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    <schemaVersion>X0708</schemaVersion>

    <submissionType>D</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0002012272</cik>
        <entityName>BR Diversified Industrial Portfolio III, DST</entityName>
        <issuerAddress>
            <street1>1345 AVENUE OF THE AMERICAS</street1>
            <street2>32nd Floor</street2>
            <city>NEW YORK</city>
            <stateOrCountry>NY</stateOrCountry>
            <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
            <zipCode>10105</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>208-475-2380</issuerPhoneNumber>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <edgarPreviousNameList>
            <value>None</value>
        </edgarPreviousNameList>
        <entityType>Other</entityType>
        <entityTypeOtherDesc>Delaware Statutory Trust</entityTypeOtherDesc>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2023</value>
        </yearOfInc>
    </primaryIssuer>

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            <relatedPersonName>
                <firstName>Ramin</firstName>
                <middleName>R.</middleName>
                <lastName>Kamfar</lastName>
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                <street1>1345 Avenue of the Americas</street1>
                <street2>32nd Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
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            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Joshua</firstName>
                <middleName>M.</middleName>
                <lastName>Hoffman</lastName>
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                <street1>1345 Avenue of the Americas</street1>
                <street2>32nd Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
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            <relatedPersonRelationshipList>
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                <firstName>Jordan</firstName>
                <middleName>B.</middleName>
                <lastName>Ruddy</lastName>
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                <street2>32nd Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
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                <firstName>Jason</firstName>
                <lastName>Emala</lastName>
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            <relatedPersonAddress>
                <street1>1345 Avenue of the Americas</street1>
                <street2>32nd Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Ryan</firstName>
                <middleName>S.</middleName>
                <lastName>MacDonald</lastName>
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            <relatedPersonAddress>
                <street1>1345 Avenue of the Americas</street1>
                <street2>32nd Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
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            <relatedPersonRelationshipList>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Michael</firstName>
                <lastName>DiFranco</lastName>
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            <relatedPersonAddress>
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                <street2>32nd Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification></relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Caroline</firstName>
                <lastName>Johnson</lastName>
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            <relatedPersonAddress>
                <street1>1345 Avenue of the Americas</street1>
                <street2>32nd Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
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            <relatedPersonRelationshipList>
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            <relationshipClarification></relationshipClarification>
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        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>BIGR Exchange III TRS</firstName>
                <lastName>LLC</lastName>
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                <street1>1345 Avenue of the Americas</street1>
                <street2>32nd Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
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            <relatedPersonRelationshipList>
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                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Sponsor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bluerock Industrial Holdings</firstName>
                <lastName>LP</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1345 Avenue of the Americas</street1>
                <street2>32nd Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
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            <relatedPersonRelationshipList>
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                <relationship>Promoter</relationship>
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            <relationshipClarification>Operating Partnership</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bluerock Industrial Growth REIT</firstName>
                <lastName>Inc.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1345 Avenue of the Americas</street1>
                <street2>32nd Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
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            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>affiliate of the Sponsor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bluerock Real Estate</firstName>
                <lastName>L.L.C.</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1345 Avenue of the Americas</street1>
                <street2>32nd Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>affiliate of the Sponsor</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>BR Diversified Industrial Portfolio III DST Manager</firstName>
                <lastName>LLC</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1345 Avenue of the Americas</street1>
                <street2>32nd Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Bluerock Value Exchange</firstName>
                <lastName>LLC</lastName>
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            <relatedPersonAddress>
                <street1>1345 Avenue of the Americas</street1>
                <street2>32nd Floor</street2>
                <city>New York</city>
                <stateOrCountry>NY</stateOrCountry>
                <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                <zipCode>10105</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Parent of the Manager</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Commercial</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06c</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <yetToOccur>true</yetToOccur>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isEquityType>true</isEquityType>
            <isOtherType>true</isOtherType>
            <descriptionOfOtherType>Beneficial Interests in a Delaware Statutory Trust</descriptionOfOtherType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>100000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Bluerock Capital Markets LLC</recipientName>
                <recipientCRDNumber>136974</recipientCRDNumber>
                <associatedBDName>None</associatedBDName>
                <associatedBDCRDNumber>None</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1345 Avenue of the Americas</street1>
                    <street2>32nd Floor</street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <stateOrCountryDescription>NEW YORK</stateOrCountryDescription>
                    <zipCode>10105</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
                <foreignSolicitation>false</foreignSolicitation>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>41227843</totalOfferingAmount>
            <totalAmountSold>0</totalAmountSold>
            <totalRemaining>41227843</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>0</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>3566209</dollarAmount>
                <isEstimate>true</isEstimate>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse>The Managing Broker Dealer will receive sales commissions of 6% + marketing and due diligence allowance of 1.25% + Managing broker dealer fee of 1.4% of total sales</clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>2711634</dollarAmount>
                <isEstimate>true</isEstimate>
            </grossProceedsUsed>
            <clarificationOfResponse>The Manager receives an acquisition fee of $878,625. The Sponsor receives organization and operating expenses of $309,209 + closing cost reimbursement of $1,523,800</clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>BR Diversified Industrial Portfolio III, DST</issuerName>
                <signatureName>Joshua M. Hoffman</signatureName>
                <nameOfSigner>Joshua M. Hoffman</nameOfSigner>
                <signatureTitle>Authorized Signatory</signatureTitle>
                <signatureDate>2024-02-19</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
