LaSalle Investment Management Acquires 1.1M-SF Subaru Distribution Facility in Whitestown, Indiana from Prologis and Browning

LaSalle Investment Management has acquired Subaru at Park 267, a 1,119,056-square-foot Class A industrial distribution facility in Whitestown, Indiana, from a joint venture between Prologis and Browning, JLL announced Aug. 17, 2026. JLL Capital Markets represented the sellers in the transaction.

The property, located at 5190 S. State Road 267 in the Boone County submarket of the Indianapolis metropolitan area, is fully leased to Subaru of America Inc. and serves as the automaker's largest distribution center within its nine-facility national network.

Asset Details and Tenant Profile

Completed in 2024 as a build-to-suit development constructed by Browning's construction division, the facility features 40-foot clear heights, 108 dock-high doors, four drive-in doors, and a cross-dock configuration with 135 feet of truck court depth. The site spans 69.72 acres and carries LEED Silver certification. Automobile parking stands at 342 spaces, expandable to 474, while trailer parking totals 100 spaces, expandable to 240.

Subaru of America signed a 190-month lease commencing June 28, 2024, with approximately 13 years remaining as of mid-2026 and annual rent escalations of 3.75%. The facility functions as a parts distribution hub tied directly to Subaru's manufacturing plant in Lafayette, Indiana — the automaker's only production location outside Asia — situated roughly 38.8 miles north of Whitestown.

"Prologis and Browning delivered a best-in-class distribution facility that serves as a mission-critical component of the tenant's North American supply chain," said Ed Halaburt, Managing Director at JLL. "The Indianapolis market's robust absorption trends and limited new supply have created a highly competitive environment for institutional-quality assets with long-term cash flows."

Location and Logistics Advantages

The Whitestown location provides direct access to Interstate 65 and nearby Interstate 74, placing tenants within a three-hour truck drive of major Midwest markets including Chicago, Indianapolis, Louisville, Columbus, and Cincinnati. The property sits less than 40 minutes from Indianapolis International Airport, ranked as the eighth-largest cargo airport in the United States and home to the world's second-largest FedEx Express hub.

The facility's 10-mile radius encompasses a population of 149,253 with a workforce exceeding 98,000, with additional labor draw from the broader Indianapolis metropolitan area.

Transaction Team

The JLL Capital Markets Investment Sales and Advisory team that arranged the transaction was led by Senior Managing Director John Huguenard, Managing Director Ed Halaburt, Senior Director Ross Bratcher, and Associate Cameron Chandra.

LaSalle Investment Management, a subsidiary of JLL, manages $86.9 billion in assets across private and public real estate equity and debt investments as of the fourth quarter of 2025. Its client base includes public and private pension funds, insurance companies, governments, corporations, endowments, and private individuals globally.

Prologis is a global industrial real estate owner and operator. Browning is an Indianapolis-based, vertically integrated commercial real estate firm with nearly five decades of experience across Midwest markets, offering services spanning site selection, development, construction, asset management, and disposition.

Indianapolis Industrial Market Context

The transaction comes as the Indianapolis industrial market has seen sustained tightening. Vacancy in the Boone County submarket — where the Whitestown facility is located — has dropped below 4%, among the lowest readings in the metro area. Across the broader Indianapolis market, vacancy has declined from a peak of roughly 11.2% to approximately 7.1%, with bulk warehouse asking rents ranging from $6.35 to $6.65 per square foot on a net basis.

Net absorption in the Indianapolis industrial market has exceeded 16 million square feet over a nine-month stretch, with tenants occupying space faster than new supply is delivered. Average industrial rents have risen to approximately $6.40 to $6.43 per square foot, reflecting steady upward pressure on modern logistics product.

Against that backdrop, institutional investors have concentrated demand on long-duration, credit-tenanted industrial assets — a profile that Subaru at Park 267 fits given its single-tenant occupancy, extended lease term, and embedded annual escalations. The sale price was not disclosed.

JLL's Capital Markets group operates globally with more than 3,000 specialists in offices across nearly 50 countries, providing investment sales and advisory, debt advisory, mergers and acquisitions, loan sales, equity and fund placement, and related services.

Sources

JLL Newsroom — JLL arranges the sale of a Subaru distribution facility in Whitestown