Top1031

West Phoenix Distribution Center

Industrial (Class A distribution warehouse) property in Glendale, AZ — sponsored by JLL Exchange (JLLX)

Files with the SEC as JLLX West Phoenix Distribution Center DST

Minimum investment
$75k
Offering size
$146.5M
How much has sold
91.0%
Asset type
Industrial (Class A distribution warehouse) property
Location
Glendale, 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 West Phoenix Distribution Center DST is a Delaware statutory trust — a structure that lets 1031 exchange investors hold fractional real estate interests — sponsored by JLL Exchange. It owns a Class A distribution warehouse in Glendale, Arizona, built in 2022 and fully leased to Williams Sonoma through 2037.2 JLL Income Property Trust announced the offering fully subscribed on June 20, 2023; it is closed to new investors.5

Show sources (16)Hide sources (16)

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?

West Phoenix Distribution Center is a Class A warehouse built in 2022 in Glendale, Arizona.2 Williams-Sonoma committed in March 2022 to the site at Reems Road and Northern Avenue, marketed as The Cubes at Glendale.3 JLL's February 2023 property flyer states a $135.0 million purchase price and labels the asset acquired in 2022.4 JLL's current property page instead dates the acquisition to April 2023, and no located source gives a street-number address.2

Reported location
Glendale, AZ
Property size
1.2 million square feet
Chapter 3

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

Williams Sonoma occupies the entire building under a lease running through 2037.2 A secondary marketplace listing for the same Trust describes a built-to-suit, triple-net lease — the tenant paying taxes, insurance and maintenance directly — with three five-year renewal options.6

Chapter 4

How did it end?

What happened

Converted to REIT units (721 exchange)

Per JLL Exchange's April 17, 2024 press release, JLL Income Property Trust completed full-cycle 721 UPREIT transactions for three DST programs (seven properties total); the West Phoenix Distribution Center DST is now part of JLLIPT's portfolio, consistent with this cycle, but the press release does not name this specific trust or state a premium/return figure for it.

The JLL flyer identifies the asset as acquired and built in 2022, with a $135.0 million purchase price; JLL materials state it is 100% leased to Williams Sonoma through 2037. Public sources verified Glendale and the Reems Road/Northern Avenue area but not a street-number address. The PR Newswire and AltsWire articles explicitly report full subscription.

1.2 million square feet
Supporting evidence
Chapter 5

How is it financed, and what does it pay?

No Form D or JLL document located for this Trust states a mortgage amount, lender, or loan terms. A secondary marketplace listing describes the offering as carrying no debt, a characterization no primary filing or sponsor document confirms.6

Chapter 7

What does the paperwork say?

The Trust filed its first Form D — the short notice a private offering sends the SEC — in December 2022, then amended it repeatedly through mid-2023 as subscriptions accumulated. It was offered under Rule 506(b), which bars general advertising and limits sales to accredited investors, broadly those meeting SEC income or net-worth tests.

  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
9
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 West Phoenix Distribution Center?

Top1031 lists West Phoenix Distribution Center as historical. It is no longer raising money.

Where does Top1031 get the data for West Phoenix Distribution Center?

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 this Trust?

No. JLL Income Property Trust announced on June 20, 2023 that the JLLX West Phoenix Distribution Center DST was fully subscribed, and no Form D amendment has been filed since July 6, 2023. Interests in a closed DST are not traded on any exchange; any transfer would be a private, sponsor-approved secondary sale.

Who is the tenant, and how long does the lease run?

JLL reports the roughly 1.2 million-square-foot warehouse as 100% leased to Williams Sonoma through 2037. A secondary marketplace page describing the same Trust characterizes it as a built-to-suit triple-net lease to Williams-Sonoma Direct, Inc. with three five-year renewal options — meaning the tenant, not the Trust, handles taxes, insurance and maintenance. Lease documents themselves are in the PPM, the private placement memorandum given to investors.

Where exactly is the property?

Glendale, Arizona, in the industrial corridor near Reems Road and Northern Avenue, at the development marketed as The Cubes at Glendale. Public sources reviewed confirm the city and the corridor but do not publish a street-number address for the building.

Does the Trust carry mortgage debt?

That is unresolved on the public record. No SEC filing or JLL document located for this Trust states a loan amount, lender, rate, maturity, or loan-to-value. One secondary marketplace listing describes the offering as having no debt, but that is not corroborated by a primary source. The PPM is the authoritative document on capital structure.

What is the law-firm investigation page about?

On May 7, 2025, The White Law Group published a page naming this DST and soliciting potential FINRA arbitration claims from investors. The page does not identify a specific investor loss, a filed lawsuit, or any regulatory enforcement action against the Trust or its sponsor. Law-firm solicitation pages are marketing, not findings of fact.

Does this Trust offer a 721/UPREIT exit?

The record on file does not indicate one. A 721 or UPREIT exit is a structure where DST investors exchange their real estate interest for operating-partnership units in a REIT rather than doing another 1031 exchange. Whether any such option exists for this Trust would be spelled out in the PPM and trust agreement.

Chapter 9

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