Johnson Controls Innovation Center
Net-lease office/R&D (corporate engineering lab) property in Glendale, Wisconsin — sponsored by Syndicated Equities
Files with the SEC as SE JCI (Glendale), DST
Minimum investment
$1k
Offering size
$22.2M
How much has sold
12.0%
Asset type
Net-lease office/R&D (corporate engineering lab) property
Location
Glendale, Wisconsin
Financing
Not stated. The filings for this offering do not say whether it carries mortgage debt.
Sponsor-reported, from SEC filings and cited sources.
What is this, in one paragraph?
SE JCI (Glendale), DST is a Delaware Statutory Trust — a structure letting 1031 exchangers hold fractional interests in a single property — sponsored by Syndicated Equities. It owns the Johnson Controls Innovation Center–Warren Johnson Engineering Lab in Glendale, Wisconsin, which offering material describes as net leased to Johnson Controls, Inc. into 2039.5 The Offering is raising from accredited investors, those meeting SEC income or net-worth tests.
Warren Johnson Engineering Lab · Bought $45.4M 4/26 from Weas Dev; tenant Johnson Controls (~250 staff); built 2024; LEED+WELL Gold; $2.7M/$22.2M sold
Show sources (9)Hide sources (9)
These links support the public record as a whole; 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.
What exactly is the property?
Johnson Controls broke ground on May 17, 2023 on an engineering center and lab it said it would lease from owner and developer Weas Development.6 It opened the building on October 28, 2024 for roughly 250 employees working on smart-building and OpenBlue engineering.4 The purchase from Weas closed in April 2026; BizTimes reported a $45.4 million price, citing state records, and described the buyer only as a Chicago-based real estate investment firm.3
- Property address
- 2022 W. Florist Avenue, Glendale, Wisconsin
- Property size
- approximately 109,500 SF
Who is the tenant, and what's the lease?
Offering material describes Johnson Controls, Inc. as the sole tenant under a 15-year triple-net lease running from October 2024 to September 2039, with three five-year renewal options at 95% of market.5 Triple-net means the tenant, not the landlord, pays taxes, insurance, utilities and maintenance.
How are sales going?
These are the sponsor’s own numbers. They can lag what has actually sold, and they do not confirm that interests are still available.
12.0% reported sold
- Amount sold
- $2,675,000
- Still available
- $19,555,000
- Investors reported
- 7
- Total offering
- $22,230,000
Not enough filings yet to show a trend.
See how much of this offering has soldSign in by email and confirm you’re an accredited investor.
How is it financed, and what does it pay?
Offering material reports a non-recourse loan from Old National Bank — non-recourse meaning the lender's remedy on a default is the property itself, not investors personally.5 A Form D discloses only equity, so this debt is sponsor-reported rather than filed with the SEC.1
Who's behind it?
Syndicated Equities' own page for this asset lists it as acquired in 2026, held in a Delaware Statutory Trust and fully leased to Johnson Controls, Inc.2 The firm's Winter 2026 newsletter, dated March 9, 2026, described the Glendale lab as a property projected to close that April. The Form D names Syndicated Equities Interests, LLC as the Trust's manager and identifies it as an executive officer and promoter.1
- Sponsor
- Syndicated Equities
- Legal Trust name
- SE JCI (Glendale), DST
- May convert to a REIT
- No
- Offerings from this sponsor
- 4 active / 10 total offerings from Syndicated Equities
Reported by the sponsor. Top1031 does not independently audit sponsor-reported figures.
What does the paperwork say?
The Form D — the brief notice an issuer files when selling securities without registering them — was signed April 15, 2026 and reports a first sale on March 26, 2026.1 It relies on an exemption that bars general advertising, so the Offering reaches investors through existing sponsor and broker-dealer relationships.
- Form D filedFirst and latest filing on record.
- Filings on record
- 1
- 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.
Common questions
Is Johnson Controls Innovation Center still raising money?
Top1031 lists Johnson Controls Innovation Center as active because the sponsor is still filing with the SEC. That does not confirm that interests remain available.
Where does Top1031 get the data for Johnson Controls Innovation 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.
Who is the tenant, and what does the lease say?
