Tratt Properties has paid $140 million to acquire a Class A industrial distribution facility in Cookeville, Tennessee, that's fully leased.
Colliers, which brokered the deal, said that the transaction speaks to the investor demand today for high-quality, large-scale distribution facilities. The 1.6 million square feet-plus build-to-suit site at 4500 Academy Road is fully leased to an unnamed sports and outdoor retailer that supports fulfillment for 84 locations through 14 states. For the tenant, the Cookeville location represents its newest of its three distribution centers.
"Assets that combine institutional-quality construction, long-term leases and strong credit tenants will continue to attract investor capital," Ken Hedrick, vice chair at Colliers, said in a statement.
"Net lease industrial facilities continue to be a prime asset class amongst all investor types."
Most of the space at the property represents warehouse use (roughly 1.56 million square feet). The rest is used for office (18,901 square feet). Middleton Partners was the seller of the center.
According to Colliers, these types of assets enjoy "immediate cash flow and long-term value creation potential."
Along with resilience for high-quality product, a recent BKM Capital Partners report revealedthat the small bay segment is becoming a dominant force in the industrial space. Transactions under $100 million represented 73% of total industrial sales in 2025, well above the long-term average of 62 percent.
Colliers' Andrew Ragsdale, Phillip Butts, Jonathan Ameen, Will Smith, Spencer Smith and Ken Hedrick represented both Tratt and Middleton on the transaction.
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