Browning and Prologis partnered as co-developers and equal equity investors. Promus Holdings, LLC, participated as Browning’s equity partner, and Associated Bank provided development financing. Browning also served as general contractor, delivering the facility ahead of schedule and under budget.
Delivering the facility ahead of schedule and under budget allowed the partnership to execute its business plan efficiently while reducing development risk. Following completion and lease commencement, Browning managed the investment through stabilization and disposition. The property remained fully leased throughout the partnership’s hold period, supported by its long-term tenant, strategic location, and institutional-quality construction.
According to Browning’s final investment analysis, the exit capitalization rate closely aligned with the original underwriting, while the sale price exceeded the initial projection and the realized equity multiple significantly outperformed the original forecast. The disposition completes the partnership’s strategy for the asset following its capitalization, development, construction, lease commencement, stabilization, and sale.
JLL Capital Markets represented Browning and Prologis in the transaction. The JLL team was led by Managing Director Ed Halaburt and Senior Director Ross Bratcher.
For Browning, the sale completes a full-cycle investment that combined institutional and private capital with the firm’s in-house development, construction, and asset management capabilities. Browning is pursuing similar partnership structures for industrial and multifamily opportunities across Midwest markets.
About Browning Real Estate Partners
Browning Real Estate Partners is an Indianapolis-based, vertically integrated commercial real estate firm with nearly five decades of experience across Midwest markets. The firm partners with clients, capital partners, and brokerage teams to advance opportunities from site selection and development through construction, asset management, and disposition. Browning’s integrated platform supports efficient decision-making, greater execution certainty, and a consistent approach to creating and preserving value across the real estate lifecycle. Learn more about Browning and its integrated real estate platform at browningrep.com.
About Prologis
The world runs on logistics. At Prologis, we don’t just lead the industry, we define it. We create the intelligent infrastructure that powers global commerce, seamlessly connecting the digital and physical worlds. From agile supply chains to clean energy solutions, our ecosystems help your business move faster, operate smarter and grow sustainably. With unmatched scale, innovation and expertise, Prologis is a category of one–not just shaping the future of logistics but building what comes next. Learn more at Prologis.com.
About LaSalle Investment Management
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. For more information, please visit www.lasalle.com.
About JLL
JLL (NYSE:JLL) is a leading global commercial real estate services and investment management company with annual revenue of $26.1 billion, operations in over 80 countries and a global workforce of more than 112,000 as of June 30, 2026. For over 200 years, clients have trusted JLL, a Fortune 500® company, to help them confidently buy, build, occupy, manage and invest across a variety of industries and property types, including office, industrial, hotel, multi-family, retail and data center properties. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAY. Powered by rich global datasets and leading technology capabilities, we provide coordinated, end-to-end delivery of real estate services for a broad range of global clients who represent a wide variety of industries. Through LaSalle Investment Management, we invest for clients on a global basis in both private assets and publicly traded real estate securities. For further information, visit jll.com.
