JLL Income Property Trust, an institutionally-managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with $7 billion in portfolio assets, announced today that it has fully subscribed JLLX West Phoenix Distribution Center, DST. The $136 million industrial property was structured as a Delaware Statutory Trust designed to provide 1031 exchange investors the opportunity to reinvest proceeds from the sale of appreciated real estate, while also deferring taxes, maintaining their allocation to real estate and enjoying the opportunity to realize long-term appreciation in a tax efficient manner.
JLLX West Phoenix Distribution Center, DST featured 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.”
“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 CEO 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.”
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 6 full cycle 721 UPREIT transactions totaling nearly $470 million to date.
( This news/press release has not been altered by investment.net, apart from the headline, and has been obtained from a syndicated source:- https://www.prnewswire.com/news-releases/jll-income-property-trust-fully-subscribes-136-million-industrial-dst-301853901.html)