Bank building tops sales at $8.55 million

Nick McBrideOn the Grow

Last week was a big one in the office, not just with recording, but also because of the election. Knox County residents went to the polls and professed their trust by re-electing me as your Register of Deeds. I’m honored to have served Knox County for four years, and I look forward to serving for four more.

July closed with a total of 6,918 documents recorded. That’s a good start to the fiscal year. Those 6,918 documents included 1,300 warranty deeds (property sales) and 1,753 trust deeds (loans). The property sales for the month had a total value of just under $575 million, and the loans came to a total of $521.5 million.

Nick McBride

Now on to the other important information of the week. The staff kept busy recording the 1,739 documents that came in. Of those, 489 were trust deeds with a combined value of over $211 million. In all, 19 loans over $1 million were recorded, including seven that came in over $5 million. The largest was funded by Deutsche Bank AG, et al, in the amount of $77.53 million. Another large loan, at $24 million, was funded by Grandbridge Real Estate Capital, and Pinnacle Bank backed the third largest amount of $18.16 million. Others in the “over $5 million” group included: Y-12 Federal Credit Union’s $9.5 million; Knoxville TVA Employee’s Credit Union with a loan of $7.38 million; First Horizon Bank with  $5.67 million; and First Century Bank coming in with a loan of $5.1 million. The rest of the loans over a million were:

Warranty deeds made up 357 of the total number of documents. The total value was $159,908,378, and we recorded 13 property transfers over $1 million, with only three of those being commercial properties. One of the properties was on our list last week, and this week already has another new owner. Coming in as the highest value property transfer of the week, Lemonade MM Knoxville Center LLC sold the bank building property at 9950 Kingston Pike to Mountain Commerce Bank for $8.55 million. That was a quick turnaround!

In the Corryton/Gibbs area, D.R. Horton is building a new neighborhood just off Thompson School Road. Last week, 31 undeveloped lots in the Thompson Meadows subdivision were transferred from Mesana Investments LLC for $1.46 million.

The third commercial property to change hands is on Lake Avenue in the UT campus area. Lake LLC sold the building at 1911 Lake Avenue to Verve Knoxville Lake LLC for $1 million.

The three-year comparison chart below has been updated to reflect the first week of August’s sales:

If you haven’t already heard or had the chance to sign up — we now offer a FREE Property Fraud Alert program. Maybe you’ve heard about property fraud, maybe you’re getting phone calls asking if you want to sell your home and that has you worried, but hopefully you just want to protect your biggest investment. You can protect it by going here, then clicking on “Register Here” and following the prompts. We will be at the Powell Station Celebration this Saturday, we’ll have popcorn and brochures about the program. Hope to see you there!

Have a great weekend!

Nick McBride is register of deeds for Knox County.

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