
Four Springs (FSX)
DST sponsorfirst SEC filing 2014ten31xchange.com
Counted by Top1031 from SEC Form D filings · updated Oct 15, 2026 · Record Card evaluated Oct 12, 2026
4 completed sales; 1 loss or impairment; 5 counted Programs. 1 loss or impairment within three years.
Four Springs (FSX) has sponsored 34 Delaware Statutory Trust (DST) programs found in SEC Form D filings since 2014, most often industrial properties. Today its SEC filings show two active offerings; the newest was first filed on Sep 8, 2026. One more is recently fully subscribed.
Four Springs (FSX) DST offerings (2 active)
Active means an SEC filing in the last 15 months and not reported fully subscribed. It does not confirm you can still invest. One recently fully subscribed offering is listed last, marked Sold out, and not counted as active.
Ask a specialist about these offeringsFour Springs (FSX) Record Card
Four Springs (FSX)
4 completed sales; 1 loss or impairment; 5 counted Programs. 1 loss or impairment within three years.
Completed sales 4Losses or impairments 1Counted Programs 5
Of 34 Programs, 5 count toward the Grade: 4 completed sales and 1 loss or impairment. The lines below describe all Programs, including those outside the Grade count.
- Programs found in SEC fundraising filings (Form D)
- 34
- Share of programs over 3 years old whose status we confirmed
- 33%
How does Four Springs (FSX) build its deals?
From 3 of Four Springs (FSX)’s offering documents (Jul 2025–Jul 2026). These are the sponsor's own tables, not the Record Card's counts above.
- How complete is the track record in its offering documents?
- Record with gaps
The affiliated REIT's results are not tabulated.
- How often did past exits return less than investors put in?
- Under 5% of the 10–49 exits in its tables
As reported by the sponsor.
- How many current programs pay less than the sponsor projected?
- Not shown in its offering documents
- Can its affiliate buy investors out?
- No, in all 3 offerings reviewed
- Does its own master tenant pay the rent?
- No, in all 3 offerings reviewed
- Can investors remove the manager?
- No, in all 3 offerings reviewed
About Four Springs (FSX)
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. The June 2025 offering documents describe 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.
Sponsor-stated figures are as reported by the sponsor.Sources: ten31xchange.com · Web page · Undated · Top1031 sponsor record · sec.gov · SEC filing · 2026 · data.sec.gov · SEC filing · 2026 · ten31xchange.com · Web page · 2024 · ten31xchange.com · Web page · 2024 · +3 more
Realized program outcomes
- 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 return 5, 6.
- FSC Industrial III DST — the property sold on August 10, 2026 for $9,500,000 on a stated whole-property basis 7.
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 Company 9. 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 subsidiary 10. 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 tenant 11. 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 offering 12.
Show sources (12)Hide sources (12)
- ten31xchange.com · Web page · Undated ↗ Sponsor disclosure
- Sponsor offering documents, Jun 2025
- Top1031 sponsor record ↗
- sec.gov · SEC filing · 2026 ↗ Public record
- Sponsor offering documents, Aug 2022
- Sponsor offering documents, Aug 2022
- data.sec.gov · SEC filing · 2026 ↗
- ten31xchange.com · Web page · 2024 ↗ Sponsor disclosure
- ten31xchange.com · Web page · 2024 ↗ Sponsor disclosure
- ten31xchange.com · Press release · 2025 ↗ Sponsor disclosure
- ten31xchange.com · Press release · 2026 ↗ Sponsor disclosure
- ten31xchange.com · Web page · 2026 ↗ Sponsor disclosure
Four Springs (FSX) track record (34 programs)
Every program found in SEC Form D filings. Programs with a reported result are listed first, then the rest by first filing year. Each row links to its SEC filings.
Show all 34 programsShow fewer
Four Springs (FSX) news
Sales report on FSX Industrial 36 DST →
More Four Springs (FSX) coverage (26)
Sales report on FSX Industrial 35 →
FSC Healthcare II DST sold in November 2024
Event: Nov 2024 · Top1031
FSC MRC Odessa TX DST sold in March 2024
Event: Mar 2024 · Top1031
FSC Industrial IV DST sold in August 2022
Event: Aug 2022 · Top1031
FSC AS Mt. Juliet TN DST sold in August 2022
Event: Aug 2022 · Top1031
FSC BJ Tilton NH DST sold in August 2022
Event: Aug 2022 · Top1031
FSC AS Jonesboro AR DST sold in August 2022
Event: Aug 2022 · Top1031
FSC Industrial II DST completed a 721 exchange in June 2020
Event: Jun 2020 · Top1031
Questions about Four Springs (FSX) DSTs
- Does Four Springs (FSX) have DST offerings available now?
- Four Springs (FSX)’s SEC filings show two active DST offerings, with stated offering sizes from $35.7M to $58.9M. Active means an SEC filing in the last 15 months and not reported fully subscribed. It does not confirm you can still invest. The newest was first filed on Sep 8, 2026. One more is recently fully subscribed and not counted as active.
- How many DST programs has Four Springs (FSX) sponsored?
- Top1031 found 34 Four Springs (FSX) programs in SEC Form D filings. The first was filed in 2014. Each is listed in the track record on this page with a link to its SEC filings.
- What kind of property does Four Springs (FSX) put in its DSTs?
- Of the 20 Four Springs (FSX) offering records on Top1031, six are industrial and four net lease.
- What is the minimum investment for Four Springs (FSX) DSTs?
- Each of its active offerings with a stated minimum lists $100,000, as shown on each offering’s page.
- What results has Four Springs (FSX) published for its DSTs?
- On its Record Card, five of its 34 programs sold with a result reported by the sponsor. Another one sold without a result reported by the sponsor and one moved into a REIT instead of being sold. Sponsor-stated figures are as reported by the sponsor; Top1031 does not compute or estimate returns.
- How do I ask about Four Springs (FSX) offerings?
- Use the “Ask a specialist about these offerings” button at the top of Four Springs (FSX)’s offerings list on this page. Top1031 is not a broker-dealer or investment adviser and does not provide tax, legal, or investment advice.
Answers are generated from the counts on this page and change when the record changes.
Other industrial DST sponsors
What can I do next?
Use the record as a starting point. Compare the current offerings or save them to your Watchlist.


