Johnson Controls Innovation Center
Net-lease office property in Glendale, WI · sponsored by Syndicated Equities
Active offeringLatest Form D filed Apr 22, 2026 (opens in a new tab)
Johnson Controls Innovation Center is a DST sponsored by Syndicated Equities that owns a net-lease office property in Glendale, WI. Its latest Form D, filed Apr 22, 2026, lists a $22.2 million offering with a $1,000 minimum.
Key facts
- Minimum investment
- $1,000From the Form D
- Offering size
- $22,230,000Equity offered, per the Form D
- Sold so far
- Form D, Apr 22, 2026; the % is our arithmetic12.0%
- Investors reported
- Form D, Apr 22, 20267
- Selling commissions
- Form D Item 15; the % is our arithmetic$0 · 0.0% of offering
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries 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 →
Sales so far
- Latest Form D
- Apr 22, 2026 · 1 filing
- First sale
- Mar 26, 2026
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
- Amount sold
- $2,675,000
- Not yet sold
- $19,555,000
- Investors
- 7
Calculated by Top1031 from the Form D filings, not stated by the sponsor:
12.0% of $22,230,000 sold, calculated by Top1031 from the Form D
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Ask a 1031 specialist about this recordFree. About: Johnson Controls Innovation Center. Top1031 is not a broker-dealer.Johnson Controls Innovation Center · Glendale, WI · Photo: johnsoncontrols.com
What does the Trust own?
Johnson Controls opened the building on October 28, 2024 as its Innovation Center–Warren Johnson Engineering Lab, a workplace for roughly 250 employees doing smart-building engineering and testing. 1 The company reported in 2025 that the lab earned LEED Gold and WELL Gold certifications. BizTimes reported on April 22, 2026 that the property sold for $45.4 million to a Chicago-based real estate investment firm, citing state records. 3 Syndicated Equities says it acquired the property in 2026 through a Delaware statutory trust. 4
- Property address
- 2022 W. Florist Avenue, Glendale, WI
- Property size
- approximately 109,500 SF
Tenant and lease terms are not in the SEC filings or cited sources.
How have sales gone?
The Form D record has one sales figure so far, so there is no trend to chart. The figure is in Sales so far ↑.
How is it financed, and what did it cost to sell?
Baker 1031's offering material reports non-recourse mortgage debt from Old National Bank sitting beneath the equity raise; non-recourse means the lender's remedy runs to the property, not to investors personally. 2 A Form D never discloses property debt, so Top1031 carries leverage as unknown, and the loan documents and the offering documents govern.
Debt
- Financing
- Not in the Form D. The Form D for this offering does not say whether it carries mortgage debt.
Costs and terms from the Form D
- Selling commissions
- $0 · 0.0% of offering
- Finders’ fees
- $0
- Paid to officers, directors and promoters
- $0 · 0.0% of offeringForm D Item 16
- Broker-dealers named in the Form D
- None named in the Form D
- Date of first sale
- Mar 26, 2026
- Minimum investment
- $1,000
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.
Who's behind the Trust?
Syndicated Equities is a Chicago real estate investment firm; BizTimes described the buyer of the Glendale building that way on April 22, 2026. 3 Baker 1031 markets the Trust as a single-tenant Delaware Statutory Trust sponsored by the firm. 2 The sponsor's Winter 2026 newsletter, dated March 9, 2026, listed this engineering lab among properties projected to close that April.
- Sponsor
- Offerings on record
- 5 active / 11 total
What does the SEC record show?
The SEC paper here is a new-notice Form D — the short notice an issuer files when it sells securities under an exemption from registration — reporting a first sale on March 26, 2026, with no amendment since. 5 The exemption claimed bars general advertising, so the Offering reaches investors through existing sponsor and broker-dealer relationships.
- Legal Trust name
- SE JCI (Glendale), DST
- SEC CIK
- 2129930
- First Form D
- Apr 22, 2026
- Latest Form D
- Apr 22, 2026
- Filings on record
- 1
- Offered under
- Rule 506(b)General advertising and solicitation are not permitted under this exemption.
- Source filing
SEC Form D filings, newest first
| Filed | Form | Offering amount | Amount sold | Investors | Filing on SEC EDGAR |
|---|---|---|---|---|---|
| Form D | $22,230,000 | $2,675,000 | 7 | EDGAR |
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
- Is Johnson Controls Innovation Center an active offering?
- Johnson Controls Innovation Center is an Active offering: its latest Form D was filed Apr 22, 2026. A Form D filing does not by itself confirm that interests are still available; the sponsor or a registered representative can confirm what is open.
- Who is the tenant, and what does the lease say?
- Baker 1031's offering material reports the property 100% net leased to Johnson Controls, Inc. under a 15-year triple-net lease commencing October 2024 and expiring September 2039, with three five-year renewal options at 95% of market rent. The same material states initial annual base rent of $2,861,702, or $26.14 per square foot, with annual increases. Triple-net means the tenant pays property taxes, insurance, utilities and maintenance rather than the Trust. No lease instrument appears in the public record, so the offering documents and the lease itself are where to confirm escalation mechanics, renewal terms, and whether any parent entity guarantees the obligations.
- Does this Trust use a mortgage, and who is the lender?
- Baker 1031's offering material reports a $27,258,000 non-recourse loan from Old National Bank, described as approximately 55% loan-to-cost, alongside $22,230,000 of equity for total capitalization of $49,488,000. Those are broker- and sponsor-stated terms, not filed disclosures: a Form D does not report property financing, and Top1031's record carries leverage as unknown. The loan's interest rate, term, amortization and any interest-only period were not verified in the public record as of October 1, 2026 — ask for the loan documents and read the debt section of the offering documents.
- When was the building built, and who owned it before?
- The building was completed in 2024. Johnson Controls announced the grand opening of the Innovation Center–Warren Johnson Engineering Lab on October 28, 2024, describing a facility housing approximately 250 employees focused on smart-building technologies, and the company reported in 2025 that the lab had earned LEED Gold and WELL Gold certifications. BizTimes reported on April 22, 2026 that the property at 2022 W. Florist Avenue sold for $45.4 million, citing state records; that article did not name the buyer. Source-reported size varies between approximately 109,000 and approximately 109,500 square feet.
- How is the tenant's business doing?
- Johnson Controls reported third-quarter results on July 29, 2026 showing, per the company, 9% sales growth, 27% organic order growth and a record $21.0 billion backlog, and it raised its full-year outlook. Those are company-wide figures and say nothing directly about rent or occupancy at the Glendale building. A Milwaukee Business Journal report dated July 30, 2026 mentioned the Glendale Innovation Center and Warren Johnson Engineering Lab in its coverage of the quarter, and a company release dated July 30, 2026 noted interns touring the lab. Sponsor material names the contractual tenant as Johnson Controls, Inc.; confirm in the offering documents exactly which entity signed the lease and whether a parent guarantee exists.
- Could this Trust convert into REIT shares?
- Nothing in the public record points to a 721 or UPREIT exit — the structure in which a DST's property is contributed to a real estate investment trust in exchange for operating-partnership units, deferring tax but ending the ability to do another 1031 exchange. Top1031's data records no REIT conversion feature for this Trust. Exit mechanics, including sale timing and any rollover rights, are governed by the offering documents and the trust agreement, so read both before assuming any particular ending.
In the news
Sources
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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.