JLL Income Property Trust, a daily net asset value non-traded real estate investment trust, with $7 billion in portfolio assets, announced that it has fully subscribed JLLX West Phoenix Distribution Center DST.
JLL says the $136 million industrial property was structured as a Delaware statutory trust and features a 1.2 million-square-foot, state-of-the-art distribution center in the Phoenix market. The property is 100% leased to Williams Sonoma through 2037.
“We are pleased to have fully subscribed JLLX West Phoenix Distribution Center DST in a very short timeframe,” said Drew Dornbusch, head of JLL Exchange. “The successful syndication of this $136 million offering demonstrates that our 1031 exchange solution continues to resonate with investors and their financial advisors.”
Since launching the program in 2020, JLL Exchange has provided investors with more than $1 billion of like kind exchange interests through 18 DST offerings to property owners seeking to reinvest proceeds from their sale of appreciated investment real estate. JLL Income Property Trust has completed six full cycle 721 UPREIT transactions totaling nearly $470 million to date.
“We experienced significant demand in JLLX West Phoenix Distribution Center DST from wealth management firms and their property owner clients who recognized both the quality of the real estate, benefits of institutional management, and the innovative, investor-friendly structure of our JLL Exchange offering,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “Institutional industrial properties in top tier logistics markets with creditworthy tenants remain in high demand, as evidenced by strong investor interest in this offering.”
As of March 31, 2023, JLL Income Property Trust owned interests in a total of 136 properties and more than 4,400 single-family rental houses located in 27 states. As of March 31, 2023, the total company NAV across all share classes was approximately $3.4 billion.