JLLX Diversified III, DST
Mixed-use healthcare/life-sciences property — sponsored by JLL Exchange (JLLX)
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These links support the historical public record; individual details may come from different sources.
What is this, in one paragraph?
JLLX Diversified III is a Delaware Statutory Trust — passive fractional property ownership that qualifies for a 1031 exchange — holding two healthcare buildings: outpatient medical space in Florham Park, New Jersey and a life-sciences facility in Durham, North Carolina. It is closed to new investors; the sponsor announced full subscription on June 5, 2024.1 On August 18, 2026 the sponsor reported completing a 721 UPREIT.2
Minimum investment
$75k
Offering size
$95.9M
How much has sold
92.0%
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?
Both buildings came out of JLL Income Property Trust's own portfolio before being placed into the Trust. The Florham Park asset is a newly constructed medical office building of roughly 100,000 square feet leased to Summit Medical Group, announced by the REIT in a February 15, 2024 release. The Durham life-sciences space traces to two buildings the REIT announced acquiring on October 12, 2021. Public filings do not map exact street addresses to this Trust.
- Property size
- $95,916,712 offering; Florham Park outpatient medical (Summit Health); Durham Class A industrial/life-sciences (KBI Biopharma)
Who is the tenant, and what's the lease?
Two tenants occupy the portfolio: Summit Health Management in the Florham Park outpatient medical building and KBI Biopharma in the Durham life-sciences facility. In an August 18, 2026 issuer-filed release, JLL Income Property Trust described the combined portfolio as 100% leased to two tenants with a 7.5-year weighted average lease term.2
How did it end?
Sold
Listed as a completed/full-cycle program on JLL Exchange (JLLX)'s published track record.
Florham Park Medical + Durham Life Sciences (Diversified III) · Diversified III is a two-property DST combining an outpatient medical building in Florham Park, NJ leased to Summit Health Management with a Class A industrial/life-sciences facility in Durham, NC leased to KBI Biopharma. The $95,916,712 program was fully subscribed in June 2024, per JLL Income Property Trust's press release dated June 5, 2024.
$95,916,712 offering; Florham Park outpatient medical (Summit Health); Durham Class A industrial/life-sciences (KBI Biopharma)Supporting evidence
Counted on JLL Exchange (JLLX)’s Record Card as: Sold, no result reported Document
How is it financed, and what does it pay?
The public record does not establish how the two properties were financed. The Form D reported the offering as equity securities and did not select debt securities, which is not the same as establishing that the buildings carry no mortgage; no lender, balance, or maturity appears in the located filings.3
Who's behind it?
JLL Exchange is the 1031 exchange platform through which JLL Income Property Trust places interests in properties the REIT owns. The sponsor announced this program's full subscription on June 5, 2024.1 On August 18, 2026 it stated it had exercised its option to acquire the DST properties, completing a full-cycle 721 UPREIT — trust interests exchanged for operating units in the REIT.2
- 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 Trust filed an initial Form D in late 2023, then amended it repeatedly through the spring of 2024 as subscriptions accumulated; the final amendment landed weeks before the sponsor's full-subscription announcement, so EDGAR never recorded the closing tally. It was offered under Rule 506(b), a private placement sold to accredited investors without general advertising.
- First Form D filedThe public offering record begins.
- Offering amount recordedA Form D amendment recorded offering and sales totals.
- Filing record updatedA later amendment updated the sponsor’s filing record.
- Latest Form D filedThe most recent sponsor-filed checkpoint in this record.
- Legal Trust name
- JLLX Diversified III, DST
- Filings on record
- 12
- 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
What happened to JLLX Diversified III, DST?
JLLX Diversified III, DST is a Historical offering: its latest SEC filing is outside the Active window. The outcome and source documents are shown separately.
Where does Top1031 get the data for JLLX Diversified III, 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.
Can I still invest in JLLX Diversified III?
No. The Trust is closed to new investors. JLL Income Property Trust announced on June 5, 2024 that the approximately $95 million Delaware Statutory Trust program had been fully subscribed, and the sponsor later reported that the properties were acquired by the REIT in August 2026.
What happened to the investors who bought in?
On August 18, 2026, JLL Income Property Trust stated it exercised its option to acquire the DST properties, completing the full-cycle transaction through a 721 UPREIT. The issuer stated that investors would receive operating units of JLL Income Property Trust equal to the value of the DST properties, adjusted for transaction costs, distributions, and reserves.
Did the properties gain or lose value?
In its August 18, 2026 filed release, JLL Income Property Trust reported that the combined portfolio experienced a $1.3 million increase in value over the hold period. That is the issuer's own figure for the completed transaction; no independent appraisal or third-party valuation is in the located public record.
What exactly are the two properties, and where are they?
An outpatient medical building in Florham Park, New Jersey leased to Summit Health Management, and a Class A industrial/life-sciences facility in Durham, North Carolina leased to KBI Biopharma. The located public sources establish the properties at the city, property-type, and tenant level but do not provide a trust-level mapping of exact street addresses.
Why does the sponsor sometimes call this 'JLLX Diversified Portfolio III'?
The issuer's August 18, 2026 release refers to the entity as JLLX Diversified Portfolio III, DST, while the Form D filings under CIK 2000285 and the June 2024 announcement use JLLX Diversified III, DST. The matching issuer, two-property description, and November 2023 to May 2024 syndication period indicate the same offering.
Was the Trust leveraged?
Unknown from the public record. The Form D reported equity securities only and did not select debt securities, but that disclosure does not establish that the underlying properties were free of mortgage debt. Property-level mortgage balance, lender, rate, maturity, and leverage ratio were not found in the located filings.
Chapter 9JLL Income Property Trust fully subscribes $95m Diversified III DSTIndustry trade press coverage of the Diversified III full subscription. JLL Income Property Trust Acquires Newly Constructed Medical Office Building in New JerseySponsor press release announcing the acquisition of the 100,000 SF Florham Park, NJ medical office building leased to Summit Medical Group that subsequently backed the Diversified III DST. JLL Income Property Trust Acquires Two Life Sciences Properties in Durham, North CarolinaSponsor press release announcing the original acquisition of two life-sciences buildings in Durham, NC leased to KBI Biopharma that subsequently backed the Diversified III DST.