JLL Arranges $36.09M Construction Loan From Principal for INDUS Realty Trust's Lebanon, Tennessee Industrial Project
JLL Capital Markets has secured $36.09 million in construction financing for the first building of INDUS Commerce Center @ 840, a planned logistics park in Lebanon, Tennessee, the firm announced Oct. 2. JLL arranged the five-year, floating-rate loan on behalf of the borrower, INDUS Realty Trust, through Principal Asset Management.
The financing supports a 507,000-square-foot, Class A speculative cross-dock facility at 4009-4030 McCrary Road. The project, referred to as ICC @ 840, is a 2.15-million-square-foot master-planned park roughly 30 miles east of downtown Nashville.
JLL Capital Markets Team Arranges the Construction Loan
The JLL Capital Markets team was led by Managing Director Bobby Norwood and Director Anthony Sansone, along with Associates Austin Smith and Connor McCarthy.
"We saw significant lender interest in this development due to its prime location and favorable development basis compared to competing submarkets," Norwood said. "The collaboration between the sponsor and lender successfully structured a package that supports the long-term vision of this premier industrial park."
Sansone said Nashville's industrial market continues to perform well and that Wilson County has emerged as one of the Southeast's sought-after logistics corridors. "Tenant demand remains robust, quality product is limited, and the access to I-840 gives users unmatched connectivity across the region," Sansone said. "INDUS has done a great job positioning this project to take advantage of what's happening in the submarket right now."
Based on the $36.09 million loan amount and the 507,000-square-foot building size, the financing equates to approximately $71.19 per square foot. That figure is a loan-to-size measure, not a development cost or valuation.
INDUS Commerce Center @ 840: Project and Building Specifications
Site work for the entire park is complete, and INDUS is commencing vertical construction on the first building. Two to three additional buildings, ranging from 400,000 to 1 million square feet, are planned on a speculative or build-to-suit basis. Earlier INDUS project materials described the park as having four buildings, with access from McCrary Road to Interstate 840 at the Couchville Pike interchange.
The first building is designed with:
- Concrete tilt-up construction
- 40-foot clear heights
- 60-foot speed bays with grade-level and dock-high doors
- ESFR sprinklers and high-efficiency LED lighting
- 120 dock-high doors and four drive-in doors
- 216 auto parking spaces and 170 trailer stalls
Wilson County Location and Transportation Access
The property sits directly off Interstate 840 in Wilson County. Interstates 40, 24 and 65 are each within a 35-minute drive, and the site is near Smyrna Airport and Nashville International Airport, both of which are undergoing major infrastructure expansions. The location allows logistics operators to reach more than half of the nation's population within a single day's drive.
Wilson County has one of the fastest-growing populations in Tennessee, with a low cost of doing business, no state income tax on wages and a labor pool that includes a substantial blue-collar workforce supporting distribution and fulfillment operations. JLL also cited high barriers to entry in the local submarket, driven by challenging topography and limited utility availability.
Nashville Industrial Market Context
The financing comes as Nashville's industrial market absorbs a substantial construction pipeline. More than 1.9 million square feet of industrial space was delivered in the second quarter of 2026, the market's highest quarterly delivery total since the second quarter of 2024.
Earlier market reporting put Nashville industrial asking rents at approximately $9.37 per square foot, with overall vacancy at 4.4% and direct vacancy at 4.0%. About 3.2 million square feet was under construction at that time. The volume of new deliveries makes lease-up and competitive positioning relevant considerations for a new speculative project.
INDUS Realty Trust's Expansion
ICC @ 840 is part of a broader expansion by INDUS Realty Trust. In a July 2026 portfolio update, the company reported ownership or majority ownership of 76 properties totaling 15.7 million square feet. A separate company update reported that INDUS was constructing three buildings totaling 774,000 square feet, including the 507,000-square-foot Nashville-area building. The same update reported six buildings totaling 1.9 million square feet acquired or under contract, 1.9 million square feet of new, renewal and expansion leasing signed in 2026, and 32% blended cash leasing spreads on 2026 leases. INDUS also reported a future development pipeline of 11 buildings totaling 3.0 million square feet.
As of August 2026, INDUS owned or had majority ownership in properties aggregating 16.4 million square feet. INDUS is owned by affiliates of Centerbridge Partners, L.P., and GIC, with a wholly owned subsidiary of the Abu Dhabi Investment Authority as a strategic investor alongside Centerbridge.
Principal Asset Management is the global investment solutions business for Principal Financial Group and manages $601.9 billion in assets as of June 30, 2026.
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