JLL Income Property Trust, a daily net asset value real estate investment trust, has fully subscribed its $33 million 1031 exchange offering, JLLX Diversified Portfolio I.
The syndicated offering combines two Delaware statutory trusts, Mason Mill Distribution Center DST, which owns a 340,000-square-foot industrial property outside of Atlanta, and San Juan Medical Center DST, which owns a 40,000-square-foot medical office building in San Juan Capistrano, California. Clients who invested JLLX Diversified Portfolio I purchased interests in both DSTs.
San Juan Medical Center is a two-story medical office building on 4.8 acres in Orange County. The property is occupied and triple-net leased with a weighted average lease term of approximately 13 years with annual contractual rent increases in excess of 2.75 percent.
Mason Mill Distribution Center is a Class A industrial property in Atlanta’s northeast submarket located in Buford, Georgia. The property is fully leased to a publicly traded global pharmaceutical distribution company, which reportedly “invested heavily” in the property. Constructed in 2018, the property includes 32-foot ceilings, early suppression fast response sprinklers, LED lighting, a cross-dock design, and 376 parking spots.
This offering marks JLL Exchange’s third fully subscribed syndicated 1031 offering following the full subscription of JLLX Johns Creek DST in May 2020 and JLLX Summit at San Marcos DST in October of 2020. Together, these three programs represent the first 1031 syndications offered by a daily-valued, perpetual NAV REIT.
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) owns and manages a $3.3 billion portfolio of 82 properties, including apartment, industrial, office and retail assets located in the United States. The REIT has raised approximately $2 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.