I hope you were able to enjoy the beautiful weather and colors of the first weekend in November. The Vols did a great job on Saturday. I know the many fans in my office are very happy!
With last Monday being the first of the month and the busiest day of the week, the office was buzzing with activity all day, and the sales over a $1 million started out strong! By the end of the week, we had recorded 333 property sales with a total value of $195.34 million dollars. Of those, 14 sold for more than $1 million, and self-storage units were the top sellers this week as we recorded seven warranty deeds over $1 million for self-storage facilities; all of these were between the same two companies. Self-Storage Portfolio II DST sold seven properties in all areas of Knox County to NSA Property Holdings LLC for a grand total of $49.6 million. These self-storage businesses are on Central Ave Pike, Chapman Hwy., Kingston Pike, Middlebrook Pike, Linden Ave, Unicorn Drive and Walker Road.
Nick McBride
I’ve mentioned in the past that multi-family dwellings are big money makers and therefore sell for big bucks. We saw two examples of this last week. The Views at West Town Apartments (formerly known as Manor View) on Gallaher View Road have a new owner, and after just one year, the value increased by $11 million. Only possessing the property for a 16-month period, Manor View Holdings LLC et al, sold the 194-unit complex (for which they paid $20 million in 2020) to 500 Manor View Drive LLC for $31 million.
The second multi-family dwelling making the high value list last week is in South Knoxville on Sevier Avenue. The 107-unit Adelade Apartments just a few miles from the UT campus changed hands from Knoxstar Properties LLC to Adelade SPE LLC for $12.4 million.
Further down Chapman Highway, South Knoxville will soon be seeing a lot of growth. Quite a few commercial properties have changed hands in that area this year, including two properties this past week. The former Dunkin Donuts location on Chapman Highway has been purchased along with the adjacent business’s property. Clark Crossing LLC purchased both properties from Ironstone Properties LLC for $1 million.
We have also seen a lot of growth in the central city area where the proposed baseball stadium will be built. Property all around the area has been selling like crazy, in fact, two properties backing up to First Creek right off Willow Avenue have just changed hands. Friendly Town Development LLC purchased 410 Georgia St from 410 Georgia Street LLC for $1 million and purchased 401 Georgia St from D. King for $1.35 million. As these properties are just a block away from the ballpark, it’s probable that they will also be a part of the redevelopment of the area.
The retail center on Millertown Pike which is home to Meg’s Wine & Spirits, US Cellular and other businesses was among the high value sales this week as well. Bhumika LLC sold the property that has been in their possession since 2016 to Meg’s Partners LLC for $1.5 million.
The recently sold 22 acres off Westland Drive
It looks like more homes are coming to Westland Drive in West Knox County. Mesana Investments LLC sold a 22-acre property abutting Westland Oaks subdivision, shown here on a Google Maps illustration, to Westland Oaks TH LLC for $1.7 million.
And our last high value commercial property transfer was for a property on Market Street in downtown Knoxville. US Bank NA sold 607 Market Street to Tennessee-MAP LLC for $4.15 million.
The lenders were very busy last week too: closing and recording 595 loans worth more than $222 million! The highest value loan recorded in the first week of November 2021 was for $26.17 million and was funded by BDS IV Mortgage Capital J, LLC. The second highest loan obtained was $20.5 million which was loaned by OREC Structured Finance Co. The other high value loans were funded by:
The three-year comparison shows the record numbers that are being recorded in 2021 which proves that even if there’s a slower week here and there it doesn’t affect the huge numbers we’ve been recording.
Please note that in honor of our county’s veterans, we will be closed in observance of Veteran’s Day this Thursday, Nov. 11, 2021. We will open on Friday morning at our usual 8 a.m. Have a great week!
Nick McBride is register of deeds for Knox County.