Commercial real estate sales stay strong

Nick McBrideOur Town Leaders

I hope everyone had a nice weekend. It’s hard to believe we only have nine days until it’s football time in Tennessee! We’re looking forward to a great season.

Last week we recorded 2,022 total documents which keeps us right on trend with prior weeks. Year-to-date numbers in comparison with the past two years are still going up:

The total value of the 302 property transfers recorded was $108.8 million including 13 with a value over $1 million; seven of those were commercial properties. The retail center located at 6461 Kingston Pike on the corner of Major Reynolds Place and Kingston Pike was the highest value property transfer of the week at $8.5 million. D. Gengenbach purchased this property from KCMR LLC.

Uptown Bar and Grill

The second highest value property transferred was the Wendy’s restaurant located on Strawberry Plains Pike which was purchased by the Jin Family Trust from Modem IV LLC for $1.9 million.

Another restaurant, this one on Cumberland Ave, also has a new owner. Wes & Stan, LLC sold the Uptown Bar and Grill property at 1912 Cumberland to J & N Holdings, LLC for $1 million.

Sutherland Lofts

The new Sutherland Lofts condo community owned by Sutherland Lofts LLC, also had sales activity last week. Six of the units were purchased by Luxe Properties LLC for $1.2 million. These 2-bedroom condos are located at the corner of Sutherland Ave and Concord Street across from Cherokee Mills.

Speaking of multi-family housing communities, D.R. Horton Inc. purchased 27 lots of the Cottages at Governor’s Landing, on Gov. John Sevier Highway, from Knoxville Investment Partners LLC for $1.17million. New houses coming soon!

And moving back to West Knoxville, two other commercial properties sales were recorded. First Horizon bank sold its Cedar Bluff property, 9133 Middlebrook Pike, to Ogle Land GP for $1.3 million. The other West Knox location is on Lovell Road. The currently undeveloped land at 126 Lovell Rd was sold by Lovell Pointe Partners to Rocky Top II LLC for $1.1 million. This seven-acre parcel is close to Kingston Pike behind Grassy Valley Cemetery with frontage on Lovell Rd.

Realtors and closing companies weren’t the only busy ones last week – banks were busy funding the 546 loans that we recorded. This brings our total number of loans recorded for 2021 to 19,098. That’s huge compared to the past two years as you can see in the comparison:

The total value of last week’s loans came to $153.87 million. Eleven of the loans were for amounts over $1 million with the largest loan being funded by Toyota Motor Credit in the amount of $16.18 million. The other banks funding high value loans were:

Don’t forget to look us up on Facebook here, and please share the page. Also, I’m available to speak at your club or other group meetings; just give me call at the office 865-215-2330.

I hope everyone has a great week ahead.

Nick McBride is register of deeds for Knox County.

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