PCCP JV Pays $51M for Nashville Asset
The fully leased property sits within one of the largest manufacturing corridors in Middle Tennessee.
A joint venture between PCCP and Distribution Realty Group has paid $51 million for a 330,484-square-foot industrial facility in Spring Hill, Tenn.
Crown Enterprises sold the asset and Renasant Bank issued a $33.2 million loan for the purchase, according to Yardi Matrix information.
The building is fully leased by Prinova Group, a global distributor of functional ingredients and a contract manufacturer for the food, beverage and nutrition sector. The tenant, operating locally as Armada Nutrition, recently signed a 10-year renewal.
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Completed in 2001 at 4637 Port Royal Road, the property occupies a 26-acre site within Spring Hill’s manufacturing corridor, served by CSX rail infrastructure. The location is close to U.S. Route 396 and Interstate 65, the primary north-south freight corridor through Middle Tennessee.
The facility is also near General Motors’ assembly plant, one of the region’s largest manufacturing and production complexes. Downtown Nashville and the city’s international airport are 35 miles away.
Originally developed for an automotive manufacturer, the tilt-wall structure has since been repurposed and leased by Prinova, which uses it as a manufacturing and packaging facility. Operations include the production of ready-to-mix powder supplements, capsules and tablets, as well as product development and packaging lines for multiple container formats.
State initiatives attract industrial capital
Nashville’s industrial sector continued its strong footing going into the second half of 2026. Transaction volume reached $503 million in the first six months of the year, according to a recent Yardi Matrix report. This represented a 64 percent increase from the same period of 2025, when sales totaled $307 million. Industrial assets changed hands at $118 per square foot on average in June 2026—below the $141 national figure and largely unchanged from a year prior.
The investment growth reflects Tennessee’s broader push to expand advanced manufacturing and logistics, alongside ongoing corporate office relocations. Through the Select Tennessee Certified Sites program, the state has attracted $4 billion in capital investment and more than 10,000 jobs since the initiative launched. In February, Governor Bill Lee announced 13 new site development grants aimed at preparing new sites for future Select Tennessee certifications.
The state also invested in next-generation manufacturing through the Nuclear Energy Fund, created to support advanced energy, small modular reactor and nuclear component projects. As of February 2026, the state committed nearly $47 million across 14 projects that collectively will create more than $8 billion in investment across the state. One recent beneficiary is nuclear fuel supplier Centrus, which is investing $560 million to expand its Oak Ridge, Tenn., facility into a large-scale plant for advanced uranium enrichment centrifuges.
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