Commercial development drives property transfers

Nick McBrideOn the Grow

During the four-day work week of June 19-23, 1,206 documents were recorded. The total included 259 loans, (Trust Deeds) which had a combined value of $86.2 million. The highest value loans of the week included a $14.77 million loan funded by CBRE Multi-Family Partners LLC. Community Trust Bank backed a $4.96 million loan and CNB Bank funded a loan for $1.8 million. The last loan greater than one million was funded by ORNL Federal Credit Union in the amount of $1.14 million.

Nick McBride

Warranty Deeds accounted for 210 of the total documents with a cumulative value of $94.1 million. We recorded 14 property transfers valued over $1 million, of which six were commercial properties. TTC Halls LLC sold an out parcel of the Walmart shopping center at 7538 Norris Freeway to TWAS Properties LLC for $1 million.

Naturally, we find D.R. Horton within the high value sales. They purchased 50 lots from Alliance Development Partners GP in Mascot, next to Mascot Baptist Church. The property sold for $2.4 million. D.R. Horton also bought land from Eaglebend Development LLC on Carpenter Road. The 40 lots of the Dorchester subdivision just off W. Emory Road transferred at a total of $2.24 million.

The property next to McKays bookstore on Papermill Drive has been sold. AFN ABSPROP002 LLC sold the building and property at 231 Papermill Place Way to Nitinkumar Patel for $2.4 million.

The Parkside Drive property located directly across from the Toyota of Knoxville dealership was sold for $3.75 million.

Deeper west, Parkside Drive will soon be seeing more development as well. The property located directly across from the Toyota of Knoxville dealership was sold by T&W Properties LLC to JBMC LLC for $3.75 million.

Lastly, the highest value property transfer of the week was in the Old City. Boghani Properties purchased 3 adjoining buildings on Jackson Avenue. Old City Amigos LLC sold 108 E Jackson, 114 E Jackson and 118 E Jackson Avenue for $6.2 million.

Here are the new year-to-date statistics:

It’s time to sign up for our free Property Fraud Alert Program: the process is easy. Just follow this link by clicking on it or visit this website and follow the prompts. You will then be notified via email when a document is recorded with your name. If it is an unexpected recording, this will give you opportunity to act quickly.

Have a great weekend! – Nick

Nick McBride is register of deeds for Knox County.


Leave a Reply

Your email address will not be published. Required fields are marked *