Glendale Distribution Center
Industrial property in Glendale, Arizona · sponsored by JLL Exchange (JLLX)
Glendale Distribution Center is a DST sponsored by JLL Exchange (JLLX) that owns an industrial property in Glendale, Arizona (1,023,610 square feet). Its latest Form D, filed Apr 14, 2026, lists a $99.8 million offering with a $75,000 minimum.
Key facts
- Minimum investment
- $75,000From the Form D
- Offering size
- $99,835,796Equity offered, per the Form D
- Sold so far
- Form D, Apr 14, 2026; the % is our arithmetic94.8%
- Investors reported
- Form D, Apr 14, 202657
- Selling commissions
- Form D Item 15; the % is our arithmetic$6,988,506 · 7.0% of offering
- Financing
- Leveraged. This offering reports mortgage debt on the property.How it is financed ↓
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →
Sales so far
- Latest Form D
- Apr 14, 2026 · 2 filings
- First sale
- Sep 9, 2025
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
- Amount sold
- $94,711,418
- Not yet sold
- $5,124,378
- Investors
- 57
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
94.8% of $99,835,796 sold, calculated by Top1031 from the Form D
- Average since first sale
- about $13.2 million a month
See how much of this offering has soldSign in by email and confirm you’re an accredited investor.
Weighing this offering for your exchange? A licensed 1031 specialist from our affiliated partner can go through these filings with you.
Ask a 1031 specialist about this recordFree. About: Glendale Distribution Center. Top1031 is not a broker-dealer.No photo on record.
What does Glendale Distribution Center own?
Clarius Partners sold the warehouse to JLL Income Property Trust, which reported acquiring it on July 29, 2025 for approximately $140.2 million. 1 The sponsor's property page dates the building to 2023. 2 Local coverage called the sale the Valley's largest single-building industrial transaction since 2023. Puma's automated fulfillment operation inside opened in November 2024, using AutoStore and Bastian Solutions systems the City of Glendale said would double daily order capacity to 200,000.
- Property address
- 8900 North Sarival Avenue, Glendale, Arizona
- Property size
- 1,023,610 square feet
How have sales gone?
The sponsor’s own numbers, with the caveat in Sales so far ↑.
How is it financed, and what did it cost to sell?
The REIT said it funded the July 2025 purchase with cash on hand. 1 Its year-end filing separately reports a $50 million mortgage note related to the property entered into during 2025. 3 No located filing establishes the Trust's own lender, rate or maturity, or the debt each investor would be allocated.
Debt
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Costs and terms from the Form D
- Selling commissions
- $6,988,506 · 7.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $8,635,796 · 8.6% of offeringForm D Item 16· The filing’s note: “JLL Exchange TRS, LLC is required to pay approximately $8,635,796 in costs and expenses related to the offering and acquisition of the property.”
- Broker-dealers named in the Form D
- 8 named in the Form D
Show the firms
- COLDSTREAM SECURITIES, INC. · CRD 46835
- Janney Montgomery Scott LLC · CRD 463
- Jones Lang LaSalle Securities, LLC · CRD 120738
- LPL Financial LLC · CRD 6413
- LaSalle Investment Management Distributors, LLC · CRD 157625
- Merrill Lynch, Pierce, Fenner & Smith Incorporated · CRD 7691
- RBC Capital Markets, LLC · CRD 31194
- Rockefeller Financial LLC · CRD 291361
Individual representatives named in Item 12 are not listed.
- Date of first sale
- Sep 9, 2025
- Minimum investment
- $75,000
Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.
Who's behind Glendale Distribution Center?
The Trust's amended offering notice names JLL Exchange TRS, LLC and LaSalle Investment Management, Inc. as promoters. 5 The 1031 platform is affiliated with JLL Income Property Trust, the LaSalle-advised REIT that bought this warehouse and that listed Glendale Distribution Center among the properties in its DST program as of December 31, 2025. 3 AltsWire reported on October 12, 2025 that the REIT launched four new common-stock share classes, referencing this Glendale acquisition.
- Sponsor
- Offerings on record
What does the SEC record show?
The Trust reported September 9, 2025 as its first sale date, and the single later amendment updated the amount sold and the investor count without reporting the Offering closed. 5 Interests are offered under a private-placement exemption that bars general advertising, reaching accredited investors through pre-existing relationships with the sponsor or its selling broker-dealers.
- Legal Trust name
- JLLX Glendale Distribution Center, DST
- SEC CIK
- 2075558
- First Form D
- Sep 18, 2025
- Latest Form D
- Apr 14, 2026
- Filings on record
- 2
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D/A | $99,835,796 | $94,711,418+$89,166,673 | 57+56 | EDGAR | |
| Form D | $99,835,796 | $5,544,745 | 1 | EDGAR |
Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.
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.
Common questions
- Is Glendale Distribution Center an active offering?
- Glendale Distribution Center is an Active offering: its latest Form D was filed Apr 14, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
- Who is the tenant, and how long is the lease?
- Puma North America, Inc. leases the entire Glendale, Arizona warehouse. JLL Income Property Trust's 2025 Form 10-K lease schedule shows the lease expiring March 31, 2038, with two five-year renewal options, and the REIT's property page reports the building 100% occupied. The REIT's July 31, 2025 acquisition announcement reported 3.25% annual rent escalations. No located record states whether the lease is triple-net — that is, whether the tenant pays property taxes, insurance and maintenance. The lease abstract delivered with the offering documents is where to confirm term and expense responsibility.
- What do the 2026 layoff and logistics-operator reports at the building mean?
- Phoenix Business Journal reported on May 28, 2026 that National Distribution Centers, a third-party logistics contractor working inside 8900 N. Sarival Avenue, would stop providing services for Puma when its contract ended August 1, 2026, with 96 workers losing jobs and layoffs beginning July 18, 2026. A separate Arizona WARN listing dated May 21, 2026 records National Distribution Centers, LLC at the same address with 90 affected employees. FreightWaves then reported on September 28, 2026 that Maersk will operate Puma's Phoenix-area distribution warehouse under a three-facility agreement that lets unused capacity serve other customers. All three describe changes in who staffs and operates the building, not a termination of Puma's lease; no located public record shows a lease default or vacancy.
- How much debt is on the property, and on what terms?
- JLL Income Property Trust reported funding its July 29, 2025 purchase with cash on hand, and its 2025 Form 10-K separately reports a $50 million mortgage note related to Glendale Distribution Center entered into during 2025. No SEC filing or sponsor record located for this Trust states the Trust's own lender, current loan balance, interest rate, maturity or loan-to-value. The offering documents and the loan documents delivered with it control, and those are the documents to read before relying on any debt figure.
- 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 set different minimums for all-cash investors than for 1031 exchange investors, and the offering documents control in either case.
- What does a Rule 506(b) offering 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, which is why you will not see this Trust advertised. A Form D is a notice filing with the SEC, not a review, endorsement or approval of the offering.
In the news
Sources
Show sources (9)Hide sources (9)
These links support the record as a whole; individual details may come from different sources.
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 offering documents before investing.