JLL Income Property Trust Acquires Indianapolis Area Distribution Center

Rhea-AI Summary

JLL Income Property Trust (NASDAQ: ZIPDBX) acquired Whitestown Distribution Center III in Whitestown, IN for approximately $60 million. The Class A industrial facility totals ~605,000 sq ft, is 100% leased to a single tenant with a 7-year remaining lease and 2.5% annual escalations.

The acquisition increases JLL IPT's industrial weighting; industrial assets comprise 38% of the ~$6.8 billion portfolio, with $2.4 billion in 64 industrial properties as of March 31, 2026.

Positive

• Acquisition of 605,000 sq ft Class A industrial property
• $60 million purchase price adds scale to industrial holdings
• 100% leased to a single tenant with 7-year remaining term
• 2.5% annual lease escalations provide built-in income growth
• Industrial assets represent 38% of $6.8B portfolio ($2.4B)

Negative

• Single-tenant concentration: 100% leased to one tenant poses rollover risk
• Remaining lease term of 7 years limits near-term re-leasing optionality

Market Context

This announcement details an expansion of JLL Income Property Trust’s industrial footprint through a...

Analysis

This announcement details an expansion of JLL Income Property Trust’s industrial footprint through a $60M acquisition of a fully leased, 605,000-square-foot Class A facility in the Indianapolis region. Industrial assets now represent 38% of a diversified $6.8B portfolio, with $2.4B across 64 industrial properties. Investors may watch tenant durability, lease terms with 2.5% annual escalations, and how additional acquisitions affect portfolio risk and income stability.

Key Figures

Portfolio size: $6.8 billion Acquisition price: $60 million Building size: 605,000 square feet +5 more

8 metrics

Portfolio size $6.8 billion Portfolio equity and debt investments

Acquisition price $60 million Whitestown Distribution Center III purchase price

Building size 605,000 square feet Whitestown Distribution Center III total area

Occupancy 100% leased Single tenant lease status

Lease term remaining 7 years Remaining lease term for single tenant

Annual escalations 2.5% Annual rent escalations in lease

Industrial allocation 38% Share of total $6.8B portfolio in industrial

Industrial assets $2.4 billion across 64 properties Industrial investments as of Mar 31, 2026

Key Terms

daily nav reit, esfr sprinklers, truck courts

3 terms

daily nav reit financial

"JLL Income Property Trust, an institutionally managed, daily NAV REIT"

A daily NAV REIT is a type of real estate investment trust that calculates and publishes its net asset value (the estimated worth of its property holdings minus liabilities) every trading day, rather than weekly or monthly. For investors, this is important because it offers near‑real‑time transparency about the fund’s underlying value—like seeing the daily price of a product—helping you judge whether the market price is a fair deal and manage cash flow or redemptions more confidently.

esfr sprinklers technical

"amenities such as LED lighting, ESFR sprinklers, 140'-200' truck courts"

ESFR sprinklers are a type of automatic fire sprinkler designed to detect and suppress fast-growing warehouse or industrial fires very quickly, acting like a built-in, high-speed firefighting system that sprays large volumes of water at the first sign of flames. For investors, presence of ESFR systems reduces the risk of catastrophic property loss, can lower insurance costs, and supports uninterrupted operations and regulatory compliance—factors that protect asset value and cash flow.

truck courts technical

"ESFR sprinklers, 140'-200' truck courts, full dock packages"

A truck court is a paved area on industrial or commercial property designed for large trucks to park, turn, load and unload goods safely, like a driveway and staging area built specifically for semis. Investors watch truck courts because their size, layout and capacity affect how efficiently a warehouse, distribution center or retail hub can move freight; better-designed truck courts can reduce delays, lower operating costs and increase the value and usability of logistics-related properties.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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CHICAGO, April 21, 2026 /PRNewswire/ -- JLL Income Property Trust, an institutionally managed, daily NAV REIT (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX; ZIPIBX; ZIPSAX; ZIPZAX; ZIPDBX) with approximately $6.8 billion in portfolio equity and debt investments, announced the acquisition of Whitestown Distribution Center III, a Class A industrial facility located in the Northwest submarket of Indianapolis in Whitestown, IN for a purchase price of approximately $60 million.

The property is a Class A industrial building totaling approximately 605,000 square feet and is 100% leased to a single tenant with a 7-year remaining lease term featuring 2.5% annual escalations. The facility was newly developed in 2023 with modern amenities such as LED lighting, ESFR sprinklers, 140'-200' truck courts, full dock packages including hydraulic levelers, and 36' clear heights. Indianapolis strategically serves as one of the country's major industrial markets from its geographic location in the center of the U.S., with a compelling combination of extensive transportation systems, a deep labor pool, and business friendly governments. The region is home to the second largest FedEx hub nationwide, as well as other high-credit distribution tenants like Amazon, Home Depot, DHL, and Coca-Cola.

