In Knox County, everything is hot property

Nick McBrideOur Town Leaders

Welcome back to the work week! I hope you were able to find a little time to enjoy the holiday weekend which opened up with the Vols first home game (and WIN) of the season – go Vols!

A total of 14 lenders made loans valued over $1 million dollars. Those loans, as well as the 691 others, brought the week’s total loan funding to $243.45 million dollars. And last week, the list of loans over a million dollars leaned pretty heavily toward the commercial side with 10 out of the 14.

The winner of the “largest loan of the week” distinction was funded by ABCommercial Real Estate Trust in the amount of $30 million. The other lending institutions with loans topping a million were:

  • Bank of America – $16.1 million
  • First Century Bank – $6 million
  • Pinnacle Bank – $5.34 million
  • Eastman Credit Union – $4.76 million
  • Mountain Commerce Bank – $3.96 million
  • Bank of George – $3.2 million,
  • Millenium Bank – $1.74 million
  • Home Federal Bank of TN – $1.05 million

Nick McBride

High value properties were switching hands like crazy too. Just in the first three days of the week we recorded 10 over a million dollars and we ended the week with 15. Those properties and the other 368 that were sold totaled $137.65 million. The most prominent of the commercial properties to have new owners this week is now the home of two of Knoxville’s newest restaurants, Firebird’s Wood Fired Grill and Walk On’s Sports Bistreaux. This valuable property, with the addresses of 7649 and 7621 Kingston Pike, sat on the market for quite awhile waiting for just the right developers and look what a difference it’s made in the area – I think it was worth the wait!

Another well-recognized property that has a new owner is the Clayton Motors property (longtime headquarters of Burgin Dodge) at 4500 Clinton Highway at the corner of Tillery Road. This property went for $3.67 million.

And who would think that storage units would be in such high demand that two of them would sell in one week? The Chapman Storage on Chapman Highway sold for $2.3 million and Rutledge Pike Mini Storage was sold for $1.6 million.

Condos seem to be a hot commodity as well. Gleason Place Condos on Gleason Road changed hands for $1.02 million and the Sutherland Lofts, of which six units were sold two weeks ago, now has a new owner of six more units which brought in $1.2 million.

In health care properties, the Fast Pace Urgent Care at 5326 Western Avenue sold for $1.76 million, and the Davita Dialysis location at 111 S Campbell St. Road in Farragut sold last week for $2.02 million.

Lincoln Memorial University purchased three lots on Technology Drive in West Knoxville last week for $1.7 million. I’m unsure of their plans for the property, but any addition to higher education in our county is great news!

Look for new development in the Gill Avenue area – Volunteer Knit Apparel Inc., which has owned the warehouse at 910 Gill Ave since 1998, sold the 2.4 acre property to Gill Ave LLC for $1.4 million.

And rounding out the week’s high value sales is the Red Roof Inn on Central Avenue Pike which is now owned by Rupala Hospitality Inc., who purchased the hotel for $3.9 million.

That’s a great start to the month of September. August’s totals came to 2,659 loans recorded with a sum of $902.92 million dollars funded, and 1,497 property transfers which carried a total value of $670.63 million dollars. Not too shabby, Knox County!

I hope you each have a great rest of the week and don’t forget, we’re on Facebook! Just search for @KnoxRegister and then please like and share the page.

Nick McBride is register of deeds for Knox

Leave a Reply

Your email address will not be published. Required fields are marked *