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FSC Industrial Portfolio 27 DST
Offered By
Four Springs TEN31 Xchange
Investment Strategy Diversified Fund
Investment Type Equity
Minimum Investment 100000
Overview
FSC Industrial Portfolio 27, DST owns 22 high-quality diversified industrial properties net leased to creditworthy tenants in 10 industries.
Desirable Product Type

Demand for Industrial Real Estate is on the rise as U.S. companies look to ensure uninterrupted supply chains by adding more factory space nationwide. This strategy is growing as companies look to diversify their product sources, protect intellectual capital, and take advantage of government incentive programs.

Cash Flow

The portfolio is 100% net leased to high-quality tenants. The weighted average remaining lease term of the portfolio is greater than 10 years. The Sponsor believes single-tenant net lease properties offer the benefit of stable cash flows from long-term leases with investment grade and other creditworthy tenants.

Partner

The Sponsor has acquired and syndicated approximately $680 million of single-tenant net lease properties for their proprietary DST offerings, with equity issued in excess of $370 million for 26 FSXchange-sponsored DST offerings.

Property at a glance
1031 Exchange Qualified Yes
# of Assets 22
# of States 13
Average Annual Revenues $5B
Total Square Feet 1.3M
Aggregate Rents $9M
Investment Highlights
Mission Critical Real Estate with Strong Fundamentals: Mission critical locations present compelling lease renewal opportunities with market rents.
Debt Terms: 5.935% fixed interest-only rate at ~48% LTV
Durable Cash Flow: 100% net leased portfolio places responsibility for operating expenses on tenants. Weighted average remaining lease term of the portfolio is greater than 10 years.
Geographically Diversified: Industrial portfolio in high-demand regions leased to creditworthy tenants.
100% Net Leased Portfolio: Limited landlord responsibilities while tenants bear the cost of operating expenses. Contractual rent escalations built into leases.
In Demand Markets: Located on distribution routes in active markets throughout the US.
Management
Cumulative Distributions

Four Springs TEN31 Xchange

Four Springs Capital Market's mission is to lead with innovation and integrity in the realm of real estate exchanges. They aim to empower partners and clients through education, provide top-tier investment opportunities, and uphold the highest standards of compliance and due diligence. Their objective is to be the go-to resource and partner for professionals navigating the 1031 Exchange and replacement property landscape. 

Since entering the 1031 Exchange market in 2014, Four Springs has successfully completed over 1000+ exchanges, involving more than $800 million in replacement properties and collaborating with over 3000 professionals. Their platform and approach is their strength. Four Springs works closely with a wide range of professionals involved in the 1031 Exchange process, providing them with the tools and knowledge necessary to navigate this complex field.  

https://www.fscap.net/
  • William Dioguardi
    Chairman of Board of Trustees and Chief Execuitve Officer
  • Coby Johnson
    Member of Board of Trustees, President, Chief Operating Officer and Secretary
  • Durgesh Karlekar
    Vice President - Finance and Treasurer
  • Jared Morgan
    Senior Vice President, Head of Acquisitions
  • Cindy Daly
    Senior Vice President, Head of Underwriting
William Dioguardi
Chairman of Board of Trustees and Chief Execuitve Officer

Mr. Dioguardi has served as the Chairman of the board of trustees and Chief Executive Officer of Four Springs Capital Trust since its formation in July 2012. Mr. Dioguardi was the founding shareholder of Four Springs Capital, L.L.C., a real estate investment management firm focused on net lease real estate, in November 2008, where he led the acquisition and asset management of net lease properties through syndication to investors. Prior to Four Springs Capital, L.L.C., Mr. Dioguardi was President of Spencer Trask Ventures, Inc., a leading private equity firm based in New York City, at which Mr. Dioguardi led a team that invested in technology companies. Mr. Dioguardi also founded and built Vantage Securities, an investment banking firm that participated in public and private offerings of securities. Prior to founding Vantage, Mr. Dioguardi served in several senior roles of increasing responsibility at Integrated Resources Equity Corp., at the time the largest real estate syndication firm in the United States. Mr. Dioguardi received a B.S. degree in Business Administration from Monmouth University. Active in community affairs for many years in Avon-by-the-Sea, New Jersey, Mr. Dioguardi served as Commissioner of Revenue and Finance from 1991 – 2003. In addition, from 2005 – 2015, he served as a member of the board of trustees of Monmouth University and the University’s Investment Committee, which he chaired for several years.

