JLL Income Property Trust, an institutionally-managed daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) with $7 billion in portfolio equity and debt investments, announced today that it has fully subscribed JLLX Louisville Logistics, DST. The $88 million industrial property, located in Louisville, KY, was structured as a Delaware Statutory Trust designed to provide 1031 exchange investors the opportunity to reinvest proceeds from the sale of appreciated real estate, while also deferring taxes, maintaining their allocation to real estate and enjoying the opportunity to realize long-term appreciation in a tax efficient manner.
“We are pleased to have fully subscribed JLLX Louisville Logistics, DST,” said Drew Dornbusch, Head of JLL Exchange. “Even in this challenging economic environment, we continue to see strong demand from 1031 exchange investors and their financial advisors due to long-term secular trends like an aging population that finds active property management less appealing than it once was, the significant tax consequences associated with the sale of appreciated investment real estate, and a desire to find an estate planning solution that facilitates generational wealth transfer of real estate.”
“Institutional quality industrial distribution and logistics centers continue to be among the strongest performing real estate property types, particularly in markets like Louisville with access to hubs of distribution and critical transportation infrastructure,” said Allan Swaringen, President and CEO of JLL Income Property Trust. “With a 10-year lease to a leading global logistics provider and significant tenant investment in the property, JLLX Louisville Logistics, DST proved to be an attractive solution for wealth management firms and their property owner clients who were seeking to reinvest proceeds from their sale of appreciated investment real estate in a tax efficient manner.”
Since launching the program in 2020, JLL Exchange has provided investors with more than $1 billion of like-kind exchange interests through 19 DST offerings. JLL Income Property Trust has completed eleven 721 UPREIT transactions totaling more than $800 million to date.