March was a good month in the real estate world. The office recorded a total of 8,318 deeds which included 2,177 loans and 1,277 property transfers. The total value of property transfers was over $510 million, with the largest of the month taking place in the first week for $18 million.
During the last week of March, which also included the first day of April, 316 property sales were recorded. These 316 came to a grand total of $132,099,995, with the highest value property sold being over $13 million and, as you might imagine, it’s another apartment complex. Cassell Ridge Apartments, which can be seen from the I-640 and I-75 interstate interchange, were sold by Cassell Ridge LP to Hallmark Cassell Ridge LLC for $13.65 million.
Nick McBride
Coming in at a close second is the Walmart Neighborhood Market located on Western Avenue. This property was sold by Mini-Ent Knoxville to PP LLC for $13.13 million.
The other four commercial properties changing hands for more than $1 million included the Suntrust/Truist branch bank located at 128 N. Northshore next to CVS. HGC Limited Partnership sold this property to Hatcher Hill NV LLC for $3 million.
The list also includes the Lovell Center Apartments which Plantinus Apartments Inc. sold to S.M. Thompson for $2.2 million. Also sold last week were two pieces of property located next to Sevier Heights Baptist Church. Amex Leasing Inc. sold the properties located at 3125 and 3305 Maloney Road to Lakemoor Station LLC for $1.52 million. The final commercial property to change hands is the former Puleo’s Restaurant on Cedar Lane in North Knoxville. Turley Brothers sold to Anthony P Cappiello Jr. for $1.1 million.
The month of March was great for lenders as well as our office recording 2,177 loans which had a collective value of over $684 million. Contributing to the monthly total, the final week of March brought 485 loans totaling $183,46,209.
Citizens Bank funded the highest value loan of $39 million dollars while ReadyCap Commercial Lending processed the second highest loan of $10.13 million. In addition, 10 other commercial loans came in over $1 million:
Looking at the 3-year comparison, I’m still amazed to see the huge differences between the years. Property values are still high, and lenders still have funds to lend. And, if you haven’t yet refinanced your home, there’s still time.
If you’re having spring meetings of your civic or social clubs and need a speaker, I have dates available in April and May. Just give me a call at the office at 865-215-2330 so we can put it on the calendar.
Don’t forget about our website: https://knoxcounty.org/register. There you can find out the top lenders, the sales trends, and can even use our free online fee calculator to give you the total amount to be sent in with your deed.
Have a great weekend!
Nick McBride is register of deeds for Knox County.