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Four Springs TEN31 Xchange, a Delaware Statutory Trust, has purchased a 1.1 million-square-foot industrial asset in Monroe, Mich., for $139.5 million, according to S&P Global. FSXchange used $76.7 million in acquisition financing secured by Colliers. InSite Real Estate previously owned the asset that is fully leased to Ford Motor Co., CommercialEdge data shows.

Four Springs launched the industrial DST offering at $157.2 million in August. At the time, the required equity amounted to $80.5 million and was suitable for Section 1031 Exchange or direct investment alike. The leverage ratio clocked in at 48.8 percent. The DST offering also included five five-year extension options and a 2 percent annual base rent increase.