JLL Income Property Trust Buys Indianapolis Distribution Center

JLL Income Property Trust has acquired Whitestown Distribution Center III, a 605,000-square-foot industrial facility in Whitestown, Ind., a submarket of Indianapolis. The asset sold for about $60 million, or approximately $99 per square foot.

Opened in 2023, Whitestown Distribution Center III is fully leased to Daimler Truck North America, which holds a seven-year remaining lease term and 2.5 percent annual escalations. The facility serves as a distribution center for parts used for truck repairs, according to a 2023 news release from the truck manufacturer.

Also known as AllPoints at Anson Building 10, the facility was developed by a joint venture of Prologis and Browning. According to PropertyShark records, the joint venture was the most recent owner of the property.

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The LEED Silver-certified facility includes 36-foot clear heights, LED lighting, ESFR sprinklers, 140 foot-to-200-foot truck courts, full dock packages with hydraulic levelers.

Located at 4337 All Points Drive, Whitestown Distribution Center III is within 2 miles of Interstate 65, while Interstate 865 is within about 6 miles and downtown Indianapolis is within some 21 miles from the property. Allan Swaringen, president & CEO of JLL Income Property Trust, noted in prepared remarks that the distribution center’s location outside Indianapolis makes it accessible to 80 percent of the U.S. population within one day.

Industrial investment activity grows in Indianapolis

Nearly 9.4 million square feet of Indianapolis industrial space across 50 properties changed hands year-to-date through October 2025, according to a Yardi Matrix report, nearly doubling the $290.4 million recorded during the same period in 2024. The region’s total industrial investment sales volume reached $546.8 million in that time.

The metro’s vacancy rate also outperformed the national figure as of October, reaching 10.8 percent at the time, above the 9.6 percent national average. In-place rents averaged $5.04 per square foot, up 3.5 percent year-over-year, while newly signed leases averaged $4.73 per square foot.

Another Indianapolis asset to sell recently is 70 Connect II, a 554,228-square-foot industrial facility in Greenfield, Ind., that Hillwood acquired earlier in April. That property is fully leased by Yusen Logistics and sold for $41.7 million, or about $75 per square foot.