JLL Income Property Trust Expands with 1.1 MSF Indiana Buy

August 13, 2026

Industrial Indianapolis Investment Midwest More News

Subaru occupies the facility on a long-term basis.

JLL Income Property Trust has acquired Whitestown Distribution Center IV, a 1.1 million-square-foot industrial asset in Whitestown, Ind., a submarket of Indianapolis. The company purchased the facility for approximately $137 million.

While the property’s address wasn’t disclosed, the asset appears to be 5190 S. State Road 267, also known as Subaru at Park 267, according to public records. Subaru is the sole tenant of the property through a long-term lease.

JLL IPT did not reply to Commercial Property Executive‘s request to verify the address and tenant.

The space includes 40-foot clear heights, hydraulic levelers, LED lighting and truck courts ranging from 135 feet to 185 feet. It was completed in 2024.

According to Yardi Matrix, the property has 108 dock-high doors and four grade-level doors and previously received $78 million in construction financing from Associated Bank. The asset was developed by a joint venture between Browning and Prologis.

JLL IPT’s industrial strategy

The acquisition adds to JLL IPT’s industrial holdings, which represent 38 percent of the REIT’s $6.9 billion portfolio. As of June, the company owned 64 industrial properties.

This is not the first acquisition the company has made in the Indianapolis metro area this year. In April, JLL IPT purchased Whitestown Distribution Center III, a 605,000-square-foot industrial facility in Whitestown, Ind., for $60 million. Daimler Truck North America is the sole tenant of that asset, which was also developed by a joint venture between Prologis and Browning.

Investment activity in the Indianapolis industrial market remains active. Through April 2026, sales volume reached $275 million, with 18 properties totaling 3.2 million square feet changing hands, according to a Yardi Matrix report. The market’s vacancy rate stood at 7.5 percent, below the 9.1 percent national average, while in-place rents averaged $5.46 per square foot, up 4.8 percent over the previous 12 months.