Top1031

JLLX Diversified II

Diversified (retail, industrial, medical office) property in Scottsdale, AZ — sponsored by JLL Exchange (JLLX)

Files with the SEC as JLLX Diversified II, DST

Minimum investment
$75k
Offering size
$219.8M
How much has sold
90.0%
Asset type
Diversified (retail, industrial, medical office) property
Location
Scottsdale, AZ
Financing
Leveraged. This offering reports mortgage debt on the property.

Sponsor-reported, from SEC filings and cited sources.

Chapter 1

What is this, in one paragraph?

JLLX Diversified II, DST was a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional interests in real estate — assembled by JLL Exchange around retail, industrial and medical office buildings. It is closed to new investors: the sponsor announced full subscription on May 1, 2023.1 A later sponsor release said the trust closed on May 7, 2025 with $185 million in assets.2

Show sources (18)Hide sources (18)

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.

Chapter 2

What exactly is the property?

Silverstone Marketplace, a 78,000-square-foot grocery-anchored center in Scottsdale, Arizona, was built in 2015 and counts Sprouts Farmers Market among its tenants.3 Suwanee Distribution Center, an industrial building outside Atlanta completed in 2013, is leased to Mitsubishi Electric.4 Three medical office buildings complete the mix: South Reno Medical Center in Nevada, Duke Medical Plaza in Durham, North Carolina, and Sugar Land Medical Plaza outside Houston.1

Reported location
Scottsdale, AZ
Property size
5 properties
Chapter 3

Who is the tenant, and what's the lease?

Tenancy is spread across the portfolio rather than resting on a single name. Duke University Health System anchors Duke Medical Plaza, which the sponsor's asset page reported at 96 percent occupancy with a weighted average lease term of more than nine years.5 South Reno Medical Center is fully leased to two regional healthcare providers on long-term leases.6

Chapter 4

How did it end?

What happened

Converted to REIT units (721 exchange)

Listed as a completed/full-cycle program on JLL Exchange (JLLX)'s published track record.

The five-property portfolio comprised Silverstone Marketplace (grocery-anchored retail, 78,000 square feet, Scottsdale AZ), Suwanee Distribution Center (JLL property page lists 559,000 sq ft while the acquisition release listed 458,000 sq ft), South Reno Medical Center (~32,000 sq ft, Reno NV), Duke Medical Plaza (~60,000 sq ft, Durham NC), and Sugar Land Medical Plaza (37,000 sq ft, Sugar Land TX).

5 properties
$185,000,000Sale price · as reported by the sponsor
Supporting evidence
Chapter 5

How is it financed, and what does it pay?

Public filings do not show how the Trust was capitalized beyond equity. The final Form D/A reported the offering as equity only and named no mortgage amount, lender, maturity, or leverage ratio.7

Chapter 7

What does the paperwork say?

The Trust was offered under Rule 506(b), the private-placement exemption that bars general advertising and limits sales to accredited investors the sponsor already had a relationship with. A run of amended Form D filings tracked the raise from mid-2022 into 2023, each one updating the amount sold and the investor count.

  1. First Form D filedThe public offering record begins.
  2. Offering amount recordedA Form D amendment recorded offering and sales totals.
  3. Filing record updatedA later amendment updated the sponsor’s filing record.
  4. Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
Filings on record
19
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.

Chapter 8

Common questions

What happened to JLLX Diversified II?

Top1031 lists JLLX Diversified II as historical. It is no longer raising money.

Where does Top1031 get the data for JLLX Diversified II?

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 JLLX Diversified II?

No. The Trust is closed to new investors. JLL Income Property Trust announced on May 1, 2023 that JLLX Diversified II, DST had been fully subscribed, and a later sponsor release said the trust closed on May 7, 2025 with $185 million in assets.

What properties did the Trust hold?

Five: Silverstone Marketplace, a grocery-anchored retail center in Scottsdale, Arizona; Suwanee Distribution Center, an industrial building in the Atlanta suburbs; South Reno Medical Center in Reno, Nevada; Duke Medical Plaza in Durham, North Carolina; and Sugar Land Medical Plaza near Houston, Texas. The sponsor described the group as diversified by property type, geography and tenant profile.

What happened to the Trust at the end of its life?

A JLL Exchange release dated May 28, 2025 stated that Diversified II DST closed on May 7, 2025 with $185 million in assets, describing it as the sponsor's most recent UPREIT — the Section 721 route in which DST interests are exchanged for operating partnership units in an affiliated REIT. Public records reviewed do not detail post-close ownership for individual investors.

Did the Trust carry mortgage debt?

The public record does not say. The final Form D/A, filed April 3, 2023, reported the offering as equity and did not report a mortgage amount, lender, maturity, or loan-to-value ratio. An investor would have to look to the private placement memorandum (PPM), the offering's full disclosure document, for the capital structure.

What was the minimum investment, and who could buy in?

The Form D filings reported a $75,000 minimum investment. The offering used Rule 506(b), which means no general advertising and sales limited to accredited investors — broadly, those meeting SEC income or net-worth thresholds — typically introduced through existing broker-dealer relationships.

Chapter 9

In the news