JLL Income Property Trust Pays $62M for Indianapolis Distribution Center
- Dec 18, 2020
JLL Income Property Trust has purchased Whitestown Distribution Center, a two-building industrial asset in Whitestown, Ind. The company paid $62 million for the 720,000-square-foot property. The distribution center is fully leased to LifeScience Logistics and Lowe’s Cos., according to the Indianapolis Business Journal.
Constructed in 2020, the Whitestown Distribution Center encompasses a 440,000-square-foot facility at 5102 E. 500 S. and a 280,000-square-foot building at 4993 Anson Blvd., near interstates 65 and 75, around 20 miles from downtown Indianapolis. The distribution center is also located roughly 25 miles from the Indianapolis International Airport and provides easy access to major cities across the Midwest. The acquisition is part of JLL’s strategy focusing on purchasing industrial facilities at primary locations with access to well-developed transportation infrastructure.
The Indianapolis industrial market has been thriving amid the severe economic uncertainties caused by the COVID-19 pandemic. The metro’s industrial market registered the third-lowest vacancy rate in the country at around 5.1 percent, according to JLL Income Property Trust President & CEO Allan Swaringen.
JLL’s most recent Indianapolis industrial report indicates that a total of 10.4 million square feet of industrial space was delivered in the metro in the third quarter, and another 4.9 million square feet could be completed before the end of the year. And despite the elevated construction activity, there are no overbuilding concerns, JLL reported.