Glendale Distribution Center
Industrial in Glendale, Arizona — sponsored by JLL Exchange (JLLX)
100% leased to Puma N.A. thru 3/31/38, 3.25% esc; bought 7/29/25 $140.2M; $50M mtg 5.04%; min $75k; $94.7M/$99.8M sold
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These links support the public record as a whole; individual details may come from different sources.
What is this, in one paragraph?
JLLX Glendale Distribution Center, DST is a Delaware statutory trust — a passive co-ownership vehicle — holding one Class A warehouse in Glendale, Arizona leased in full to Puma North America through March 31, 2038. Fractional interests are offered to accredited investors, those meeting SEC income or net-worth tests, as 1031 exchange replacement property. JLL Income Property Trust announced acquiring the building for roughly $140 million on July 31, 2025.5
Minimum investment
$75k
Offering size
$99.8M
How much has sold
95.0%
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited 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?
JLL Income Property Trust's property page describes a Class A industrial warehouse in the Southwest Valley of Phoenix, built in 2023.1 Connect CRE reported that developer Clarius Partners sold it for $140.2 million, in a purchase recorded July 29, 2025.2 The City of Glendale reported that Puma, AutoStore and Bastian Solutions celebrated the facility's grand opening on November 20, 2024.3 KTAR News called the sale the largest single-building industrial transaction in the Valley since 2023.4
- Property address
- 8900 North Sarival Avenue, Glendale, Arizona
- Property size
- 1,023,610 square feet
Who is the tenant, and what's the lease?
Puma North America occupies the entire building through March 31, 2038, with 3.25% annual rent escalations; the sponsor's acquisition release confirms the escalations and a term exceeding 10 years but does not publish that expiration date.5 No located filing settles whether the lease is triple-net, with the tenant paying taxes, insurance and maintenance.
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
95.0% reported sold
- Amount sold
- $94,711,418
- Reported unsold
- $5,124,378
- Investors reported
- 57
- Total offering
- $99,835,796
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How is it financed, and what does it pay?
No SEC filing located for this Trust states a loan amount, lender, rate or maturity at the Trust level. Commercial Observer, citing the Phoenix Business Journal, reported a $50 million acquisition loan from Thrivent Financial for Lutherans on the property.6 No primary loan instrument was located; the loan documents delivered with the private placement memorandum (PPM) control.
Who's behind it?
JLL Exchange is the 1031 exchange platform affiliated with JLL Income Property Trust, the REIT that announced buying this warehouse on July 31, 2025.5 The Form D amendment names JLL Exchange TRS, LLC and LaSalle Investment Management, Inc. as promoters and Gregory A. Falk as an executive officer of the issuer.7 AltsWire reported on October 12, 2025 that JLL Income Property Trust launched four new common-stock share classes, referencing this acquisition.8
- Sponsor
- JLL Exchange (JLLX)
- 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 single amendment on record updated the amount sold and the number of investors reported in the original notice, and it did not report the Offering as closed.7 Rule 506(b), the private-placement exemption used here, bars general advertising, so interests reach accredited investors through pre-existing relationships with the sponsor or its selling broker-dealers.
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- JLLX Glendale Distribution Center, DST
- Filings on record
- 2
- How it may be offered
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- 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
Is Glendale Distribution Center still raising money?
The sponsor’s SEC filings show the offering raising money within the past 15 months. A filing does not by itself confirm you can still buy in.
Where does Top1031 get the data for Glendale Distribution Center?
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.
Who is the tenant, and how long is the lease?
Puma North America leases 100% of the Glendale, Arizona warehouse, with 3.25% annual rent escalations and a stated expiration of March 31, 2038. JLL Income Property Trust's July 31, 2025 acquisition release describes the building as fully leased and occupied by one tenant on a term exceeding 10 years and confirms the 3.25% escalations, but does not publish the expiration date, so confirm the exact term in the lease abstract delivered with the PPM. Separately, Phoenix Business Journal reported on May 28, 2026 that National Distribution Centers, a third-party logistics operator working inside the building, would end its contract with Puma on August 1, 2026, cutting 96 jobs with layoffs beginning July 18, 2026. That report concerns the contractor, not Puma's own lease obligation.
How much debt is on the property, and on what terms?
No SEC filing located for this Trust states a loan amount, lender, rate or maturity at the DST level. Commercial Observer, attributing the detail to the Phoenix Business Journal, reported a $50 million acquisition loan from Thrivent Financial for Lutherans against a purchase price reported at $140.2 million by Connect CRE. Web research for this profile located no primary loan instrument, lender confirmation, maturity or loan-to-value record, so the actual debt the Trust carries is a PPM and loan-document question.
Does the Trust actually own the Glendale building?
The property match here is built from sponsor and press records tying JLL Exchange's Glendale Distribution Center Trust to the Puma-occupied facility at 8900 North Sarival Avenue, which JLL Income Property Trust announced acquiring on July 31, 2025. The public record reviewed does not by itself establish the DST's direct title. Ask for the PPM, deed and title commitment to confirm ownership at the Trust level.
Is the Trust still open to new investors?
As of its most recent Form D amendment, filed April 14, 2026, the Offering had not closed, and no later closing confirmation was located in the public record. The amount raised and the amount still available appear in the sales section of this page. Availability can change at any time without a new SEC filing, so confirm current status with the sponsor or your broker-dealer.
What is the minimum investment?
Both the September 18, 2025 Form D and the April 14, 2026 amendment report a $75,000 minimum outside investment. Sponsors sometimes apply different minimums to all-cash investors versus 1031 exchange investors, so the PPM controls.
What does Rule 506(b) mean for me as a buyer?
Rule 506(b) is the private-placement exemption that bars general advertising and public solicitation. Interests can be offered only to accredited investors — those meeting SEC income or net-worth tests — through pre-existing relationships with the sponsor or its selling broker-dealers. A Form D is a notice filing, not an SEC review or approval of the offering.
Chapter 996 workers losing jobs as logistics contract ends at West Valley warehouseNational Distribution Centers is laying off 96 workers at the Glendale warehouse at 8900 N. Sarival Ave. (the Puma-occupied facility underlying JLLX Glendale Distribution Center, DST) after its logistics contract with Puma ends August 1, with layoffs beginning July 18, 2026. Puma warehouse in West Valley impacted by $140 million dealA $140.2 million Puma warehouse sale in the West Valley marked the largest single-building industrial transaction in the Valley since 2023, referring to the Glendale Distribution Center bought by JLL Income Property Trust. JLL REIT Buys Puma Distribution Center in Arizona for $140MJLL Income Property Trust acquired the approximately 1 million-square-foot Puma-leased Glendale Distribution Center in Arizona for ~$140 million, marking the largest single-building industrial transaction in the Valley since 2023. JLL Income Property Trust Acquires Phoenix Area Industrial FacilityJLL Income Property Trust acquired the Class A Glendale Distribution Center in Glendale, AZ, leased to Puma North America, for approximately $140 million.