IREX IV Industrial Portfolio is an Invesco-sponsored debt-free DST indirectly owning three modern, functional industrial buildings in Fort Pierce, FL and Concord and Mebane, NC. The properties are situated in growth-oriented markets with strong tenant demand, institutional-quality infrastructure, and regional connectivity. The stabilized assets offer income-growth potential through below-market rents and long-term tenancy.
The Invesco Real Estate Exchange Program is offering up to 100% of the Class I beneficial interests in IREX IV Industrial Portfolio DST (the "Trust"), which indirectly owns a portfolio of three industrial assets (the "Offering). These properties, located in Fort Pierce, FL, Concord, NC, and Mebane, NC, are strategically located, modern, functional industrial buildings.
They are situated in growth-oriented markets with strong tenant demand, institutional-quality infrastructure, and excellent regional connectivity. The stabilized properties offer significant potential for income growth through below-market rents, and long-term tenancy.
The properties are held free and clear with no mortgage, eliminating refinancing, maturity, rate-cap, and lender-foreclosure risk and removing the equal-or-greater-debt replacement requirement for 1031 investors. The structural trade-off is the absence of positive leverage.
IREX IV Industrial Portfolio DST owns a portfolio of three industrial assets located in Fort Pierce, FL, Concord, NC, and Mebane, NC, that are strategically located, modern, functional industrial buildings.
The Properties are situated in growth-oriented markets with strong tenant demand, institutional-quality infrastructure, and excellent regional connectivity. According to the Sponsor, the stabilized properties offer significant potential for income growth through below-market rents and long-term tenancy.
Modern specs: clear heights 26–36 ft, heavy dock ratio, ample trailer parking, and 2023–2024 construction at two assets.
All three markets benefit from pro-business state policies and sustained industrial absorption
Invesco, established in 1983, has approx $2.25 T in assets under management
At the micro level the portfolio presents a fully stabilized (100% occupancy across all three assets), unlevered, master-leased income vehicle with two new-construction Class A facilities exhibiting modern functional specifications (36-foot and 30-foot clear heights, ample dock and trailer positions, rear-load configurations) in supply-constrained, demographically expanding Sun Belt logistics corridors. The zero-leverage capitalization removes the refinancing and rate-cap exposure currently impairing comparable levered 1031 vehicles. Macro tailwinds are credibly evidenced in the materials: secular e-commerce penetration projected to roughly double over the decade, Southern industrial income returns of 4.4% exceeding the national average of 4.1%, and the South absorbing 56.4% of net absorption against a 36.4% inventory share, indicating demand outpacing regional supply. Lease structures embed contractual escalators and below-market in-place rents, providing a defined mark-to-market growth vector layered atop a contractually fixed 4.33% current distribution.
Asset-specific vulnerabilities concentrate in three areas. First, lease-expiration clustering within Interstate Commerce Center: Interstate Roofing Supply (20.4% of NRA, expiring 1/31/2029) and Interstate Interior Supply (14.6% of NRA, expiring 6/30/2029) roll within the same 2029 window, roughly 35% of that asset, while Interstate Plumbing Supply (14.8% of NRA, expiring 2/28/2034) carries no renewal options, elevating concentrated re-leasing and downtime risk on the second-largest position. Second, the Concord asset (11.1% of value) is a 1998-vintage, single-tenant facility with a 25-foot clear height functionally inferior to modern 32-to-36-foot bulk standards; its tenant lease expires 12/31/2029 (already a second extension) with one remaining option, creating binary rollover risk on the asset most exposed to obsolescence and negative re-leasing spreads. Third, the Fort Pierce roster is dominated by regional distribution tenants sharing the Interstate designation, raising questions of tenant-credit thinness and potential affiliation that could undercut the apparent diversification; combined with a master tenant, INREIT Master Lessee IV LLC, characterized as newly formed with limited resources and no significant assets, the 4.33% distribution is structurally dependent on the INREIT Operating Partnership guaranty, itself subject to non-traded-REIT redemption and liquidity dynamics. The below-market-rent upside is further constrained by renewal options struck at fixed 103% to 105% escalators permitting capped rather than full-market renewals.
The analysis below is Baker 1031's educational opinion — not investment, tax, or legal advice, a recommendation, or a guarantee, and it does not replace the offering's Private Placement Memorandum (PPM), which governs in all respects. Read the PPM and consult your own CPA and attorney before investing.
The offering is positioned as a defensive, fixed-income-surrogate industrial allocation: an unlevered, fully master-leased Sun Belt portfolio underwritten to a contractually fixed 4.33% current distribution with deferred mark-to-market and Section 721 optionality. The risk-adjusted profile is bifurcated: roughly two-thirds of appraised value sits in 2023-to-2024 Class A product in genuinely high-barrier Raleigh-Durham and Port St. Lucie corridors with corroborated demographic and corporate-capital tailwinds, while the residual Concord asset and the clustered 2029 Fort Pierce expirations constitute the principal underwriting fault lines. The zero-leverage structure aligns with the current macro cycle, neutralizing the refinancing and rate-cap stress pressuring levered DST vintages, but it also caps return to unlevered cash flow plus terminal value, leaving outcomes sensitive to exit cap rates and the pace at which below-market rents are marked. Feasibility of the underwriting hinges on master-tenant and guarantor solvency through cycle, successful 2029 re-tenanting at the multi-tenant asset, and INREIT capacity to honor the FMV and 721 exit on terms favorable to Beneficial Owners; the executive summary discloses neither a multi-year cash-flow projection beyond Year 1 nor a stated hold period, constraining independent verification of the return glide path.
The analysis below is Baker 1031's educational opinion — not investment, tax, or legal advice, a recommendation, or a guarantee, and it does not replace the offering's Private Placement Memorandum (PPM), which governs in all respects. Read the PPM and consult your own CPA and attorney before investing.
| Metric | This Offering | Market Avg. | Assessment |
|---|---|---|---|
| Avg. Income | 4.33% | 5.39% | Below Average |
| Peak Income | 4.33% | 5.84% | Below Average |
Invesco
Invesco reaches the 1031 market through Invesco Real Estate Exchange (INREX), the DST arm of a global asset manager whose real estate group oversees roughly $85 billion, and it complements that with the Invesco Commercial Real Estate Finance Trust. With a 40-year real estate track record and institutional sourcing across sectors including industrial and cold storage, Invesco brings disciplined, research-driven underwriting to exchangers—DSTs being one channel within a roughly $1.8 trillion global platform.
Learn More About Invesco →Access requires verification of accredited-investor status. Executable copies are released through the secure data room on request; the schedule below reflects the standard document set for this offering.
Securities offered through Aurora Securities, Inc. (CRD #46147 / SEC #8-51322), member FINRA / SIPC; Baker 1031 Investments, LLC is independent of Aurora Securities, Inc. and is not a registered broker-dealer or investment adviser. This is not an offer to sell or a solicitation of an offer to buy any security; any offer is made solely by the confidential private placement memorandum (PPM), which qualifies all information herein in its entirety. Delaware Statutory Trust interests are speculative, illiquid securities offered under Rule 506(c) of Regulation D and sold only to investors whose accredited-investor status has been verified; offering documents and subscription materials are provided only after that verification. They involve substantial risk, including possible loss of the entire investment.
Distributions, yields, the cap-rate equivalent, DSCR, occupancy, and benchmark figures are sponsor estimates or projections, are not guaranteed, and may differ materially from actual results. Any tax-adjusted yield assumes a 40% effective rate for non-1031 cash investors and is not tax advice. No tax, legal, or investment advice is provided — consult your own CPA and attorney. Past performance does not guarantee future results.