Duke Medical Plaza. Picture courtesy of JLL
JLL Revenue Property Belief has totally subscribed its JLLX Diversified II, DST, a five-property, $200 million diversified portfolio structured as a Delaware Statutory Belief.
The DST is designed to “present 1031 trade buyers the chance to defer taxes on positive aspects from the sale of appreciated actual property,” in line with JLL Revenue Property Belief, an institutionally managed every day NAV REIT with $7 billion in portfolio property.
JLLX Diversified II, DST options 5 institutional-quality properties diversified by property kind, geography and tenant profile:
- Silverstone Market, a 78,000-square-foot Class A, grocery-anchored buying heart in Scottsdale, Ariz., in metro Phoenix, leased to Sprout’s Farmers Market and different tenants.
- Suwanee Distribution Heart, a 559,000-square-foot bulk industrial distribution facility that’s within the Better Atlanta market and is leased to Mitsubishi.
- Three medical workplace properties leased to varied creditworthy medical tenants—the South Reno Medical Heart, Reno, Nev. (32,000 sq. toes); Duke Medical Plaza, Durham, N.C. (60,000 sq. toes); and Sugar Land Medical Plaza in metro Houston (37,000 sq. toes), that are leased to a choose group of creditworthy medical tenants.
JLLX Diversified II, DST marks the agency’s largest 1031 trade providing up to now. Drew Dornbusch, head of JLL Trade, mentioned in a ready assertion that the platform skilled vital demand from wealth administration corporations and their property proprietor shoppers.
READ ALSO: Understanding Foreclosures 1031s
Based on Allan Swaringen, president & CEO of JLL Revenue Property Belief, the JLL Trade platform was designed as a complicated tax and property planning software for high-net-worth property homeowners. He added in ready remarks that the profitable syndication of the $200 million providing proves that this system is resonating with 1031 trade buyers and their monetary advisors. Swaringen additionally noticed that regardless of a slowdown within the conventional syndicated DST market, demand continues to be robust.
Since launching this system in 2020, JLLX reportedly has attracted about $900 million throughout 16 DST choices from property homeowners looking for to defer taxes on appreciated funding actual property.
Widespread exercise
Simply final month, JLL Revenue Property Belief acquired Louisville Logistics Heart, a 1 million-square-foot, newly accomplished Class A industrial property within the South Louisville, Ky., submarket, for about $82 million.
Across the identical time final 12 months, JLL Revenue Property Belief bought the 458,000-square-foot Class A Northeast Atlanta Distribution Heart, in Jefferson, Ga. The belief paid about $54 million within the off-market transaction.
