JLL Income Property Trust Adds $60M Indiana Distribution Center to Industrial Portfolio
JLL Income Property Trust – a daily net asset value, perpetual life real estate investment trust managed by LaSalle Investment Management and sponsored by Jones Lang LaSalle (NYSE: JLL) – has acquired Whitestown Distribution Center III, a Class A industrial facility located in the Northwest submarket of Indianapolis in Whitestown, Ind., for a purchase price of approximately $60 million.
“Whitestown III is an attractive addition to our industrial portfolio,” said Allan Swaringen, president and chief executive officer of JLL Income Property Trust. “This sector has been a performance driver for our core fund, as industrial fundamentals have remained stable through the past three years of valuation corrections, and our research team forecasts steady rent growth for the warehouse sector over the next two to four years.”
The property is a Class A industrial building totaling approximately 605,000 square feet and is 100% leased to a single tenant with a seven-year remaining lease term featuring 2.5% annual escalations.
The facility was developed in 2023 and features 140-foot to 200-foot truck courts, full dock packages including hydraulic levelers, and 36-foot clear heights.
Indianapolis is one of the country’s major industrial markets, centrally located with access to extensive transportation networks, a deep labor pool, and business friendly governments. The region is home to the second largest FedEx hub nationwide, as well as other high-credit distribution tenants like Amazon, Home Depot, DHL, and Coca-Cola.
“With the ability to reach more than 80% of the U.S. population within a day, the Indianapolis region is a great example of a target market as a central distribution hub with access to interstate transportation systems, and this acquisition fits our ideal profile for a high-quality industrial property in a strategic location,” said Swaringen.
Last month, the company acquired West Boston Medical Center, a medical outpatient complex located in the Greater Boston suburb of Watertown, Mass., for a purchase price of approximately $32 million. The property is leased to a single tenant, a leading regional healthcare provider, with a newly executed 15-year lease.
As of March 31, 2026, industrial investments comprise the largest percentage of JLL Income Property Trust’s total $6.8 billion portfolio at 38%, with $2.4 billion in assets across 64 industrial properties.
JLL Income Property Trust is an institutionally managed, daily NAV REIT that owns and manages a diversified portfolio of residential, industrial, grocery-anchored retail, healthcare, office, and debt investments throughout the nation.
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