Week one of May 2022 is on the books. The office recorded 1,954 total documents last week — not a bad start to the month. Last week was unusual because the total value of the 357 warranty deeds surpassed the total value of the 526 trust deeds recorded — which is usually the reverse. The value of trust deeds recorded was over $227 million, and the value of the warranty deeds was over $231 million.
This is, in part, because of the large deal we recorded at the end of the week. Yes, it’s the sale of another apartment complex. The Quarry Trail apartments, previously owned by Quarry Trail Propco LLC who purchased the property in 2020 for $45 million, was sold to Bayou Park TIC LLC and Dorel Laredo TIC LLC for $95 million! This student housing apartment complex is in South Knoxville between Alcoa Highway and Chapman Highway.
Two properties on Gay Street were also included in the seven recordings over $1 million. Master OZ 300 Gay St LLC sold two adjoining properties. 308 Gay Street, currently an unused lot, was sold to Shree Ganesh Hospitality and Ephant Group-Easton House LLC for $2.4 million. The adjoining property, 304 Gay Street, was sold to Ephant Group-Friedman LLC for $4.9 million.
Nick McBride
Two restaurants were also among the properties selling for over $1 million. In East Knoxville, at the Strawberry Plains exit to I-40, Store Master Funding V LLC sold the former Puleo’s restaurant building and property to Amigos Properties LLC for $1.752 million. Amigos currently occupies a smaller building next door. The other restaurant to change hands was the Shrimp Dock in the Bearden area. Shrimp Dock of Bearden GP sold the property to Aubrey’s Inc. for $1.6 million.
Another prominent property changing hands last week was All Occasions Party Rentals on the corner of Middlebrook Pike and Amherst. Four R’s Family Partnership sold the property to TRJJ Holdings LLC for $2.14 million. All Occasions isn’t going anywhere. And the last million dollar plus sale was between Bald Eagle Ventures and Turner Homes LLC. Bald Eagle Ventures sold 32 lots in the Rhodes Hill subdivision in the Halls Community for $1.44 million.
As I mentioned, the warranty deeds surpassed the total value of the loans recorded, but that doesn’t mean we didn’t record big loans. Of the 526 loans put on record, 21 were loans over $1 million. The largest loan recorded was funded by Capital One Bank NA for $69.96 million! The second highest loan recorded was obtained from First Century Bank in the amount of $5.84 million. And we had two loans in the $4 million range: Capital One Bank NA funded a $4.9 million dollar loan and Knoxville TVA Employees Credit Union added $4.2 million to their balance sheet.
The others:
Keeping up with the three-year comparison, the number of documents is lower than 2021, but the amount borrowed and the value of the property transferred is much greater than last year.
Don’t forget that we’re on Facebook and Instagram — follow, like and share our pages when you have a chance to keep up with the goings on of the Register’s office. On Instagram: @nickmcbrideregisterofdeeds and on Facebook: @knoxregister. I hope you all have a good weekend!
Nick McBride is register of deeds for Knox County.