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Four Springs TEN31 Xchange Fully Subscribes $98 Million Industrial DST, Launches Follow-On Offering

By Mari Nicholson

Four Springs TEN31 Xchange, LLC, or FSXchange, a sponsor of Delaware statutory trust programs for 1031 exchange investors, has fully subscribed FSX Industrial 34, DST, the company said. The $98 million offering comprises a two-property industrial portfolio in Duncan, South Carolina, and Hanson, Kentucky, net leased under absolute triple-net agreements with contractual rent growth to Eaton Corporation (NYSE: ETN) and Carhartt, Inc., respectively. AltsWire reported the launch of the offering in December 2025.

“The full subscription of FSX Industrial 34 reflects the strength of relationships we’ve built across the broker-dealer and RIA channel over 12 years, as well as the confidence of new distribution partners who participated in an FSXchange program for the first time through this offering,” said Matt Woehnker, president of Four Springs Capital Markets.

FSXchange has since launched FSX Industrial 35, DST, a net lease industrial offering leased to Orgill, Inc., a wholesale distributor of hardware and home improvement products. The firm said it plans to bring additional DST offerings to market this summer for 1031 exchange investors seeking net lease replacement property. AltsWire reported that the $74.1 million offering is backed by a 798,000-square-foot cross-dock distribution facility in Tifton, Georgia, completed in 2024.

“Our pipeline reflects the same basis-driven underwriting philosophy that has guided every FSXchange program since 2014,” said Jared Morgan, senior vice president and head of acquisitions. “FSX Industrial 35 continues our focus on single-tenant industrial assets leased long-term to creditworthy operators, and we look forward to introducing additional offerings to the market in the months ahead.”

FSXchange fully subscribed two DST offerings in June 2025 – the $159 million FSC Industrial 32, DST and the $15 million FSC Healthcare 29, DST – and fully subscribed the $150.5 million FSC Industrial Portfolio 27, DST in 2024.

Founded in 2014, Four Springs TEN31 Xchange, LLC is a DST sponsor specializing in creditworthy, single-tenant commercial properties across the industrial and retail sectors. Offerings are distributed through Four Springs Capital Markets, LLC.

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Four Springs Capital