JLL Income Property Trust adds $137M Indiana warehouse

JLL Income Property Trust has paid roughly $137 million for a warehouse in Whitestown, Ind. The building, called Whitestown Distribution Center IV, spans 1.1 million square feet and is the latest in the daily-NAV nontraded REIT's growing collection there.

AltsWire reports the building was completed in 2024 and is fully leased to a single tenant on a long-term lease. It serves as that tenant's largest North American redistribution center. The space has 40-foot clear heights. Truck courts run from 135 to 185 feet.

Allan Swaringen, the REIT's president and CEO, called the purchase 'an attractive addition.' He said industrial has been a performance driver through three years of commercial real estate valuation corrections, and signs of sustainable growth are now visible in the warehouse sector.

The purchase follows an April deal for a distribution property at 4337 Allpoints Drive, also in Whitestown. That 605,000-square-foot building cost roughly $60.3 million. It was funded from cash and the revolving credit facility.

Industrial has since become the REIT's largest allocation, at 38 percent of the portfolio. That stake is worth about $2.5 billion. It spans 64 properties as of June 30. Total investments come to roughly $6.9 billion in equity and debt. The portfolio includes interests in 139 properties. It also holds nearly 2,440 single-family rental homes. Those homes are spread across 27 states.

Second-quarter results were better than a year earlier. Net income attributable to the company was $7.9 million. A year before, the company reported a $2.9 million loss. A $27 million gain on the May sale of a Fremont, Calif., industrial property helped. First-half net income came to $24.8 million. That compares with an $8.4 million loss in the same period of 2025. The quarterly distribution held at $0.158 per share. In March, the REIT amended its credit facility to $1 billion, led by JPMorgan Chase Bank.

Together, the two purchases put roughly $197 million into the Whitestown warehouses since April. That is a bet that industrial's fundamentals outlast the broad correction Swaringen describes.