Cummins' Whiteland Warehouse Trades Hands for $103 Million

Daniel BurkePublished every day

Colliers closed the sale of Mohr Logistics Park Building 6 in Whiteland in late September, with Dallas-based Mohr Capital selling the fully-leased Cummins facility to St. Louis-based HPS ET Whiteland LLC, managed by Elmtree Funds. Elmtree was acquired by BlackRock in September 2025, so this Johnson County warehouse now sits on the books of a $10 trillion asset manager. The deal priced at a cap rate roughly 100 to 175 basis points tighter than the Indianapolis industrial median, confirming buyers will still pay a premium for a building with 10 years left on an investment-grade lease. The catch: Cummins' 2025 net income fell from $3.9 billion to $2.8 billion on a 27% drop in heavy-duty truck demand, and the company closed its Whitestown distribution center this year. A new landlord just paid top dollar for a tenant whose freight volumes are under real pressure.

Impact

Elmtree Funds was acquired by BlackRock in September 2025, meaning this Indiana distribution hub effectively lands on the balance sheet of a $10 trillion asset manager, and the deal's implied cap rate of roughly 5.5-6.2% runs 100-175 basis points tighter than Indianapolis's broader industrial median, confirming investors will pay a real premium for long-WALT, investment-grade-tenant buildings even as Cummins' 2025 net income fell from $3.9 billion to $2.8 billion amid a 27% drop in heavy-duty truck demand. Cummins is simultaneously consolidating distribution into Whiteland while closing its Whitestown RDC (59 layoffs) this year, raising a real utilization question for the new landlord if freight demand stays soft.

Watch

Mohr Capital's next construction phase at the 475-acre park (reportedly a new roughly 1 million-square-foot building) which Building 6 sale proceeds likely help fund.

For the huddle

If Cummins' freight-cycle headwinds persist, could we benefit from subleasing or partnering on capacity nearby, or should we watch for signs of underutilization before committing to expansion in that corridor?

Possibly. Cummins' 2025 net income fell from $3.9 billion to $2.8 billion on a 27% drop in heavy-duty truck demand, and the company already closed its Whitestown distribution center this year. Watch Whiteland utilization before committing to new industrial space nearby.

Sources

Colliers closes sale of Mohr Logistics Park Building 6 in Whiteland · rejournals.com

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