per its Form D | |
|---|---|
Date of first sale | December 15, 2025 |
Amount sold as of filing date | $3,205,471 |
Amount remaining | $46,994,529 |
Source |
On February 9, 2026 the sponsor appointed former Hines, PGIM and Walton executives to its sales and marketing teams. Two industrial raises are now open at once, and for the older one those December figures are still the ones on file.