JLL Income Property Trust, a daily net asset value real estate investment trust, has purchased Whitestown Distribution Center, a new Class A industrial portfolio located in Indianapolis’ industrial submarket of Whitestown. The purchase price was $62 million.
The investment brings JLL Income Property Trust’s total industrial allocation to more than $850 million, or 28 percent of the portfolio, across 36 properties in 12 warehouse markets.
Completed in 2020, the 720,000-square-foot, two-building portfolio is 100 percent leased. The larger of the two buildings is 440,000 square feet and is leased to an “investment grade” tenant, while the second building totals 280,000 square feet and is leased to a third-party logistics company servicing the healthcare industry. On a combined basis, portfolio has a nearly 10-year weighted average lease term.
The REIT noted that Indianapolis’ central location allows distribution to more than half the US population within a 16-hour drive via interstate highways I-65 and I-70. The Northwest Indianapolis submarket is also well connected to the Indianapolis International Airport and major cities throughout the Midwest.
“The Indianapolis industrial market has the 3rd lowest vacancy rate in the US at approximately 5.1 percent, making it an excellent location for us to increase our allocation to core industrial assets located in close proximity to irreplaceable transportation infrastructure,” said Allan Swaringen, president and chief executive officer.
In related news, JLL Income Property Trust recently completed 460,000 square feet of new industrial leases across its warehouse portfolio.
Highlights of the new leases include:
- A new 60,000-square-foot lease at Taunton Distribution Center in suburban Boston for a five-year term. This property is now fully leased.
- Added 114,000 square feet to an existing tenant’s lease and completed a two-year, 45,000-square-foot lease to a health and wellness company in the Valencia Industrial Portfolio in the Inland Empire. Overall, the four-building, 460,000-square-foot portfolio is fully leased to a roster of eight national and local tenants.
- Completed a 15,000-square-foot lease at the O’Hare Industrial Portfolio expanding the existing tenant’s footprint for five years at this seven-building, 642,000-square-foot warehouse portfolio.
- Renewed an existing 225,000-square-foot tenant at Pinole Point Distribution Center, a three-building, 518,000-square-foot property in the San Francisco Bay market.
JLL Income Property Trust (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX) owns and manages a $3.1 billion portfolio of 78 properties, including apartment, industrial, office and retail assets located in the United States. The REIT has raised approximately $2 billion through its ongoing public and various private offerings, as well as its distribution reinvestment plan.