Continued growth in residential and commercial real estate

Nick McBrideOur Town Leaders

Last week’s numbers were down just a bit from the week prior, but we must account for the “seasonal lull” that real estate experiences annually. Real estate activity slows going into fall and usually carries into the new year.

With that being said, we can look at the same period across other years to see the health of the market. Last week 612 trust deeds were recorded on property valued at $232.3 million. That reflects an increase greater than $100 million in value represented by an additional 72 mortgages. Three hundred twenty-nine sales were recorded valued at $137.2 million, again exceeding last year’s numbers, this time by 47 documents and $22 million in value. This simple cross-year reference shows that Knox County real estate continues to grow.

There were several commercial sales greater than $1 million last week, the largest of which comes as a byproduct of all the revitalizing that is currently going on in South Knoxville. Scion Knoxville Apartments, with an address of 1319 Knotty Pine Way, has a bird’s-eye view of the city. Heights Knoxville Apartments LLC sold this valuable property to Vol Partners I LLC for $28 million.

Nick McBride

Second, two commercial buildings on Lexington Drive changed hands. Knoxville Holdings LLC purchased the properties for $4.098 million dollars. Next in value was the Popeye’s on Clinton Highway. SPS Properties LLC sold 4801 Clinton Highway to OW Star RE LLC for $3.85 million.

Zips Car Wash on Kingston Pike in front of Bearden Elementary school now has a new owner as well. Walnut Sunset Holding Company LLC sold the property for $3.7 million to 600 Willow Properties LLC.

Zips Car Wash on Kingston Pike sold for $3.7 million.

Further west, D.R. Horton Inc. purchased 28 lots for more new-construction homes. They will make up Unit 4 of the Windsor Forest neighborhood off Campbell Station Road. The lots sold for a total $1.562 million. Coming back down to campus, a high visibility property on Cumberland Avenue changed hands. The former Karnes Drug Store, 1901 Cumberland Avenue and a lot behind it have been purchased by 6600 KP Partnership for $1.55 million.

If you are a Powell native it is likely you know where all the heavy equipment sits at the corner of Central Avenue Pike and W. Beaver Creek Drive. The 3.52-acre tract that houses that equipment company just sold for $1.2 million to CW Property Group Ltd.

To conclude last week’s high value sales, there is yet another self-storage facility going up in Knox County. The property to the east of the Old Cedar Bluff Rd and Middlebrook Pike intersection was purchased by BPS Knox LLC for $1.15 million.

The following list highlights trust deeds greater than $1 million last week.

  • CHC OF TN – $48.5 million
  • WESTERN ALLIANCE BANK – $17.44 million
  • TIAA FSB – $8.5 million
  • HOMETRUST BANK – $3.15 million
  • CREDIT UNION 1 – $2.66 million
  • TENNESSEE MEMBERS 1ST FCU – $2.59 million
  • PINNACLE BANK – $2.34 & $2.25 million
  • HOME FEDERAL BANK – $1.4 million
  • FIRST HORIZON BANK – $1.14 million
  • MOUNTAIN COMMERCE BANK – $1.08 & $1.04 million

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Nick McBride is register of deeds for Knox County.

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