Your 1031 DST Authority
JLLX Industrial Portfolio, DST
Offering Overview
JLLX Industrial Portfolio, DST is a $253.4 million all-cash Delaware Statutory Trust portfolio of five industrial buildings totaling 1,406,034 square feet across four states. The properties are 100% leased to five tenants and are held through a JLLX master-lease structure, with no permanent property debt and a $14.75 million supplemental trust reserve. The offering has a $500,000 minimum investment and provides discretionary Portfolio and Real Estate FMV Options intended to facilitate a Section 721 exchange into JLL Income Property Trust operating partnership units, subject to the governing documents and eligibility requirements.
Investment Highlights
- Five-property industrial portfolio totaling 1.406 million square feet across four states.
- 100% leased to five tenants, providing tenant diversification across the portfolio.
- All-cash capitalization with no permanent debt service or refinancing exposure.
- $14.75 million supplemental trust reserve for renovations and other permitted costs.
- Discretionary Portfolio and Real Estate FMV Options intended to support a Section 721 exchange into JLLIPT OP Units.
Forecasted Cash Flow
Projected annual cash-on-cash distributions with the corresponding tax-equivalent yield over the hold, based on the sponsor’s underwriting assumptions.
Illustrative projections only — targeted distributions are not guaranteed and actual results will vary. Tax-equivalent yield assumes depreciation shelter of distributed income.
Analyst Notes
The offering emphasizes defensive, income-oriented industrial real estate through a debt-free structure and a diversified five-asset footprint. The primary underwriting dependency is continued performance of the master-lease and underlying tenant obligations; the materials also identify market, occupancy, expense, reserve, and liquidity risks. Five years of projected cash-on-cash returns are disclosed, while later-year projections are not disclosed in the supplied supplement.
Pros
Institutional JLL/JLLX platform; diversified industrial assets; no permanent debt; five disclosed years of projected cash-on-cash returns; optional FMV/721 pathway.
Cons
$500,000 minimum investment; no permanent leverage means less return amplification; portfolio exposure spans four markets; FMV Options are discretionary and not guaranteed; projections are not guarantees.
Financing
Financing terms for this offering are summarized below.
Benchmark Comparison
| Metric | This Offering | Benchmark | Difference |
|---|---|---|---|
| Average Yield | 4.38% | 0.00% | — |
| Max Yield | 4.96% | 5.81% | −14.63% |
| 10-Yr Income Growth | 20.68% | 16.62% | +24.43% |
Benchmark reflects the average of comparable Industrial offerings. Differences are relative to the benchmark.
Offering Documents
About the Sponsor
JLL Exchange (JLLX) is the DST and 1031 platform of JLL Income Property Trust, an institutionally managed daily-NAV non-traded REIT carrying roughly $6.5 billion in portfolio assets. Its structural differentiation is meaningful: a daily-NAV REIT backbone, a low-fee institutional posture, and a defined 14-transaction, roughly $960 million full-cycle UPREIT track record that lets exchangers roll DST interests into a diversified, professionally managed REIT. Backed by JLL's global sourcing, JLLX has raised more than $1.7 billion across 26 DST offerings, positioning it among the more institutional options in the category.
This page describes a specific Delaware Statutory Trust offering (JLLX Industrial Portfolio, DST) and is provided for informational purposes only. It does not constitute an offer to sell or a solicitation of an offer to buy any security. Any offering is made solely to verified accredited investors and only by means of a confidential private placement memorandum (PPM).
All figures shown — including minimum investment, cash-flow projections, tax-equivalent yield, loan-to-value, and hold period — reflect the sponsor's current estimates and assumptions and are not guarantees of future performance. Tax-equivalent yield depends on each investor's tax circumstances; projected distributions may not be achieved and actual results will vary. Sponsor track record, benchmark data, and full-cycle averages describe prior programs and are not indicative of the results of this offering.
An investment in a DST is speculative, illiquid, and involves a high degree of risk, including the possible loss of the entire amount invested. There is no public market for these interests, distributions are not guaranteed, and investors have no control over property operations. 1031 exchange and tax treatment depend on each investor's individual circumstances and on tax laws that are subject to change; consult your own tax and legal advisors.
Tax-equivalent yield represents the pre-tax yield a fully taxable investment would need to generate in order to match the after-tax cash flow of this offering. It assumes that a portion of distributions is sheltered by depreciation and other deductions, and it depends entirely on each investor's individual tax bracket, state of residence, and holding structure. It is illustrative only and is not a projection of return. Cap rate equivalent is the implied capitalization rate (net operating income divided by purchase price) shown solely for comparison to direct real estate; it is not a distribution rate, a yield, or a measure of investor return.
This offering and all terms shown are subject to change, withdrawal, or cancellation at any time without notice, and availability is not guaranteed. Nothing on this page creates a commitment or reservation. An investment is confirmed only upon the sponsor's acceptance of fully executed subscription documents; no other communication, indication of interest, or reservation constitutes a binding investment.