Coby Johnson
Member of Board of Trustees, President, Chief Operating Officer and Secretary

Mr. Johnson has served as the President of Four Springs Capital Trust since June 2014 and as its Chief Operating Officer, Secretary, and trustee since its formation in July 2012. From October 2010 until July 2012, Mr. Johnson was a Managing Director of Four Springs Capital, L.L.C. focusing on all aspects of net lease real estate acquisition and investment. Prior to joining Four Springs Capital, L.L.C., Mr. Johnson led the alternative investments group of a financial services firm, served in business development, operational and advisory roles for enterprises in industries including real estate, financial services, and technology, and practiced corporate and securities law at major firms in Boston and Philadelphia. Mr. Johnson has participated in numerous real estate and capital markets transactions, including public and private equity and debt financings. Mr. Johnson received a B.A. in Economics from the University of Illinois-Urbana and a J.D. from Emory University School of Law.

Durgesh Karlekar
Vice President - Finance and Treasurer

Mr. Karlekar has served as Vice President – Finance of Four Springs Capital Trust since November 2021 and as its Treasurer since May 2022. From May 2015 until October 2020, Mr. Karlekar was a Vice President of Paramount Group, Inc. (NYSE: PGRE) responsible for all aspects of property accounting and reporting and provided support SEC reporting and compliance, oversaw compliance with Sarbanes-Oxley 404, and coordinated audits and reviews with independent accountants. From October 2006 until April 2015, Mr. Karlekar was a Senior Manager of Ernst & Young LLP in their real estate industry assurance and advisory Services group in New York and Dublin, Ireland offices. Mr. Karlekar is a Certified Public Accountant and earned a B.Com. in Accounting from Mumbai University, India, and is a Chartered Accountant from Institute of Chartered Accountants in India.

Jared Morgan
Senior Vice President, Head of Acquisitions

Mr. Morgan has served as Senior Vice President, Head of Acquisitions of Four Springs Capital Trust since August 2016. From May 2013 until July 2016, Mr. Morgan served as Vice President of Acquisitions at Spirit Realty Capital, Inc. (NYSE: SRC), responsible for sourcing new acquisitions in the marketplace. From August 2006 until July 2011, Mr. Morgan was the Vice President, Dispositions and Acquisitions, of Sovereign Investment Company, where he bought and sold over $2 billion of net lease assets. Mr. Morgan has served as Operating Partner of Excess Space Retail Services, Inc. and was co-founder of an Apollo Real Estate Advisors venture. Mr. Morgan earned a B.A. from Colby College.

Cindy Daly
Senior Vice President, Head of Underwriting

Ms. Daly has served as Senior Vice President, Head of Underwriting of Four Springs Capital Trust since January 2021. From December 2016 through December 2020 she was our VP of Underwring. From November 2012 until December 2016, Ms. Daly served as our Director of Acquisitions. Prior to joining the company, Ms. Daly was the founder and Principal of Sand Dollar Investments LLC, a real estate consulting firm, from March 2008 until November 2012. From January 2001 until November 2010, Ms. Daly served as Executive Vice President and Director of Monmouth Real Estate Investment Corporation (NYSE: MNR), a REIT focused on net lease industrial properties. Ms. Daly earned a B.A. in English from Lafayette College and an M.B.A. from Monmouth University.

Track Record

Prior DST Program Statistics(1)

  • DST Programs: 27
  • Occupancy: 100%
  • Remaining Term(2): 11.99 years
  • Leasable SF: 5,754,652 SF
  • Total Properties: 65
  • States: 26
  • Tenant Industries: 28
  • Investment Grade(2)(3): 49.5%
  • Total Annual Base Rent(2): $43,805,476
  • Average Building Age(2): 9.17 years
  • Aggregate Offering Size(4): $832,004,366
  • Property Types:
    • Industrial: 74.8%
    • Medical: 19.4%
    • Retail: 5.8%

(1) Statistics represent all historical FSC-sponsored DST offerings as of the initial date of syndication.

(2) Aggregate Annual Base Rent ("ABR") as of the initial date of syndication. ABR is the amount equal to the monthly Base Rent due from such Tenants multiplied by 12.

(3) Tenants or lease guarantors, or parents of tenants of lease guarantors, that have an investment grade credit rating from a major credit rating agency or have a senior unsecured obligation that has been so rated. An investment grade credit rating refers to a published long-term credit rating of a Baa3/BBB- or above from all of Moody’s Investor Services, Inc., Standard & Poor’s Rating and AM Best. 

