On August 14, Four Springs (FSX) announced a $58.93 million all-cash offering backed by an Amazon-leased sortation center it had just acquired in Appling, Georgia. The Form D that FSX Industrial 36, DST filed on September 8 reports that same amount.
Offering | Sponsor-stated size | Form D offering amount | Sold at that filing | Investors at that filing | Form D date |
|---|---|---|---|---|---|
FSX Industrial 36, DST | $58.93 million | $58,930,000 | $1,365,349 | 5 | September 8, 2026 |
FSX Industrial 35, DST | $74.1 million | $35.74 million | $0 | 0 | July 30, 2026 |
FSX Industrial 34, DST | $98 million | $50.2 million | $50.2 million | 108 | August 14, 2026 (amendment) |
A Top1031 note on Industrial 35 recorded a third figure, $38.1 million, on the sponsor's own offerings page, against the $74.1 million launch headline and the $35.74 million in the filing. The cited record does not reconcile either earlier pair. The sponsor calls Industrial 35 leveraged and Industrial 36 all-cash, and no cited source explains how a release headline relates to the Form D field in any of the three cases.
The commission line is the one term that runs against the tracked market. The filing reports sales commissions of $5,185,840 and marks that figure as an estimate: 8.8% of the maximum offering, against a 6.5% median for Form D filings by likely DST issuers over the trailing twelve months, a per-filing median that includes amendments rather than a median of unique Trusts. Finders' fees are reported as $0, and per the filing the estimate box is not checked there. The $100,000 minimum matches that cohort's median, and the offering amount runs above its median size. Third Seven Capital LLC is named as the broker-dealer. The exemption claimed is Rule 506(c): general solicitation is permitted, and every purchaser must be a verified accredited investor. First sale was August 24.
The asset is public and dated. Four Springs announced the acquisition of the 278,670-square-foot sortation center in the Augusta, Georgia market on August 13, paired it with the Industrial 36 launch the following day, and Institutional Real Estate, Inc. and AltsWire carried it on August 17. That sits inside a dense run of industrial announcements: the 798,000-square-foot Orgill-leased center in Tifton, Georgia announced July 7 and launched as Industrial 35 on July 9, the July 30 announcement that Industrial 34 was fully subscribed, and then Appling. AltsWire reported on September 29 that the sponsor had launched FSX Retail 37, DST, a $48.3 million all-cash offering on a Cabela's store in Richfield, Wisconsin.
Top1031's directory lists three Active Trusts for Four Springs. Published Active means shown, not delisted, and active, and it includes fully subscribed offerings, so the count is not a tally of what can still be bought; a sponsor-record snapshot from September 2, 2026, which counted 33 tracked programs, showed two active offerings, and that snapshot predates the Retail 37 report. The market-wide figure is 227 Active Trusts.
The filings also differ in whom they name, and they belong to two different issuers. Industrial 36 (CIK 2151727) lists Four Springs TEN31 Xchange, LLC as Promoter, clarified as "Sponsor"; FSX Industrial 36 Manager, LLC as an Executive Officer, clarified as "Signatory Trustee"; Wheelhouse Capital Group, LLC as a Director, clarified as "Sole Member of Sole Member of Signatory Trustee"; and William Dioguardi, Coby Johnson and Durgesh Karlekar as Executive Officers, clarified as "Executive Chairman of Sponsor," "Chief Executive Officer of Sponsor" and "Chief Financial Officer of Sponsor." The Industrial 35 filing (CIK 2147163) labeled the same sponsor entity an Executive Officer, clarified as "Sponsor of the Issuer"; named "FSX Industrual 35 Depositor, LLC" [sic] an Executive Officer, clarified as "Depositor of the Issuer"; and among individuals named the executive chairman only. No cited source explains why the labeling differs.