In the last full week of September, our weekly numbers were slightly lower than the previous week with 266 property transfers equaling $94.19 million and 395 loans totaling $128.3 million.
Knoxville’s Old City is growing as a residential area. Financing is now in place for the Stockyard Lofts on Willow Avenue. These have been in the planning stages since 2017. Stockyard Lofts LLC has borrowed $28.9 million from Walker & Dunlop LLC for the retail/residential project.
The Cherokee Mills complex on Concord Street has a new owner. Magnolia Cherokee Mills LP purchased the property from Cherokee Mills General Partnership for $16.5 million. The loan obtained by Magnolia Cherokee Mills LP from Synovus Bank was for $10.3 million dollars. This property is 10.5 acres and has over 205,000 square feet of building space.
I’m sure you’ve all heard of UT’s Tom Black Track, but here’s an interesting bit of history concerning Cherokee Mills. Dating back to 1917, for the first 40 years the building was used as a textile mill. In 1956 it was purchased by Tom Black for production of Tom’s Potato Chips and the Atlantic Mills department store. In 1983 is was turned into an office complex where it continues to serve as medical and professional office space.
Our second-largest property transfer of the week, $11.2 million, was between Store Master Funding VI LLC and G&I IX Apollo TN LLC for the 8.11 acre and 150,000 square foot warehouse property located at 1704 Midpark Road. G&I IX Apollo TN LLC also purchased a warehouse space in Chattanooga this week.
October brings the implementation of an upgraded computer program for the register of deed’s office. This will be a huge improvement for both the employees and the public. We are very excited about this upgrade which should be up and running by the end of the month.
Nick McBride is register of deeds for Knox County.