Home Alts News Four Springs Acquires Detroit Cold-Storage Facility for DST Offering

Four Springs Acquires Detroit Cold-Storage Facility for DST Offering

Four Springs TEN31 Xchange LLC, a sponsor of Delaware statutory trust programs, acquired a Class A industrial cold-storage facility in the Detroit suburb of Romulus, Michigan.

Located at 33000 Smith Road, the 165,000-square-foot property is net leased to Performance Food Group Inc. with 13 years remaining on the current lease.

The property was acquired for $28.1 million on behalf of FSC Industrial 11, a Delaware statutory trust offering sponsored by Four Springs.

Through its subsidiaries, Performance Food Group markets and distributes more than 200,000 food and non-food related products from 109 distribution centers to over 200,000 customers nationwide.

“We are pleased to add the Performance Food Group Class A cold storage property to our DST portfolio,” said William Dioguardi, chief executive officer at Four Springs Capital Trust. “Our channel partners continue to provide market intelligence for our acquisitions team to source, underwrite and acquire attractive properties for investors seeking 1031 Exchange replacement opportunities.”

Four Springs TEN31 Xchange sponsors DST offerings focused on single-tenant net-leased real estate. FSXchange is a subsidiary of Four Springs Capital Trust, an internally managed private real estate investment trust that invests in industrial, medical and retail properties throughout the United States that are subject to long-term net leases.

Four Springs Capital Markets is a financial services firm that raises capital for real estate and other alternative investments. Since 2009, the company has raised capital from financial intermediaries, high net worth individuals, family offices and institutional investors for a range of 1031 programs, private placements and REIT equity and debt investments.

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