JLL Income Property Trust Fully Subscribes $90 Million DST Offering

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 Ardenwood DST.

The $90 million, two-property life sciences portfolio, located in Fremont, California, was structured as a Delaware statutory trust. The properties were acquired by the REIT for $80.1 million in September 2022.

According to the company’s website, the properties are 100% leased to three tenants that focus on life sciences, medical devices and electronics research and development, with a weighted average lease term of 7.3 years.

The properties were built in 1990, spanning a combined 132,000 square feet.

“Life science properties in the Bay Area are among the strongest performing in the medical/healthcare sector, with demand significantly outpacing supply. With a weighted average lease term of more than six years, the Ardenwood properties provide our investors a durable stream of income from Class A real estate leased to strong, creditworthy tenants,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “Wealth management firms and their property owner clients who participated in the JLLX Ardenwood DST offering recognized the high-quality real estate, the benefits of our institutional management, and the investor-friendly structure of our JLL Exchange platform.”

Since launching the program in 2020, JLL Exchange has provided investors with more than $1 billion of like-kind exchange interests through 19 DST offerings. JLL Income Property Trust has completed nine full cycle 721 UPREIT transactions totaling more than $680 million to date.

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