Former Supreme Court property development advances

Nick McBrideInside 640, On the Grow

A four-day work week usually makes for a very busy week in our office and this past week was no exception. The week ended with 197 property transfers recorded and 362 loans recorded.

Nick McBride

The property transfers equaled $47.28 million with the two largest transfers being properties in our growing industrial parks. The largest of those two was a transfer between Lorysan LLC and WPR Investments LLC. The property is located at 5501 Island River Drive in the Forks of the River Industrial park, currently the home of Hamilton Equipment Company’s fabrication shop. This property changed hands for $2.06 million.

The second-highest property transfer was between Chatty Properties GP and IPW Properties LLC.  IPW Properties purchased the property located at 2553 Quality Lane in the Westbridge Business Park for $1.82 million and is leased by Visionary Solutions LLC.

The total of the 362 recorded loans came to $106.99 million dollars. Two of the largest loans are increases to existing construction loans. The largest, bringing their total loan to $12.2 million, was between White Properties II LLC and Fifth Third Bank. White Properties II LLC increased their debt by $8.7 million for development on property located at the corner of Callahan Drive and I-75.

Another increase in an existing loan was between Blueprint Group LLC and Fifth Third Bank. Blueprint Group LLC borrowed an additional $8.72 million bringing their total loan to $10.37 million. The property located at 835 Central Ave will be home to the Axle Logistics headquarters as well as small commercial businesses. Blueprint Group LLC is currently leasing this and two other parcels from the Industrial Development Board of the city of Knoxville.

Axle Logistics’ future home

The largest loan recorded last week was the loan for the construction of the former Tennessee Supreme Court property. Supreme Court Partners GP obtained a loan in the amount of $12.6 million to move forward with the project located at 719 Locust Street in downtown Knoxville.

Nick Mcbride is register of deeds for Knox County.

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