JLLX Diversified 10, DST
Diversified (industrial/retail) property in Multi-state (3) — sponsored by JLL Exchange (JLLX)
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.
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 describes three assets: a Louisville, Kentucky warehouse, two Dallas–Fort Worth warehouses, and Skokie Commons, a grocery-anchored retail center near Chicago.2 The Form D reports a $75,000 minimum.1
Minimum investment
$75k
Offering size
$268.3M
How much has sold
95.0%
Financing
Leveraged. This offering reports mortgage debt on the property.
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 Exchange's February 20, 2026 release names the assets: roughly 1,040,158 square feet of industrial warehouse in Louisville, Kentucky; 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; those live in the PPM, the private placement memorandum delivered to investors. JLL Income Property Trust's Form 10-K for 2025 lists JLLX Diversified 10 Master Tenant, LLC — the affiliate that leases the properties from the Trust — as wholly owned by the REIT.3
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
- Reported unsold
- $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 carried on the property they sold. JLL Income Property Trust announced on June 3, 2026 that it had closed financing 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. That REIT's Form 10-K for 2025 lists this Trust as a Delaware entity wholly owned by the REIT.3 The amended Form D identifies JLL Exchange TRS, LLC and LaSalle Investment Management, Inc. as promoters.4 AltsWire reported on August 18, 2026 that JLL Income Property Trust had 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)
- 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 April 2026 amendment held the total offering 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, 2025.1
- First Form D filedThe public offering record begins.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- JLLX Diversified 10, DST
- 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?
Availability unconfirmed. Active means a filing within the past 15 months; it does not by itself establish current subscription availability.
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: roughly 1,040,158 square feet of industrial warehouse in Louisville, Kentucky; two Dallas–Fort Worth warehouses totaling about 643,429 square feet; and Skokie Commons, a roughly 92,734-square-foot grocery-anchored retail center in the Chicago metropolitan area. Street addresses, acquisition dates and property-by-property purchase prices are not established in the public record as of September 3, 2026. The PPM carries the authoritative property schedule.
Was the Offering fully subscribed?
JLL Exchange announced on February 20, 2026 that JLLX Diversified 10, DST was fully subscribed in a program of approximately $268 million. The Trust's later Form D amendment, dated April 14, 2026, still reported an unsold balance against the same $268,270,270 total offering amount. The public record does not reconcile the two dates, and research as of September 3, 2026 could not establish whether "fully subscribed" referred to commitments, a closing, or a different reporting point. A Form D balance is never proof of what a sponsor or selling broker-dealer can accept on a 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. The affiliated REIT announced on July 30, 2025 that it had 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 — but that square footage does not match the roughly 1,040,158-square-foot Louisville warehouse the sponsor describes here, and the release does not name this Trust. The PPM governs 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 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.