(4) Including Debt and Equity Raised.

As of 1/01/2024

Property Information

FSC Industrial Portfolio 27, DST (the “Parent Trust”) is a master-leased DST offering comprised of a diversified portfolio of 22 industrial properties net leased to creditworthy tenants in 10 industries. The investment objective of the Parent Trust is to provide monthly cash distributions and provide the potential for capital appreciation.

Tenant Overview

Tenant # of Properties Property Location Aggregate Annualized Base Rent(1)(2) % of Aggregate Annualized Base Rent(1)(2)
Abrasive Technology 2 IL, OH $648,067 7.60%
Brenntag 1 OH $828,600 9.70%
Tech-24 2 IL $343,879 4.00%
Columbia Gas 1 OH $222,000 2.60%
Continental Services 4 MI $1,494,200 17.50%
Domino's 1 MD $890,400 10.40%
Equipment Share 3 AZ, OR, PA $708,180 8.30%
International Paper 1 NE $437,110 5.10%
LiquiBox 2 FL, OH $516,819 6.00%
Mighty Distributing 1 TN $751,717 8.80%
NYSEG 1 NY $319,805 3.70%
Super Products 1 IN $385,993 4.50%
A. Stucki Company 1 OH $726,776 8.50%
MEDCO 1 MO $282,256 3.30%
Total 22   $8,555,801 100%

(1) Annualized Base Rent ("ABR") is the amount equal to the monthly Base Rent in May 2023 due from such tenant multiplied by 12.

(2) Aggregate Annualized Base Rent is the sum of all monthly Base Rents due from the Tenants in the Offering multiplied by 12.

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Distributions

Please refer to the FSC Industrial Portfolio 27 DST - Private Placement Memorandum in the Documents section for details regarding distributions and fees.

The following offering documents have been prepared and are being delivered by the Sponsor of this investment opportunity, and not by RM Securities, LLC. RM Securities, LLC and its associated persons did not assist in preparing, do not explicitly or implicitly adopt or endorse, and are not otherwise responsible for, the Sponsors offering documents posted below or any content therein.
RM Securities, LLC and its Affiliates Compensation

RM Securities, LLC, its registered representatives, affiliates, associated persons, and personnel of its affiliates who may also be associated with it, including our associated persons and personnel of our affiliates who are also be associated with RM Securities, LLC (it (“RM Securities,” “we,” “our,” or “us”) will receive fees, expense reimbursements, and other compensation (“Fees”) from the issuer of this investment offering, its sponsor, or an affiliate thereof (“Sponsor”), or otherwise in connection with Sponsor’s offering. The Fees paid to us are in addition to other fees you will pay to Sponsor or in connection with Sponsor’s investment offering. You will pay Fees to Sponsor, either directly or indirectly as an investor in the Sponsor’s offering. Sponsor will use the Fees you pay, as well as funds you invest in the relevant offering, to compensate us. The Fees paid to us will directly or indirectly be borne by you as the investor (typically, but not always, in the form of an expense of the Sponsor’s offering in which you invest) because such Fees will reduce the proceeds available for distribution to you and reduce the amount you earn over time.

For more information on the Fees paid to us, or any other Fees you will pay in connection with Sponsor’s offering, please carefully review the Sponsor’s Investment Documents. Please also carefully review RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

No Approval, Opinion or Representation, or Warranty by RM Securities, LLC

Sponsor has provided, approved, and is solely responsible in all aspects for the information on this webpage (“Page”), including Sponsor’s offering documentation, which may include without limitation the Private Placement Memorandum, Operating or Limited Partnership Agreement, Subscription Agreement, the Project Summary and all exhibits and other documents attached thereto or referenced therein (collectively, the “Investment Documents”). The Investment Documents linked on this page have been prepared and posted by Sponsor, and not by RM Securities. We did not assist in preparing, do not adopt or endorse, and we are not otherwise responsible for, the Sponsor’s Investment Documents. We make no representations or warranties as to the accuracy of information on this Page or in the Sponsor’s Investment Documents and we accept no liability therefor. No part of the information on this Page or in the Sponsor’s Investment Documents is intended to be binding on us.

