Top1031

West Phoenix Distribution Center

Industrial property in Glendale, AZ · sponsored by JLL Exchange (JLLX)

Historical · convertedConverted into REIT units (721 exchange) Apr 2024, as reported by JLL Exchange (JLLX) · last Form D Jul 6, 2023Sponsor source (opens in a new tab)

West Phoenix Distribution Center was a DST sponsored by JLL Exchange (JLLX) that owned an industrial property in Glendale, AZ. Converted into REIT units (721 exchange) Apr 2024, as reported by JLL Exchange (JLLX).

How it ended

Moved into a REIT, per the REIT's SEC filing

Converted into REIT units (721 exchange) Apr 2024.

Equity multiple
0.95× as reported by the sponsor
Date
Apr 17, 2024
Held
2.6 years

Sponsor document (opens in a new tab)

JLL Exchange (JLLX) has 4 active offerings on record →

Key facts

Minimum investment
$75,000
From the Form D
Offering size
$146,515,397
Equity offered, per the Form D
Sold
91.1%
Form D, Jul 6, 2023; the % is our arithmetic
Investors reported
87
Form D, Jul 6, 2023
Selling commissions
$10,256,078 · 7.0% of offering
Form D Item 15; the % is our arithmetic
Financing
All cash. This offering reports no mortgage debt.
How it is financed ↓
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.

Figures come from SEC Form D filings unless a source is cited. Sponsor-stated figures are as reported by the sponsor; Top1031 does not independently audit them. On a 45-day clock? Find day 45 and day 180 →

Using this record to judge the sponsor? A licensed 1031 specialist from our affiliated partner can talk it through with you.

Ask a 1031 specialist about this recordFree. About: West Phoenix Distribution Center. Top1031 is not a broker-dealer.

What did the Trust own?

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

How was it financed, and what did it cost to sell?

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

Debt

Financing
All cash. This offering reports no mortgage debt.
Converted to a REIT (721)
Yes: converted into REIT units Apr 2024
Sponsor document

Costs and terms from the Form D

Selling commissions
$10,256,078 · 7.0% of offering
Finders’ fees
$0
Paid to officers, directors and promoters
$11,515,397 · 7.8% of offering
Form D Item 16
Broker-dealers named in the Form D
11 named in the Form D
Show the firms

Individual representatives named in Item 12 are not listed.

Date of first sale
Dec 8, 2022
Minimum investment
$75,000

Form D Item 15 and Item 16 amounts may be the issuer’s estimates; each percentage is Top1031’s arithmetic on two Form D figures. Item 16 can overlap Item 15, so Top1031 does not add them together. The issuer marked these amounts as an estimate.

What does the SEC record show?

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.

Legal Trust name
JLLX West Phoenix Distribution Center DST
SEC CIK
1958148
First Form D
Dec 13, 2022
Latest Form D
Jul 6, 2023
Filings on record
9
Offered under
Rule 506(b)
General advertising and solicitation are not permitted under this exemption.
Source filing
Read the filings on SEC EDGAR

SEC Form D filings, newest first

FiledFormOffering amountAmount soldInvestors
Form D/A$146,515,397
$133,557,987+$18,991,888
87+6
EDGAR
Form D/A$146,515,397
$114,566,099+$19,844,669
81+23
EDGAR
Form D/A$146,515,397
$94,721,430+$7,801,437
58+16
EDGAR
Form D/A$146,515,397
$86,919,993+$13,506,673
42+10
EDGAR
Form D/A$146,515,397
$73,413,320+$53,417,012
32+16
EDGAR
Form D/A$146,515,397
$19,996,308+$5,279,037
16+6
EDGAR
Form D/A$146,515,397
$14,717,271+$4,416,183
10+1
EDGAR
Form D/A$146,515,397
$10,301,088+$10,301,088
9
EDGAR
Form D$146,515,397
$0
EDGAR
Show all 9 SEC Form D filings

Amounts, investor counts and minimums are as filed with the SEC on Form D. The change lines are Top1031’s arithmetic between consecutive filings; a new Form D notice starts a new count.

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.

Common questions

What happened to West Phoenix Distribution Center?
West Phoenix Distribution Center is a Historical offering. Converted into REIT units (721 exchange) Apr 2024, as reported by JLL Exchange (JLLX).
Did West Phoenix Distribution Center convert into REIT units through a 721 exchange?
Converted into REIT units (721 exchange) Apr 2024, as reported by JLL Exchange (JLLX). In a 721 exchange, or UPREIT, the DST’s property is contributed to a REIT’s operating partnership and investors receive operating-partnership units instead of cash.
How a DST-to-721 UPREIT exit works
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 offering documents.
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 offering documents are the authoritative documents 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.

In the news

Sources

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These links support the record as a whole; individual details may come from different sources.

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 offering documents before investing.