FSC Healthcare 28, DSTFirst filed 2024No sale, foreclosure, or 721 UPREIT conversion announcement has been found for FSC Healthcare 28, DST as of mid-2026 (the Form D run ended Apr 11, 2025, before the typical 5-10 year DST hold); the underlying BioLife Plasma Services center at 8019 E Golf Links Road, Tucson AZ remains operating per BioLife's website and 2026 Yelp listings [1][2][3]. Source ↗As reported by the sponsor.
FSC Industrial 32, DSTFirst filed 2024Listed as a completed/full-cycle program on Four Springs (FSX)'s published track record. Source ↗As reported by the sponsor.
FSC Industrial 9 DSTFirst filed 2022No sponsor-stated result on record
Still operating
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FSC Diversified 1 DSTFirst filed 2021No sponsor-stated result on record
Still operating
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FSC Healthcare 6 DSTFirst filed 2021No sponsor-stated result on record
Still operating
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FSC Healthcare 7 DSTFirst filed 2021No sponsor-stated result on record
Still operating
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FSC Industrial 6 DSTFirst filed 2021No sponsor-stated result on record
Still operating
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FSC Industrial 7 DSTFirst filed 2021No sponsor-stated result on record
Still operating
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FSC Industrial 8 DSTFirst filed 2021No sponsor-stated result on record
Still operating
Shown with a free account
FSC Industrial V DSTFirst filed 2021No sponsor-stated result on record
Still operating
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FSC Healthcare V DSTFirst filed 2020No sponsor-stated result on record
Still operating
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FSC Industrial IV DSTFirst filed 2020No sponsor-stated result on record
Still operating
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FSC Industrial II DSTFirst filed 2019No sponsor-stated result on record
No public outcome found
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FSC Industrial III DSTFirst filed 2019Matthews reported on 2026-08-10 that the Goodwill-leased industrial property at 927 N Emerson Ave, Greenwood, Indiana, was sold for $9,500,000; Four Springs identifies FSC Industrial III DST as its Goodwill Greenwood offering, producing a medium-confidence property-level sale match (Matthews; Four Springs). Source ↗As reported by the sponsor.
FSC Automotive I DSTFirst filed 2018No sponsor-stated result on record
Still operating, confirmed
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FSC HEALTHCARE IV DSTFirst filed 2018No sponsor-stated result on record
No public outcome found
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FSC INDUSTRIAL I, DSTFirst filed 2018No sponsor-stated result on record
No public outcome found
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FSC Healthcare II DSTFirst filed 2017140.85% total return, 2.41x equity multiple, 5.61% annualized as reported by the sponsor Source ↗As reported by the sponsor.
FSC Healthcare III DSTFirst filed 2017No sponsor-stated result on record
No public outcome found
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FSC Healthcare 1 DSTFirst filed 2016No sponsor-stated result on record
No public outcome found
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FSC AS Jonesboro AR DSTFirst filed 2015143.89% total return, 2.44x equity multiple, 6.27% annualized as reported by the sponsor Source ↗As reported by the sponsor.
FSC AS Mt. Juliet TN DSTFirst filed 2015137.17% total return, 2.37x equity multiple, 4.75% annualized as reported by the sponsor Source ↗As reported by the sponsor.
FSC GM LEBANON IN, DSTFirst filed 2015Listed as a completed/full-cycle program on Four Springs (FSX)'s published track record. Source ↗As reported by the sponsor.
FSC MRC Odessa TX, DSTFirst filed 2015178.51% total return, 2.79x equity multiple, 9.27% annualized as reported by the sponsor Source ↗As reported by the sponsor.
FSC BJ Tilton NH, DSTFirst filed 2014163.83% total return, 2.64x equity multiple, 7.74% annualized as reported by the sponsor Source ↗As reported by the sponsor.
