A Phoenix-based investor has shelled out $140 million for one of Middle Tennessee’s largest distribution centers, betting big on Cookeville’s growing logistics profile. The 1.6 million-square-foot, Class A, build-to-suit campus sits on roughly 186 acres just off Interstate 40 and remains leased to Academy Sports + Outdoors. The deal shifts ownership from Middleton Partners to an affiliate of Tratt Properties, in a transaction industry brokers say was arranged by Colliers.
Deal details
PBV Logistics Center, LLC, an affiliate of Phoenix-based Tratt Properties, closed on the $140 million acquisition of the 1.6 million-square-foot distribution facility at 4500 Academy Road in Cookeville, according to Tratt Properties. The company describes the 186-acre property as a Class A, build-to-suit site with a high-tech conveyor system that handles fulfillment for 84 stores across 14 states, in addition to the tenant’s e-commerce operations.
The press release, dated April 24, 2026, also names Ken Hedrick of Colliers as the broker on the transaction, underscoring the institutional scale and structure of the deal.
Broker and seller
Colliers’ net-lease capital markets team represented the parties in the sale, which pulled the property out of Middleton Partners’ portfolio. Middleton Partners is identified as the seller in industry coverage, as reported by CoStar.
Brokers characterized the facility as fully leased to a national sports-and-outdoors retailer and described it as a stabilized, income-producing industrial asset. Marketed as a net-lease style sale, the property drew interest from institutional buyers looking for scale, credit tenancy, and predictable cash flow.
Why Cookeville
Cookeville’s location on I-40, paired with recent infrastructure upgrades, has been steadily pushing it onto the radar of logistics investors. The Highlands Industrial Business Park and a new interstate interchange are frequently cited as key catalysts for growth, making it easier for national users to move goods in and out of the region.
Local coverage has pointed to the interchange and surrounding acreage as a major reason national users choose Cookeville, especially for large, truck-oriented facilities. That combination of highway access and available land has helped the market compete for big-box distribution users and their investors, even against better-known coastal hubs.
Market view
Industry commentary and Q1 2026 market snapshots indicate buyers are staying picky but are still writing checks for the right kind of industrial real estate. Modern, fully leased logistics assets with automation and steady income remain at the top of the wish list.
Colliers’ recent Q1 reports describe an ongoing “flight to quality,” with demand concentrated in newer Class A big-box facilities and major distribution hubs. Deals like this one fit that playbook, reflecting continued institutional appetite for stabilized, high-functionality logistics properties.
What’s next
Operations at the Cookeville distribution center are expected to carry on under the existing lease while Tratt folds the asset into its broader logistics portfolio. Public portfolio materials from Tratt show the firm actively acquiring large-scale, institutional-grade logistics properties, suggesting it views the Cookeville site as a long-term hold rather than a quick flip.
For the Upper Cumberland region, the sale highlights Cookeville’s rising profile as a logistics node in Middle Tennessee, with national capital now firmly in the mix.
