JLL Income Property Trust Acquires $137 Million Class A Warehouse Near Indianapolis
JLL Income Property Trust has acquired Whitestown Distribution Center IV, a Class A industrial facility in Whitestown, Indiana, for approximately $137 million, the daily NAV REIT announced Aug. 12, 2026. The deal adds a newly built, fully leased warehouse in the Northwest submarket of Indianapolis to the firm's growing industrial portfolio.
Property Details and Tenant Profile
The facility spans approximately 1.1 million square feet and was constructed in 2024. It is 100% leased to a single tenant on a long-term lease and functions as that tenant's largest North American redistribution center, serving eight regional centers. The building features LED lighting, ESFR sprinklers, truck courts ranging from 135 to 185 feet, full dock packages with hydraulic levelers, and 40-foot clear heights.
Why Indianapolis
Indianapolis occupies a central position in the U.S. freight network, enabling distributors to reach more than 80% of the American population within a single day. The region is home to the second-largest FedEx hub in the country and hosts major logistics operations for Amazon, Home Depot, DHL, and Coca-Cola. JLL Income Property Trust cited the market's extensive transportation infrastructure, deep labor pool, and business-friendly regulatory environment as factors supporting the acquisition.
"Whitestown IV is an attractive addition to our industrial portfolio," said Allan Swaringen, President and CEO 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 we're currently observing what we believe to be a period of sustainable growth within the broader warehouse sector. 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 supply constraints for large institutional-quality distribution facilities. This acquisition fits our ideal profile for a high-quality industrial property in a strategic location."
Industrial Allocation and Portfolio Context
The acquisition reinforces JLL Income Property Trust's concentration in industrial real estate. As of June 30, 2026, industrial investments represented the largest segment of the firm's $6.9 billion portfolio at 38%, comprising approximately $2.5 billion in assets across 64 industrial properties. The REIT, which is sponsored by LaSalle Investment Management — a subsidiary of JLL — also holds residential, grocery-anchored retail, healthcare, and office assets across the United States. LaSalle Investment Management managed $86.8 billion of assets globally in private and public real estate equity and debt as of the first quarter of 2026.
Market Context
The Whitestown acquisition reflects a broader institutional preference for modern, big-box warehouses with long-term in-place leases in central logistics markets. Assets that are newly built, fully leased, and positioned in high-throughput distribution hubs carry lower near-term leasing execution risk. The Indianapolis market, characterized by supply constraints for large institutional-quality distribution facilities, aligns with the type of market JLL Income Property Trust has identified as a target for industrial investment.
JLL Income Property Trust is traded on Nasdaq under the ticker symbols ZIPTAX, ZIPTMX, ZIPIAX, ZIPIMX, ZIPIBX, ZIPSAX, ZIPZAX, and ZIPDBX. Additional information is available at www.jllipt.com.
Sources: JLL Income Property Trust press release, PR Newswire, Aug. 12, 2026