Four Springs TEN31 Xchange, LLC (FSX) sponsors Delaware statutory trust programs assembled from single-tenant, net-leased commercial real estate for Section 1031 exchange investors. The sponsor reports acquiring more than $1.3 billion of net-leased assets and raising more than $1 billion of equity and commitments across more than a decade of DST sponsorship. Top1031 tracks 33 FSX-sponsored trusts first filed between 2014 and 2026, spanning industrial, healthcare, automotive, diversified and aviation-infrastructure assets. A June 2025 term sheet describes FSX as a subsidiary of Wheelhouse Capital Group, LLC that had recently spun out of a private REIT which previously supplied acquisition capital for its DST properties. Earlier programs have been resolved through property sales and a 721 UPREIT contribution.
Four Springs TEN31 Xchange, LLC operates the real-estate investment and 1031 exchange syndication platform behind the FSC and FSX trust programs, targeting single-tenant net-leased real estate; the sponsor reports having acquired more than $1.3 billion of such assets, raised more than $1 billion of equity and commitments in sponsored programs, and sponsored DST programs for more than ten years1. A June 2025 term sheet identifies FSX as a subsidiary of Wheelhouse Capital Group, LLC and states that the firm had recently spun out of a private REIT that previously supplied acquisition capital for its DST properties2. Top1031 tracks 33 FSX-sponsored trusts, the earliest first filed in 2014 (FSC BJ Tilton NH, DST) and the most recent in 2026 (FSX Industrial 34, DST and FSX Industrial 35 DST), covering industrial, healthcare, automotive, diversified and aviation-infrastructure programs3. A July 30, 2026 SEC filing by FSX Industrial 35 DST, a Delaware statutory trust, names Four Springs TEN31 Xchange, LLC as sponsor of the issuer4.
Realized program outcomes
FSC BJ Tilton NH, DST — the BJ's Wholesale Club property sold on August 11, 2022 for $7,718,480 after an 8.25-year hold; FSX offering materials report a 163.83% total return and a 7.74% annualized return56.
FSC GM Lebanon IN, DST — the Gander Mountain property was resolved through a 721 UPREIT exit on May 31, 2026 at a reported $11,280,875 after an 11.57-year hold; FSX materials report a 142.34% total return56.
FSC Industrial III DST — the property sold on August 10, 2026 for $9,500,000 on a stated whole-property basis7.
Dated acquisitions and closings
On August 29, 2024, FSX reported completing $160 million of subscriptions across FSC Industrial Portfolio 27, DST ($150 million; 22 industrial properties in 13 states) and FSC Healthcare 28, DST ($10.5 million; a Tucson facility net-leased to BioLife Plasma Services / Takeda)8. On October 21, 2024, the sponsor launched FSC Industrial 32, a $157 million DST backed by a 1.1 million-square-foot Monroe, Michigan industrial facility leased to Ford Motor Company9. On July 7, 2025, FSX announced acquiring a controlled ground-lease interest in a 175,000-square-foot, 27.4-acre Class A aviation complex at Miami-Opa Locka Executive Airport, fully leased to Jet Aviation, a General Dynamics subsidiary10. The company's press index records a $175 million pair of offerings fully subscribed on June 23, 2025, the $98 million FSX Industrial 34 launched January 15, 2026 and fully subscribed July 30, 2026, and the $74.1 million FSX Industrial 35 launched July 9, 2026 with Orgill as tenant11. On August 14, 2026, FSX announced acquiring a 278,670-square-foot Amazon cross-dock sortation center in Appling, Georgia — leased to Amazon.com Services LLC and guaranteed by Amazon.com, Inc. — and launching FSX Industrial 36, DST, a $58.93 million offering12.
Jet Aviation Inaugurates FBO At Miami-Opa Locka AirportAviation trade publication reports Jet Aviation held the grand opening of its new 27-acre FBO complex at Miami-Opa Locka Executive Airport on July 23, 2026, the property serving as collateral/leasehold for the Four Springs Aviation Infrastructure DST.
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.
Inside Ford's new Monroe packaging centerTrade coverage of Ford's Monroe Packaging Center (opened March 2024) on the same Laplaisance Road campus; describes consolidated aftermarket-parts distribution operations underpinning the DST tenancy.
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