"Whitestown III is an attractive addition to our industrial portfolio," said Allan Swaringen, President and CEO of JLL Income Property Trust. "This sector has been a performance driver for our core fund, as industrial fundamentals have remained stable through the past three years of valuation corrections, and our research team forecasts steady rent growth for the warehouse sector over the next two to four years. With the ability to reach more than 80% of the U.S. population within a day, the Indianapolis region is a great example of a target market as a central distribution hub with access to interstate transportation systems, and this acquisition fits our ideal profile for a high-quality industrial property in a strategic location."

JLL Income Property Trust's allocation to industrial real estate remains strong with this acquisition. As of March 31, 2026, industrial investments comprise the largest percentage of the total $6.8 billion portfolio at 38%, with $2.4 billion in assets across 64 industrial properties.

JLL Income Property Trust is an institutionally managed, daily NAV REIT that owns a growing portfolio of real estate investments selected by an institutional investment management team and sponsored by one of the world's leading real estate services firms.

For more information on JLL Income Property Trust, please visit our website at www.jllipt.com.

JLL INCOME PROPERTY TRUST, INC. (NASDAQ: ZIPTAX; ZIPTMX; ZIPIAX; ZIPIMX; ZIPIBX; ZIPSAX; ZIPZAX; ZIPDBX),

JLL Income Property Trust, Inc. is a daily NAV REIT that owns and manages a diversified portfolio of high quality, income-producing residential, industrial, grocery-anchored retail, healthcare and office properties located in the United States. JLL Income Property Trust expects to further diversify its real estate portfolio over time, including on a global basis. For more information, visit www.jllipt.com.

ABOUT LASALLE INVESTMENT MANAGEMENT | INVESTING TODAY. FOR TOMORROW.

LaSalle Investment Management, a subsidiary of JLL, is a globally integrated, diverse real estate investment manager. On a global basis, LaSalle manages US$86.9 billion of assets in private and public real estate equity and debt investments as of Q4 2025. LaSalle's client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a diverse range of investment vehicles, including separate accounts, open- and closed-end funds, public securities and entity-level investments.

Forward Looking Statements and Future Results

This press release may contain forward-looking statements with respect to JLL Income Property Trust. Forward-looking statements are statements that are not descriptions of historical facts and include statements regarding management's intentions, beliefs, expectations, research, market analysis, plans or predictions of the future. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. Past performance is not indicative of future results and there can be no assurance that future dividends will be paid.

CONTACTS:

Michael Gelobter
LaSalle Investment Management
Email: Michael.gelobter@lasalle.com

Doug Allen
Dukas Linden Public Relations
Telephone: +1 646 722 6530
Email:  JLLIPT@DLPR.com

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SOURCE JLL Income Property Trust

FAQ

What did JLL Income Property Trust (ZIPDBX) pay for Whitestown Distribution Center III on April 21, 2026?

The company paid approximately $60 million for Whitestown Distribution Center III. According to the company, the transaction closed April 21, 2026, and adds a 605,000-square-foot Class A industrial facility to the portfolio.

How large is the Whitestown Distribution Center III property acquired by ZIPDBX and who occupies it?

Whitestown Distribution Center III is approximately 605,000 sq ft and is 100% leased to a single tenant. According to the company, the lease has about seven years remaining with 2.5% annual escalations.

How does the Whitestown acquisition affect ZIPDBX's industrial allocation and portfolio size?

The acquisition slightly increases industrial exposure; industrial holdings total 38% of $6.8 billion in portfolio equity and debt. According to the company, industrial assets totaled $2.4 billion across 64 properties as of March 31, 2026.

What are the lease terms and built-in rent growth for the ZIPDBX Whitestown purchase?

The property is 100% leased with a remaining 7-year lease and 2.5% annual escalations. According to the company, those escalations provide predictable, contractual income growth through the lease term.

What industrial features make the Whitestown facility notable for ZIPDBX investors?

The facility was developed in 2023 and offers LED lighting, ESFR sprinklers, 36-foot clear heights and full dock packages. According to the company, modern amenities support high-quality logistics operations and tenant demand.

Does the Whitestown acquisition increase tenant concentration risk for ZIPDBX shareholders?

Yes; the property is 100% leased to a single tenant, increasing single-asset tenant concentration. According to the company, this creates predictable cash flow but raises rollover risk when the lease expires in seven years.