JLL Income Property Trust Adds Indiana Warehouse for $137M

JLL Income Property Trust, a daily net asset value nontraded real estate investment trust sponsored by LaSalle Investment Management, has acquired Whitestown Distribution Center IV, a Class A industrial property in Whitestown, Ind., for approximately $137 million.

The 1.1 million-square-foot facility sits in the Indianapolis area’s Northwest submarket and is fully leased to a single tenant on a long-term lease. Built in 2024, the building serves as the tenant’s largest North American redistribution center, supporting eight regional hubs and featuring 40-foot clear heights and truck courts ranging from 135 to 185 feet, according to JLL Income Property Trust.

“Whitestown IV is an attractive addition to our industrial portfolio,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. Swaringen said industrial real estate has been a performance driver for the fund’s core portfolio, with fundamentals holding steady through three years of valuation corrections across commercial real estate broadly, and that the fund is now seeing signs of sustainable growth in the warehouse sector.

The acquisition is the latest addition to a Whitestown industrial cluster the REIT has been building out. According to AltsWire’s previous reporting, JLL Income Property Trust acquired a 605,000-square-foot industrial property at 4337 Allpoints Drive – also part of its Whitestown Distribution Center portfolio – for approximately $60.3 million in April, funded with cash on hand and a draw on its revolving credit facility.

Industrial assets now represent the largest allocation in the REIT’s portfolio at 38%, or roughly $2.5 billion across 64 properties, as of June 30. The REIT’s total portfolio spans approximately $6.9 billion in equity and debt investments. As of the same date, the company held interests in 139 properties and nearly 2,440 single-family rental homes across 27 states.

The REIT’s second-quarter results showed improvement from a year earlier. Net income attributable to the company was $7.9 million for the second quarter of 2026, compared with a $2.9 million loss a year earlier, driven in part by gains on property dispositions, including a $27 million gain on the sale of an industrial property in Fremont, Calif., in May. For the first half of the year, net income attributable to the company totaled $24.8 million, compared with an $8.4 million loss over the same period in 2025. Total assets stood at approximately $5.5 billion as of June 30, down slightly from $5.6 billion at the end of 2025. The company declared distributions of $0.158 per share for the quarter, consistent with the prior-year period.

In March, JLL Income Property Trust entered into an amended $1 billion credit facility led by JPMorgan Chase Bank, consisting of a $600 million revolving line and a $400 million term loan, with pricing tied to the one-month term Secured Overnight Financing Rate.

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