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Current Offerings  /  FSX Industrial 35 DST
Available506(c)721 Exchange: None

FSX Industrial 35 DST

SponsorFour Springs TEN31 Xchange
LocationGeorgia
Property TypeIndustrial, Warehouse, Distribution, Net Lease
$74,165,000
Total Investment
51.81%
LTV
4.96%
Income Average
7 years
Estimated Hold Period

Investment Description

The Trust owns a leasehold interest in a 798,000-square-foot industrial cross-dock distribution facility on approximately 86.9 acres at 10 Orgill Way in Tifton, Georgia. Orgill, Inc. occupies the property under a direct NNN lease with approximately 17 years remaining and two 10-year renewal options. The structure does not rely on a Master Lease.

The Trust has a $38.425 million Old National Bank mortgage. The note is SOFR + 1.75% but is fixed at 5.60% for the full term by an interest-rate swap; it is interest-only for 60 months and then amortizes on a 360-month schedule, with maturity June 30, 2033. PPM Exhibit E (page E-2), "Estimated Forecasted Cash Flows," projects cash-on-cash returns of 5.00%, 5.05%, 5.10%, 5.15% and 5.20% in Years 1-5, stepping down to 4.50% and 4.75% in Years 6-7; no years beyond Year 7 are projected, coincident with loan maturity.

Investment Sponsor
Four Springs TEN31 Xchange
Availability Status
Available
Registration
506(c)
721 Exchange
None
Property Type
Industrial, Warehouse, Distribution, Net Lease
Equity
$35,740,000
Debt
$38,425,000
Total Investment
$74,165,000
LTV
51.81%
Initial Reserves
$500,000
Lender
Old National Bank
Interest Rate
5.60%
Amortization
Interest-only first 60 months; then 360-month amortization schedule
Loan Term
7 years
Estimated Hold Period
7 years

Projected Cash Flow

Cash Flow Basis: Projected Investor Distribution · Forecast Through: Year 7 · Post-Forecast Treatment: Forecast Ends at Loan Maturity
PPM Exhibit E, “Estimated Forecasted Cash Flows,” projects cash-on-cash return of 5.00%, 5.05%, 5.10%, 5.15%, 5.20%, 4.50%, and 4.75% in Years 1-7. The loan matures at the end of Year 7; no Years 8-10 are projected.

Highlights

1
Direct NNN lease to Orgill avoids affiliate Master Tenant credit exposure.
2
798,000-square-foot cross-dock facility supports tenant-specific distribution operations.
3
Lease has approximately 17 years remaining plus two 10-year tenant options.
4
Interest-rate swap fixes all-in loan pricing at 5.60% for the seven-year loan term.
5
51.8% LTV leaves material investor equity behind the senior mortgage.

Jerry Baker's Notes

Before you read these notes

Jerry Baker's Notes are his opinion, shared to help frame a conversation. They are not investment advice, a recommendation, or an offer, and they are not a substitute for the offering documents. Review the Private Placement Memorandum for complete information, including risk factors, before making any decision.

I understand · Show the notes

This is a direct single-tenant industrial credit and lease-duration investment, rather than a sponsor-credit Master Lease structure. The fixed 5.60% swapped coupon and 60-month interest-only period reduce near-term cash-flow volatility, but amortization begins in year six and the remaining balloon matures in 2033. The 51.8% LTV is moderate, but debt service and sale/refinancing conditions remain critical because the Trust cannot recapitalize conventionally.

Orgill's 17-year NNN lease supports visibility, while the property remains single-tenant, tenant-specific, and leasehold. PPM Exhibit E provides a seven-year investor-distribution forecast that runs to loan maturity and no further; the step down from 5.20% in Year 5 to 4.50% in Year 6 is the start of amortization, not a lease event.

Property Addresses

110 Orgill Way, Tifton, GA 31794

Offering Documents

Download all documents (.zip)
FSX Industrial 35 DST - PPM.pdfDownloadFSX Industrial 35 DST - Term Sheet.pdfDownloadFSX Industrial 35 DST - Orgill Credit Report.pdfDownload
Documents are provided by the sponsor for registered investors. Review the Private Placement Memorandum in full, including risk factors, before making any decision.

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