JLL Income Property Trust Fully Subscribes $197M, 12-Property DST

JLL Income Property Trust said it has fully subscribed JLLX Diversified 11, DST, a $197 million offering that gives 1031 exchange investors exposure to a 12-property portfolio spanning industrial, healthcare, and retail real estate.

The Delaware statutory trust holds seven industrial buildings totaling 646,000 square feet in Chicago’s O’Hare submarket, four healthcare buildings totaling 83,000 square feet across Florida, Massachusetts, Kansas, and Missouri, and a 49,000-square-foot grocery-anchored retail center in Las Vegas, according to the company.

JLL Exchange, the sponsor’s DST platform, has raised more than $2.5 billion across 30 offerings since launching in 2019, according to the company. JLL Income Property Trust said it has completed 20 full-cycle UPREIT transactions totaling $1.5 billion, allowing DST investors to exchange their interests for operating partnership units in the real estate investment trust.

“This offering represents our most diversified program to date, combining 12 high-quality assets across industrial, healthcare, and retail sectors in some of the nation’s most strategic markets,” said Drew Dornbusch, head of JLL Exchange. “The level of demand we continue to see underscores the value our platform provides to 1031 investors seeking institutional-grade real estate with meaningful tax and estate planning benefits.”

Allan Swaringen, president and chief executive officer of JLL Income Property Trust, said, “Industrial, healthcare, and grocery-anchored retail remain three of the most fundamentally sound property sectors in real estate. JLLX Diversified 11, DST provides investors with durable income streams supported by strong tenant demand, favorable demographic trends, and attractive market fundamentals.”

The subscription comes as JLL Income Property Trust – the nontraded REIT that anchors JLL Exchange’s DST platform through UPREIT transactions – disclosed continued share-repurchase activity and a new acquisition.

The REIT redeemed 4,414,684 shares for about $49.7 million between July 1 and Aug. 31, honoring all redemption requests submitted during the period. Repurchases for the third quarter are capped at about $115.5 million, equal to 5% of the REIT’s net asset value across all share classes as of the end of the second quarter.

JLL Income Property Trust also acquired an 87.5% interest in Midtown Village, a 345,000-square-foot grocery-anchored shopping center in Tuscaloosa, Ala., on Aug. 25 for about $82 million.

The REIT’s per-share NAV across its four public share classes closed August between $11.25 and $11.28. Its board declared a $0.0525 per share gross distribution for August, payable to shareholders of record as of Aug. 21.

JLL Income Property Trust is managed by LaSalle Investment Management, a JLL subsidiary that oversaw $86.8 billion in global real estate assets as of the first quarter of 2026.

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