Ardenwood Portfolio
Life sciences / R&D property in Fremont, CA — sponsored by JLL Exchange (JLLX)
Files with the SEC as JLLX Ardenwood II, DST
Minimum investment
$75k
Offering size
$56.7M
How much has sold
100.0%
Asset type
Life sciences / R&D property
Location
Fremont, CA
Financing
Leveraged. This offering reports mortgage debt on the property.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
JLLX Ardenwood II, DST is a closed Delaware Statutory Trust — the fractional ownership structure 1031 exchangers use to hold real estate — that held the second building of the Ardenwood life-sciences portfolio at 34801 Campus Drive in Fremont, California, leased to AnaSpec/Eurogentec.1 Top1031 reports the Trust reached full cycle on April 1, 2024 through a Section 721 UPREIT contribution into JLL Income Property Trust.2
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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 Ardenwood Portfolio is a pair of life-sciences and R&D buildings in Fremont, California's Ardenwood submarket; this Trust held the second of them, at 34801 Campus Drive.1 JLL Income Property Trust's page for the two-building portfolio dates the construction to 1990.3 The public record does not state when the Trust took title, what it paid, or how the portfolio's value was allocated between the two buildings.2
- Reported location
- Fremont, CA
- Property size
- 132,000 sq ft (portfolio total); ~44,000 sq ft (this building)
Who is the tenant, and what's the lease?
Top1031's record identifies the 34801 Campus Drive building as leased to AnaSpec/Eurogentec, though the lease term and expiration are not established in the public record.1 JLL Income Property Trust's page for the two-building portfolio describes it as fully leased to three tenants in life sciences, medical devices and electronics R&D, without naming this Trust.3
How did it end?
Converted to REIT units (721 exchange)
JLLX Ardenwood II was part of the Ardenwood Portfolio full-cycle completed via 721 UPREIT into JLL Income Property Trust, as announced in JLL Exchange's April 17, 2024 press release 'JLL Income Property Trust Completes Full Cycle Transactions in DST Platform'; the underlying $90 million Ardenwood Portfolio consists of two life-sciences/R&D buildings in Fremont, CA.
Second building of the Ardenwood Portfolio DST located at 34801 Campus Drive, Fremont, CA 94555 (~44,000 sq ft, leased to AnaSpec/Eurogentec); combined with 34175 Ardenwood Blvd (72,500 sq ft) the two-property portfolio totals ~132,000 sq ft in Fremont's Ardenwood life sciences submarket; $90 million offering fully subscribed September 2023.
132,000 sq ft (portfolio total); ~44,000 sq ft (this building)Supporting evidence
How is it financed, and what does it pay?
Neither the Form D filings nor the sponsor's public materials state whether this Trust carried mortgage debt, so lender, loan size and terms remain unresolved.4
Who's behind it?
JLL Exchange is the 1031 exchange platform affiliated with JLL Income Property Trust; the Trust's Form D names JLL Exchange TRS, LLC and LaSalle Investment Management, Inc. as promoters, with Gregory A. Falk as a related executive officer.5 On September 12, 2023 the sponsor announced that the $90 million, two-property Ardenwood life-sciences DST in Fremont had been fully subscribed.6
- Sponsor
- JLL Exchange (JLLX)
- Legal Trust name
- JLLX Ardenwood II, DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 6 active / 20 total offerings from JLL Exchange (JLLX)
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The Trust filed its first Form D in 2023 and amended it repeatedly as subscriptions came in, with a final amendment arriving nearly two years after the raise wound down. It was sold as a private placement to accredited investors — buyers meeting SEC income or net-worth tests — without general advertising.
- 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
- 8
- 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 Ardenwood Portfolio?
Top1031 lists Ardenwood Portfolio as historical. It is no longer raising money.
Where does Top1031 get the data for Ardenwood Portfolio?
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 this Trust?
No. JLLX Ardenwood II, DST is closed to new investors. JLL Exchange announced on September 12, 2023 that the $90 million Ardenwood life-sciences DST had been fully subscribed, and Top1031 reports the Trust reached full cycle on April 1, 2024.
What happened to the Trust at the end?
Top1031 reports that on April 1, 2024 the Trust's interest in the Ardenwood Portfolio was contributed to JLL Income Property Trust in exchange for operating partnership units under Section 721 — an UPREIT exit, meaning investors traded direct fractional real estate ownership for REIT operating-partnership units rather than receiving cash. No official sponsor release confirming that transaction was located in research as of August 29, 2026.
What property did this Trust own?
The second building of the two-building Ardenwood life-sciences and R&D portfolio, at 34801 Campus Drive in Fremont, California, leased to AnaSpec/Eurogentec. The companion building sits at 34175 Ardenwood Blvd. JLL Income Property Trust's portfolio page dates the buildings to 1990.
Was the Trust leveraged?
Unknown. The Form D filings do not disclose debt, and no sponsor document located in research states a lender, loan amount, or loan-to-value for this Trust. Anyone reconstructing the deal would need the private placement memorandum (PPM), the offering's governing disclosure document.
What was the minimum investment?
The Form D filings report a $75,000 minimum investment from outside investors, and the offering was conducted under Rule 506(b), which permits private sales to accredited investors without general solicitation or advertising.
Chapter 9Ardenwood Portfolio — Property ProfileSponsor property profile of the Ardenwood Portfolio life-science/R&D campus in Fremont, CA — the underlying property for both the original 2023 DST and the 2025 Ardenwood I/II follow-on filings. JLL IPT Fully Subscribes $90M Life Sciences OfferingTrade-press coverage of JLL Income Property Trust's full subscription of the $90 million two-property life sciences DST in Fremont, CA. Big NYC investors grab Fremont buildings with life science tenantsNews article describing the acquisition of two Fremont life-sciences buildings (including 34781 Campus Drive, rented by AnaSpec) for $82 million by New York investors.