Hello everyone! Please look for this article on Thursday instead of Tuesday now.
During the first full week of February, the office recorded 1,715 documents including 424 trust deeds and 200 warranty deeds. The trust deeds had a combined value of $162 million with the largest loan being funded by TPG RE Finance 1 LTD for $45 million. The second highest value loan of the week was funded by Lakeside Bank in the amount of $18.47 million. Six other loans were commercial loans with values over $1 million. Those were:
As for the property sales for the week, the 200 warranty deeds came to a total of $116 million. There were eight transactions for more than $1 million. The sale of another apartment complex topped the sales of the week, again. Briar Cliff Knoxville I and II Investors LLC sold the Briarcliff at West Hills complex as well as seven other apartment buildings on the surrounding streets. Briarcliff Property Holdings LLC purchased these properties for $47.75 million dollars. These are located behind Downtown West just off Gleason Drive.
Nick McBride
It may not be at the top of the high value property list, but another apartment complex also changed hands. The Northview Apartments at 2509 and 2527 Washington Pike were sold by MW Communities to Redondo TN Associates LLC for $1.57 million.
Core Knoxville Cumberland LLC has now purchased all properties included in a block on Cumberland Avenue—purchasing the remaining four properties last week. The 6600 KP Partnership sold properties to Core Knoxville Cumberland LLC including 1901 Cumberland and the adjoining building which is currently home to Jimmy John’s Sub Shop, Zen and other businesses. They also purchased the two parking areas on White Avenue directly behind the buildings. The first property, 1901 Cumberland and the adjoining parking lot went for $1.55 million while the other building and parking lot went for $5.35 million.
In Northeast Knoxville, three properties on N. Cherry Street were sold last week. Devi Inc. sold 1500 North Cherry Street (including a motel and restaurant) and 1494 North Cherry Street to 1500 Cherry St. Lodge LLC for $1.65 million.
Maddox Real Estate Management sold property in North Knoxville as well. Arbay Investments, LLC purchased 100 Dalton Place Way and an adjoining undeveloped lot, which is just off Central Avenue Pike in First Priority Park, for $1.75 million.
Even further north, two currently undeveloped lots on Raccoon Valley Road are now owned by DWC Nashville LLC. CEEBEE Partnership sold the lots next to the Valley Inn, just off the interstate, for $1.21 million.
Adding to their West Knoxville campus, Lincoln Memorial University has purchased two more properties on Technology Drive. DeBusk sold the current LMU School of Medical Sciences building located at 10330 Technology Drive, as well as a currently unused parcel of land adjoining the main campus on Cogdill Drive, to LMU for $1.925 million.
I’m keeping up the 3-year comparison since the real estate market is still going strong. You can see that we have recorded fewer documents so far this year than 2021 but the amounts have greatly increased:
Don’t forget: if you oversee planning the speakers for your meetings or groups, I am happy to present some very interesting information about the growth in our area. Just give me a call at the office to schedule. I can be reached at 865-215-2330.
Next time you’re on Facebook, me up here, then please like and share the page. Have a great weekend!
Nick McBride is register of deeds for Knox County.