Published ✓Sponsor-published track-record coverage
Sponsor profile
SEC filings + cited sources
Four Springs TEN31 Xchange (FSX) is a Delaware statutory trust sponsor founded in 2014 as the 1031/DST syndication arm of Four Springs, headquartered in Wall, New Jersey. It structures 1031-exchange replacement-property offerings around creditworthy single-tenant properties on long-term net leases across the industrial, medical/healthcare, and necessity-retail sectors. Its programs have featured tenants including Ford Motor Company, Eaton Corporation, Carhartt, and Jet Aviation. The sponsor reports more than $1 billion in assets under management and over 1,000 completed 1031 exchanges across more than a decade of DST sponsorship.
Platform and strategy
Four Springs TEN31 Xchange, LLC (FSXchange / FSX) was founded in 2014 as the 1031/DST syndication arm of Four Springs and is headquartered at the Allaire Corporate Center in Wall, New Jersey 1. The platform focuses on creditworthy single-tenant commercial properties under long-term triple-net (NNN) leases across the industrial, medical/healthcare, and necessity-retail sectors, with a sponsor-published acquisition price range of $5 million to $200 million 2.
Track record
FSC MRC Odessa TX, DST, an industrial program, was sold in March 2024 with a sponsor-reported total return of 178% 3. On its own site, FSX reports non-audited cumulative figures including more than $1 billion in assets under management and over 1,000 completed 1031 exchanges across more than a decade of DST sponsorship 1.
Program activity
In August 2024, FSX announced completion of $160 million in DST subscriptions across FSC Industrial Portfolio 27 and FSC Healthcare 28, the latter a $10.5 million all-cash BioLife Plasma medical facility in Tucson, Arizona 4. In October 2024, it launched FSC Industrial 32, DST, a $157 million offering built around a newly built 1.1 million-square-foot distribution facility at 14741 Laplaisance Road, Monroe, Michigan (Detroit MSA), triple-net leased to Ford Motor Company 5. In July 2025, it acquired the Jet Aviation FBO complex at Miami-Opa Locka Executive Airport, a leasehold interest under a long-term net lease to Jet Aviation, a General Dynamics subsidiary 6. In January 2026, it launched FSX Industrial 34, DST, a $98 million offering pairing an Eaton Corporation facility in Duncan, South Carolina with a Carhartt distribution hub in Hanson, Kentucky 7.
FSC Industrial 10 DST2022No public full-cycle announcement or disposition press release naming FSC Industrial 10 DST (Leggett & Platt Aerospace/Pegasus Manufacturing + Crothall Laundry Services, Middletown CT) was located; while Leggett & Platt closed the sale of its Aerospace Products Group in August 2025, the impact on this specific DST was not stated in available sources.sec.gov ↗prnewswire.com ↗SEC ↗
FSC Industrial Portfolio 27, DST2023No full-cycle, sale, 721 UPREIT, foreclosure, or other disposition announcement naming FSC Industrial Portfolio 27, DST could be located; the only public records identified are the October 2023 fund profile, the June 2023 BusinessWire loan-closing/launch announcement, and the August 2024 BusinessWire/BlueVault subscription announcement for the $150.5 million 22-property industrial offering. [1][2][3]fscap.net ↗businesswire.com ↗ten31xchange.com ↗SEC ↗
FSC Healthcare 28, DST2024No 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].fscap.net ↗biolifeplasma.com ↗yelp.com ↗SEC ↗
FSC Healthcare 29, DST2024No sale, foreclosure, or 721 UPREIT conversion has been announced for FSC Healthcare 29, DST (Form D run ended May 29, 2025); the three properties — Doctors Care Florence SC, BioLife Plasma American Fork UT and Doctors Care Orangeburg SC — remain operating (the Doctors Care SC locations were rebranded as Novant Health Urgent Care on Aug 14, 2025 following Novant's acquisition of UCI Medical Affiliates) [1][2][3].novanthealth.org ↗altswire.com ↗fscap.net ↗SEC ↗
FSC Industrial 32, DST2024No sale, foreclosure, or UPREIT conversion has been announced for FSC Industrial 32, DST (Form D run ended Jun 6, 2025); Ford's Monroe Packaging Center at 14741 LaPlaisance Road, Monroe MI opened Mar 2024 and remains operational, with Ford further announcing in Dec 2025 a new $195M warehouse/160 jobs near Monroe, indicating the Ford tenant and the property continue to be active [1][2][3].altswire.com ↗mmh.com ↗crainsdetroit.com ↗SEC ↗
Four Springs Launches $74.1M Industrial DST Tied to Georgia Distribution FacilityAltsWire reports Four Springs TEN31 Xchange launched a new ~$74.1M industrial DST for a Georgia distribution facility and explicitly cites the prior $98M FSX Industrial 34 DST (Eaton/Carhartt portfolio) as a recently completed comparable offering.
Four Springs Launches $150 Million Industrial DST OfferingTrade-press coverage of the launch of FSC Industrial Portfolio 27, DST, a 22-property, 1.3 MSF industrial portfolio 100% net leased to 14 tenants including Brenntag, Domino's, Columbia Gas, International Paper and NYSEG.
Middletown aerospace manufacturer acquiredLocal business journal reporting Leggett & Platt's acquisition of Pegasus Manufacturing in Middletown, CT — the underlying tenant of the FSC Industrial 10 property.