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Industrial
FSC Industrial 32, DST
Monroe, MI
Open for Pledging
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FSC Industrial 32, DST
Monroe, MI
All Investments > FSC Industrial 32, DST
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Overview
FSC Industrial 32, DST
The Property is a 1.1M SF, mission-critical industrial building leased long-term to Ford Motor Company. Completed in 2024, the Property was a build-to-suit for Ford, exceeding current market standards for modern logistics facilities.
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Details
For more information, view the Sponsor's Investment Memorandum.
Eligibility 1031 Exchange Only
Minimum Investment 100000
Estimated Hold Period 7 Years
Investment Strategy Other
Investment Type Equity
Offering Loan-to-Value 49.8%
Sponsor Documents
The offering documents above 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.
Deal Highlights
Investment Highlights
Investment Grade Tenant: Ford Motor Company has been a leader in the automotive industry for over 120 years and is the 5th largest automaker in the world. They are BBB- investment grade rated by S&P and Fitch.
Experienced Sponsor: Founded in 2008, Four Springs and its affiliates have sponsored 47 investment programs, including 29 DST offerings and a real estate investment trust (REIT).
Mission-Critical Facility: This 1.1M SF mission-critical tenant facility is a key part of Ford’s Midwest supply chain. It was built to consolidate multiple Ford facilities and accommodates a two-shift operation of approximately 400 employees per shift.
Key Logistics Location: The Property is in the Detroit MSA, home to a 4.4M population and the US auto industry. This facility is located at a critical nexus of the US Interstate Highway System, and within a one-day drive time to 45% of the US population.
NNN Structured Lease: The tenant signed a 10-year base NNN lease with 2% annual base rent increases and five 5-year lease extension options.
Significant Tenant Investment: Ford Motor Company invested $70M in the facility to maximize operational efficiency. The property was also designed and built to above-market specifications specifically for Ford, making it an ideal property for the tenant on a long-term basis.
Investment Grade Tenant: Ford Motor Company has been a leader in the automotive industry for over 120 years and is the 5th largest automaker in the world. They are BBB- investment grade rated by S&P and Fitch.
Experienced Sponsor: Founded in 2008, Four Springs and its affiliates have sponsored 47 investment programs, including 29 DST offerings and a real estate investment trust (REIT).
Mission-Critical Facility: This 1.1M SF mission-critical tenant facility is a key part of Ford’s Midwest supply chain. It was built to consolidate multiple Ford facilities and accommodates a two-shift operation of approximately 400 employees per shift.
Key Logistics Location: The Property is in the Detroit MSA, home to a 4.4M population and the US auto industry. This facility is located at a critical nexus of the US Interstate Highway System, and within a one-day drive time to 45% of the US population.
NNN Structured Lease: The tenant signed a 10-year base NNN lease with 2% annual base rent increases and five 5-year lease extension options.
Significant Tenant Investment: Ford Motor Company invested $70M in the facility to maximize operational efficiency. The property was also designed and built to above-market specifications specifically for Ford, making it an ideal property for the tenant on a long-term basis.
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Management
For more information, view the Sponsor's Investment Memorandum.
Four Springs TEN31 Xchange

Four Springs TEN31 Xchange, LLC provides customized tax-deferred exchange solutions for real estate investors. Commencing in 2008, members of the Sponsor’s team have built a leading net lease investment platform, on which they have acquired over $1.3 Billion of net lease real estate and collected over 99% of rents. The Sponsor and its affiliates have sponsored 47 investment programs, including 29 DST offerings and a real estate investment trust (REIT), Four Springs Capital Trust. The Sponsor and its affiliates have raised in excess of $1 Billion of equity, including unfunded capital commitments, in their sponsored real estate programs from a diversified investor base, including global asset managers, institutions, family offices, and high-net-worth individuals.

Sponsor Track Record

Prior DST Program Statistics(1)

DST Programs 30
Occupancy 100%
Remaining Term(2) 11.5 years
Leasable SF 6.9 million SF
Total Properties 70
States 26
Tenant Industries 28
Investment Grade(2)(3) 59.4%
Total Annual Base Rent(2) $54.425 million
Aggregate Offering Size(4) $1,014,781,366
Aggregate Loan Proceeds $443,836,116

Property Types

Industrial 77.2%
Medical 18.2%
Retail 4.7%

(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 8/31/2024

Management Team
Management
William Dioguardi
Executive Chairman

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.

Management
Coby Johnson
CEO

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.

Management
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.

Management
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.

Financials
For more information, view the Sponsor's Investment Memorandum.
Distributions

Please refer to the FSC Industrial 32, DST - Private Placement Memorandum in the Documents section for details regarding distributions and fees.

Distributions

Please refer to the FSC Industrial 32, DST - Private Placement Memorandum in the Documents section for details regarding distributions and fees.

Disclosures
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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