JLLX Diversified 10, DST
Diversified (industrial/retail) property in Multi-state (3) — sponsored by JLL Exchange (JLLX)
Minimum investment
$75k
Offering size
$268.3M
How much has sold
95.0%
Asset type
Diversified (industrial/retail) property
Location
Multi-state (3)
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 Diversified 10, DST is a Delaware statutory trust — a passive co-ownership vehicle whose interests can serve as 1031 replacement property — sponsored by JLL Exchange.1 The sponsor's February 20, 2026 release names three assets: a Louisville, Kentucky industrial warehouse, two Dallas–Fort Worth warehouses, and Skokie Commons, a grocery-anchored retail center near Chicago.2 The minimum investment reported to the SEC is $75,000.3
IL/KY/TX per AltsWire; likely Skokie Commons, Louisville DC (McKesson), DFW DC (inferred); min $75k; $255.4M/$268.3M sold
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These links support the public record as a whole; individual details may come from different sources.
Skokie (likely, unconfirmed), IL · exact location not on recordThe filings name the market but not an address we can place on a map.
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 Exchange's February 20, 2026 release names the assets: Louisville Distribution Center, roughly 1,040,158 square feet of Kentucky warehouse; DFW Distribution Center, two Dallas–Fort Worth warehouses totaling about 643,429 square feet; and Skokie Commons, a 92,734-square-foot grocery-anchored retail center in the Chicago MSA.2 Street addresses, acquisition dates and purchase prices for this Trust are not established in the public record.
- Reported location
- Multi-state (3)
Who is the tenant, and what's the lease?
Neither the Form D filings nor the sponsor's release names a tenant or states lease terms. One asset is described as grocery-anchored retail and the others as distribution warehouses; tenant identity, rent and remaining term live in the PPM — the private placement memorandum delivered to prospective investors.
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
- $255,437,566
- Still available
- $12,832,704
- Investors reported
- 229
- Total offering
- $268,270,270
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How is it financed, and what does it pay?
Mortgage debt sits alongside investor equity here — the arrangement that lets an exchanger replace debt that was carried on the property they sold. JLL Income Property Trust announced on June 3, 2026 that it had closed a five-year loan on the Louisville industrial facility; the Form D filings themselves name no lender, balance or maturity.
- Financing
- Leveraged. This offering reports mortgage debt on the property.
Who's behind it?
JLL Exchange is the 1031 exchange platform tied to JLL Income Property Trust. The initial Form D names JLL Exchange TRS, LLC and LaSalle Investment Management, Inc. as promoters and Gregory A. Falk as an executive officer and signatory trustee.3 AltsWire reported on August 18, 2026 that JLL Income Property Trust completed its 20th full-cycle 721 UPREIT — the swap of DST real property for REIT operating-partnership units — reaching $1.5 billion in cumulative completed value.
- Sponsor
- JLL Exchange (JLLX)
- Legal Trust name
- JLLX Diversified 10, 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 amendment held the total offering amount at $268,270,270 while restating sales progress and the investor count.4 Interests were offered privately to accredited investors — buyers meeting the SEC's income or net-worth tests — without general advertising, and the initial notice reports a first sale on September 17, 2025.3
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Filings on record
- 2
- 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
Is JLLX Diversified 10, DST still raising money?
Top1031 lists JLLX Diversified 10, DST as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for JLLX Diversified 10, 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.
What properties does this Trust own?
JLL Exchange's February 20, 2026 release names three: Louisville Distribution Center, roughly 1,040,158 square feet of industrial warehouse in Louisville, Kentucky; DFW Distribution Center, two warehouses totaling about 643,429 square feet in Dallas–Fort Worth, Texas; and Skokie Commons, a roughly 92,734-square-foot grocery-anchored retail center in the Chicago metropolitan area. Street addresses, acquisition dates and purchase prices are not established in the public record as of August 30, 2026; the PPM carries the authoritative property exhibit.
Was the Offering fully subscribed?
JLL Exchange announced on February 20, 2026 that JLLX Diversified 10, DST had been fully subscribed. The Trust's later Form D amendment, dated April 14, 2026, still reported an unsold balance against the same total offering amount of $268,270,270. Those two dated records are not reconciled anywhere in the public filings, and a Form D balance is never proof of what a sponsor or selling broker-dealer can accept on any given day.
Who are the tenants, and what are the lease terms?
Not public at the Trust level. The Form D filings name no tenants, and the sponsor's February 20, 2026 release describes the assets by type and size only. Property announcements published by the affiliated REIT for similarly named assets do not name this Trust, so their tenant and lease details cannot be attributed to it. The PPM is the governing source for tenant identity, lease term, rent and occupancy.
What is the minimum investment?
The Form D reports a $75,000 minimum outside investment. Minimums for exchange investors and cash investors can differ, and the PPM governs. Interests are sold only to accredited investors — those meeting the SEC's income or net-worth tests — under Rule 506(b), the private-placement exemption that bars general advertising and public solicitation.
What debt is on the properties?
The Trust is recorded as carrying mortgage debt alongside investor equity, which for a 1031 exchanger can replace the mortgage that was outstanding on the relinquished property. JLL Income Property Trust announced on June 3, 2026 that it had closed a five-year loan at a 5.28% interest rate supporting its Louisville, Kentucky industrial facility, one of the properties in this portfolio. The Trust's Form D filings disclose no lender, loan balance, maturity or allocation of debt among the three properties; the PPM and loan documents set those terms.
Can this Trust convert into a REIT?
Our record does not flag a 721/UPREIT exit for this Trust — the transaction in which DST investors trade their real property interest for operating-partnership units in a REIT. The sponsor's affiliated REIT has completed such transactions with other JLLX trusts, including one reported by PR Newswire on August 18, 2026 involving JLLX Diversified Portfolio III, DST. What applies here is whatever this Trust's PPM states.
Chapter 9JLL Income Property Trust Closes Financing on Louisville Industrial FacilityJLL Income Property Trust closed a five-year, 5.28% interest rate loan supporting its Louisville, KY industrial facility, which is one of the properties in this diversified DST portfolio. JLL Income Property Trust Acquires South Louisville Distribution CenterJLLIPT acquired a 327,000-square-foot South Louisville Distribution Center (leased to McKesson) for $39.5 million, expected to be contributed to a future JLL Exchange diversified DST.