IREX Industrial Portfolio I DST
Industrial in Vernon, CA — sponsored by Invesco Real Estate Exchange
Minimum investment
$250k
Offering size
$36.9M
How much has sold
95.0%
Asset type
Industrial
Location
Vernon, CA
Financing
All cash. This offering reports no mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
IREX Industrial Portfolio I DST is a Delaware statutory trust (DST) — a passive co-ownership structure that qualifies for 1031 exchanges — sponsored by Invesco Real Estate Exchange. It holds two corporate-guaranteed net-lease cold-storage properties in the Los Angeles, California market. The $36,881,720 offering is closed to new investors and reported fully subscribed. Public filings do not name the tenants.
Show sources (4)Hide sources (4)
These links support the historical public record; individual details may come from different sources.
On a 45-day clock? Find day 45 and day 180 from the sale date, then come back to this record.
What exactly is the property?
The Trust holds two cold-storage buildings in the Los Angeles market, leased on corporate-guaranteed net leases.3 One is 3268 E. Vernon Avenue in Vernon, a roughly 35,100-square-foot cold-storage facility that Brookfield sold in November 2023, with Invesco Real Estate reported as the buyer.2 The second address, the tenant names, and property-level purchase prices are not disclosed in public records reviewed as of August 30, 2026.
- Reported location
- Vernon, CA
- Property size
- ~94,000 sqft combined (two cold-storage properties)
Who is the tenant, and what's the lease?
Public records reviewed as of August 30, 2026 do not name the tenants. Both leases are described as corporate-guaranteed net leases, meaning the tenant carries most property operating costs and a corporate parent stands behind the rent obligation.3 A marketplace listing reported a weighted average remaining lease term of 9.3 years.3
How did it end?
No sale or other ending on record
Per the RE-Transition marketplace listing, the IREX Industrial Portfolio I DST (sponsored by Invesco Real Estate Exchange LLC) is a closed offering that still owns two net-lease cold storage properties in Los Angeles, CA; a 721 UPREIT conversion into Invesco Real Estate Income Trust is described as a 'possible' disposition strategy but has not been executed [1].
Two corporate-guaranteed net-lease cold-storage properties in Los Angeles, CA totaling ~94,000 net rentable sqft. $36.9M offering; closed in 2024 per Top1031 sponsor profile.
~94,000 sqft combined (two cold-storage properties)Supporting evidence
How is it financed, and what does it pay?
No lender or loan terms appear in the Trust's SEC filings: the Form D reports equity only and does not establish whether the buildings carry mortgage debt.1 A Real Estate Transition Solutions marketplace listing described the Trust as unleveraged, a claim the SEC record does not corroborate.3
Who's behind it?
Invesco Real Estate Exchange is the 1031 exchange platform of Invesco Real Estate, the property investment arm of the global asset manager Invesco. The Form D names Invesco DST Manager LLC as manager and signatory trustee, IREX Depositor LLC as depositor, and Bert Crouch as president of the manager.1 Property-level operating updates for this Trust after 2024 have not been published in public records reviewed as of August 30, 2026.
- Sponsor
- Invesco Real Estate Exchange
- Legal Trust name
- IREX Industrial Portfolio I DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 4 active / 5 total offerings from Invesco Real Estate Exchange
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The Trust opened with a Form D — the brief notice an issuer files with the SEC for a private placement — and then amended it repeatedly as subscriptions arrived, each amendment restating the same total offering amount while raising the reported amount sold. The filings report a first sale on September 25, 2023.1
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 13
- How it may be offered
- Rule 506(b)Not advertised publicly. Offered through existing relationships.
- Source filing
- Read the filings on SEC EDGAR
A Form D is the notice a sponsor files when it starts raising money. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
DST interests are illiquid private securities. You may lose some or all of your investment. Distributions, tax treatment, and exit timing are not guaranteed. Review the current Private Placement Memorandum before investing.
Common questions
What happened to IREX Industrial Portfolio I DST?
Top1031 lists IREX Industrial Portfolio I DST as historical. It is no longer raising money.
Where does Top1031 get the data for IREX Industrial Portfolio I DST?
Top1031 builds this record from the sponsor’s own SEC filings and cited sponsor disclosures. Filings can lag what is happening now. A Form D filing does not mean the SEC approved, endorsed, or verified the offering.
Can I still invest in IREX Industrial Portfolio I DST?
No. The offering is closed to new investors and is reported fully subscribed; the sponsor stopped filing new amendments after December 20, 2024. Interests in a closed DST occasionally change hands privately, but that is not a new subscription from the sponsor and is not offered through this directory.
What does Rule 506(b) mean for this offering?
Rule 506(b) is the private placement exemption that bars general advertising. Sponsors using it reach investors through pre-existing relationships, typically accredited investors — people who meet SEC income or net-worth thresholds — and deliver a private placement memorandum (PPM) that carries the full terms and risks.
Does the Trust have a mortgage?
The SEC record does not say. The Form D reports equity securities only and makes no statement about property-level debt. A third-party marketplace listing described the Trust as having no debt, but that claim is not corroborated by the filings. The PPM and closing statements are the authoritative sources.
Where exactly are the two properties?
Both are cold-storage buildings in the Los Angeles, California market. One is identified as 3268 E. Vernon Avenue in Vernon, roughly 35,100 square feet, sold by Brookfield in a November 2023 transaction reported by CoStar. The second building's address has not been disclosed in public records reviewed as of August 30, 2026.
Is there a 721/UPREIT exit built into this Trust?
Not according to the record. A 721/UPREIT exit lets a DST's property roll into a REIT's operating partnership in exchange for units rather than cash. This Trust carries no recorded REIT conversion feature, so the expected exit path is a sale of the real estate.
Has any outcome — a sale or refinancing — been reported?
No outcome has been reported yet. Form D filings stop at the completion of the raise and do not track property sales, so the absence of news is not evidence either way. Investors of record receive sponsor reporting directly.
Chapter 9Invesco IREX Industrial Portfolio I DST | Real Estate Transition SolutionsMarketplace listing for the IREX Industrial Portfolio I DST describing the closed offering as two corporate-guaranteed net-lease cold-storage properties in Los Angeles, California totaling over 94,000 sq ft; offering size $36,881,720; property status 'Closed Offering'. Brookfield Sells Cold Storage Property Near Downtown Los AngelesInvesco Real Estate acquired 3268 E. Vernon Avenue, a ~35,100-sf cold-storage facility in Vernon, CA from Brookfield — one of two cold-storage assets acquired as part of the IREX Industrial Portfolio I DST.