Whitestown distribution centers acquired in $62 million deal

Chicago-based JLL Income Property Trust has acquired two distribution buildings in Whitestown for $62 million, it announced Thursday.

The real estate investment trust said its acquisition of a 440,000-square-foot building at 5102 E. 500 S. and a 280,000-square-foot building at 4993 Anson Blvd. closed Dec. 11.

The buildings were completed earlier this year and are already completely leased by LifeScience Logistics and Lowe’s Cos.

The Whitestown Distribution Center’s easy access to interstates 65 and 70 and the Indianapolis International Airport made it an attractive target.

“We continue to seek properties with attractive risk-adjusted returns and strong income yields with downside protection of long-term leases to high quality tenants in state-of-the-art warehouse properties,” said JLL President and CEO Allan Swaringen said in written comments, noting that the Indianapolis market has one of the lowest industrial vacancy rates in the nation.

Industrial properties now make up 28% of the JLL’s overall portfolio, which includes 36 properties in 12 key warehouse markets.

“Given the strong leasing activity within our existing portfolio, along with our ability to acquire new properties with long-dated leases, we remain bullish on the industrial sector,” Swaringen said.

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