Sponsor’s Information Qualified by Investment Documents

The information on this Page is qualified in its entirety by reference to the more complete information about the offering contained in the Sponsor’s Investment Documents. The information on this Page is not complete and subject to change at the Sponsor’s discretion at any time up to the closing date. The Sponsor’s Investment Documents and supplements thereto contain important information about the Sponsor’s offering including relevant investment objectives, the business plan, risks, charges, expenses, and other information, which you should consider carefully before investing. The information on this Page should not be used as a basis for an investor’s decision to invest.

Risk of Investment

This investment is speculative, highly illiquid, and involves substantial risk. There can be no assurances that all or any of Sponsor’s assumptions, expectations, estimates, goals, hypothetical illustrations, or other aspects of Sponsor’s business plans (“Assumptions”) will be true or that actual performance will bear any relation to Sponsor’s Assumptions, and no guarantee or representation is made that Sponsor’s Assumptions will be achieved. If Sponsor does not achieve its Assumptions, your investment could be materially and adversely affected. A loss of part or all of the principal value of your investment may occur. You should not invest unless you can readily bear the consequences of such loss. Sponsor’s Assumptions should not be relied upon as the primary basis for your decision to invest.

No Reliance on Forward-Looking Statements; Sponsor Assumptions

Sponsor is solely responsible for statements made concerning forward-looking statements and Assumptions, which apply only as of the date made, are preliminary and subject to change, and are expressly qualified in their entirety by the disclosures and cautionary statements included in Sponsor’s Investment Documents, which you should carefully review. Neither RM Securities nor Sponsor are obligated to update or revise such forward-looking statements or Assumptions to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Sponsor’s forward-looking statements and Assumptions are hypothetical, not based on actual investment achievements or events, and are presented solely for purposes of providing insight into the Sponsor’s investment objectives, detailing Sponsor’s anticipated risk and reward characteristics, and establishing a benchmark for future evaluation of actual results; therefore, they are not a predictor, projection, or guarantee of future results. You should not rely on Sponsor’s forward-looking statements as a basis to invest.

Importantly, we do not adopt, endorse, or provide any assurance of returns or as to the accuracy or reasonableness of Sponsor’s Assumptions or forward-looking statements.

No Reliance on Past Performance

Any description of past performance is not a reliable indicator of future performance and should not be relied upon as the primary basis to invest.

Sponsor’s Use of Debt

A substantial portion of the total cost of the real estate asset acquired by the Sponsor with investor funds (“Property”) will be paid with borrowed funds, i.e., debt. Sponsor’s estimated rates and terms of the debt financing are subject to lender approval, and there is no assurance that the Sponsor will secure debt at the rates and terms presented on this Page or in the Sponsor’s Investment Documents, or at all. The use of borrowed money to acquire real estate is referred to as leveraging, which can amplify losses and could result in lender foreclosure. In addition, if the debt includes a variable (or “floating”) interest rate, the total amount of interest paid over the term of the debt will fluctuate and can increase. As a result, Sponsor’s use of debt can result in a loss of some or all of your investment.

Sponsor’s Offering is Not Registered

Sponsor’s securities offering will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), in reliance upon the exemptions from registration pursuant to Rule 506(c) of Regulation D as promulgated under the Securities Act (“Private Placement”). In addition, the offering will not be registered under any state securities laws in reliance on exemptions from state registration. Such securities (your ownership interests) are subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable state and federal securities laws pursuant to registration or an available exemption. All Private Placements on the Platform are intended solely for “Accredited Investors,” as that term is defined in Rule 501(a) under the Securities Act.

No Investment Advice

Nothing on this Page should be regarded as investment advice (either with respect to a particular security or regarding an overall investment strategy), a recommendation, an offer to sell, or a solicitation of or an offer to buy any security. Advice from a securities professional is strongly advised to understand and assess the risks associated with real estate or private placement investments. For additional information on RM Securities’ involvement in this offering, please carefully review the Sponsor’s Investment Documents, and RM Securities’ Form CRS, Regulation Best Interest Disclosures, and Limited Brokerage Services Agreement.

1031 Exchange Risk

Internal Revenue Code Section 1031 (“Section 1031”) contains complex tax concepts and certain tax consequences may vary depending on the individual circumstances of each investor. RM Securities and its affiliates make no representation or warranty of any kind with respect to the tax consequences of your investment or that the IRS will not challenge any such treatment. You should consult with and rely on your own tax advisor about the tax aspects with respect to your particular circumstances.

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