Johnson Controls, Inc. occupies the entire building, according to Syndicated Equities' property page. A broker offering page dated June 8, 2026 describes a 15-year triple-net lease that began in October 2024 and expires in September 2039, with three five-year renewal options at 95% of market rent and the tenant paying taxes, insurance, utilities and maintenance. Those terms are sponsor-reported — no lease instrument appeared in the public record — so confirm them in the Private Placement Memorandum, the offering's controlling disclosure document, and in the lease itself.
Does this Trust use a mortgage?
Yes. A broker offering page dated June 8, 2026 reports a $27,258,000 non-recourse loan from Old National Bank with a 10-year term, a 6.10% fixed rate, interest-only for the first 36 months and 30-year amortization, at 55.08% in-place loan-to-value. The same page reports a $45,430,000 purchase price and total capitalization of $49,488,000, including $22,230,000 of equity. A Form D discloses only equity, not debt, so these figures come from sponsor material rather than the SEC filing. Ask for the loan documents and read the debt section of the PPM.
When was the building built, and who owned it before?
Johnson Controls announced a ceremonial groundbreaking on May 17, 2023 and said it would lease the new engineering center and lab from owner and developer Weas Development. The company opened the facility on October 28, 2024 for roughly 250 employees. Top1031 pipeline data records the sale from Weas Development closing in April 2026, and BizTimes reported on April 22, 2026 that the property at 2022 W. Florist Avenue sold for $45.4 million to a Chicago-based real estate investment firm it did not name, attributing the price to state records.
Is the Offering still open?
Top1031 records the Trust as raising, based on the Form D filed April 22, 2026. A Form D is a snapshot as of its filing date and is not updated continuously, and no amendment appears on the SEC record as of August 22, 2026. Availability can change without any new filing, so confirm current status directly with the sponsor or your broker-dealer before identifying this property on a 45-day clock.
How is the tenant's business doing?
Johnson Controls reported third-quarter results on July 29, 2026 showing 9% sales growth, 27% organic order growth and a record $21.0 billion backlog, and raised its fiscal 2026 guidance. Those are company-wide results and say nothing 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.
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 REIT in exchange for operating-partnership units. Top1031 records this Trust as not converting to a REIT. Exit mechanics, including sale timing and any rollover rights, are governed by the PPM and the trust agreement, so read both before assuming any particular ending.
Chapter 9Boosted by sales for data centers, Johnson Controls reports record backlog for second consecutive quarter, increases 2026 guidanceJohnson Controls reported a record $21 billion backlog and 9% sales growth in its third fiscal quarter, driven by the data center boom. Johnson Controls named to 2026 Top 100 Intern Programs listJohnson Controls reported recognition in Yello's Top 100 Internship Programs for the fourth year and noted that interns toured the Warren Johnson Engineering Lab, providing property-specific tenant coverage. Johnson Controls raises outlook as orders hit record $21BThe Milwaukee Business Journal reported that Johnson Controls raised its annual earnings outlook to $5.05 per share as a record $21 billion backlog and data-center cooling demand drove growth, and it mentioned the company's Glendale Innovation Center/Warren Johnson Engineering Lab. Johnson Controls Reports Strong Q3 Results; Raises FY26 GuidanceJohnson Controls reported strong third-quarter results, including 9% sales growth, 27% organic order growth and a $21.0 billion backlog, while raising FY26 guidance; the release is company-wide and does not specifically name the Glendale property. Johnson Controls Innovation Center-Warren Johnson Engineering Lab building in Glendale sold for $45.4 millionBizTimes reported that the 109,000-square-foot Johnson Controls Innovation Center-Warren Johnson Engineering Lab at 2022 W. Florist Ave. sold for $45.4 million to a Chicago-based real estate investment firm. Winter Access 2026 NewsletterSyndicated Equities' Winter 2026 sponsor newsletter describes the Johnson Controls engineering lab and innovation center in Glendale, WI as a property projected to close in April 2026. Johnson Controls Opens New Innovation Center in GlendaleJohnson Controls announces the opening of its new 109,000 sq ft Innovation Center in Glendale, WI, housing approximately 250 employees focused on smart building and OpenBlue engineering.