Foundry Commercial and Principal Asset Management Close Sale of 371,000-SF Creekside Logistics in Smyrna, Tenn.
SMYRNA, Tenn. — Foundry Commercial and Principal Asset Management have closed the sale of Creekside Logistics, a Class-A industrial development totaling 371,000 square feet across three warehouse buildings on 43 acres in Smyrna, Tennessee, the firms announced Aug. 10.
The transaction represents the seventh completed deal between Foundry Commercial and Principal Asset Management, continuing a recurring capital relationship between the two organizations. The sale price, price per square foot, and buyer were not disclosed.
Project Overview and Development Team
Creekside Logistics is situated in Smyrna, one of Middle Tennessee's fastest-growing industrial and logistics corridors, with direct access to Interstate 24. The development features tilt-wall construction and 32-foot clear heights, specifications designed to meet the operational demands of modern industrial tenants.
Foundry Commercial Partner Jason Holwerda led the development of the project alongside Senior Development Manager Matt Wright and Vice President Nick Vinson. The development team oversaw the project from groundbreaking through lease-up and sale.
On the leasing side, Partner Melissa Alexander, SIOR, and Senior Vice President Casey Flannery, CCIM, of Foundry Commercial's Nashville industrial team were responsible for securing a diverse tenant roster and stabilizing the asset ahead of the disposition.
Following the closing, Foundry Commercial has been retained as property manager for Creekside Logistics, maintaining its operational role in the asset going forward.
Principals Comment on the Relationship
"This transaction is really a reflection of our long-standing relationship with Principal Asset Management," said Jason Holwerda, partner at Foundry Commercial. "Seven transactions in, we've built a level of trust and alignment that made it possible to deliver a strong outcome for both sides."
Joe Wanninger, managing director with Principal Asset Management, said the firms have seen consistent results across multiple markets. "We've had tremendous success with Foundry in multiple markets across the country, and Creekside Logistics is no exception," Wanninger said. "We look forward to expanding our relationship with Foundry and continuing to create value for our investors."
Market Context: Industrial Demand in Middle Tennessee
The Smyrna submarket sits within Middle Tennessee's broader industrial growth zone, a region that has attracted logistics and distribution users in recent years. Creekside Logistics' proximity to I-24 provides regional connectivity that industrial tenants increasingly prioritize when selecting distribution facilities.
The transaction reflects broader conditions in the 2026 commercial real estate investment market, where stabilized, well-located industrial assets with modern specifications continue to attract institutional capital. Industrial and logistics properties remain among the most targeted asset classes for investors, supported by sustained e-commerce and supply chain demand. Buyers have grown more selective, favoring assets that offer durable occupancy and operational stability over those requiring significant lease-up.
U.S. commercial real estate investment activity is projected to rise 16 percent in 2026 to approximately $562 billion, nearly matching the pre-pandemic annual average. Industrial assets in Sun Belt growth markets have been among the more active segments of that recovery. The develop-stabilize-sell model that Foundry Commercial executed at Creekside Logistics — from groundbreaking through full lease-up and disposition — is consistent with how institutional developers are bringing product to market in the current environment.
Foundry Commercial's Development Platform
Foundry Commercial is a fully integrated real estate services and investment firm operating across office, industrial, retail, multifamily, healthcare, religious, and not-for-profit asset classes. The firm is focused on Sun Belt markets and reports more than 5,000 associates operating from 12 markets, providing leasing and management on more than 77 million square feet and approximately 5,400 seniors housing units.
The firm typically executes over $2 billion in leasing, tenant representation, and investment sale transactions annually. Foundry Commercial currently has approximately 10.3 million square feet of projects underway or in the pipeline and has recently delivered roughly 8.5 million square feet.
Principal Asset Management, the global investment solutions business for Principal Financial Group (Nasdaq: PFG), manages $601.9 billion in assets as of June 30, 2026, and serves more than 1,100 institutional clients across more than 80 markets.