January is now behind us, and spring is just around the corner. I know we are all looking forward to warmer weather!
The month of January was busy for our office, the title companies and the lenders. We recorded 1,068 property transfers with a total value of $372.24 million, and as far as total loans in January, we recorded 2,252 with a sum of $627 million!
Nick McBride
The most valuable transaction of the month took place in the first week. This was the sale of the Heritage Lake apartment complex on Westland Drive. The purchase was made by Timberland Partners IX, LLP et al. for $50.5 million dollars. Funded by CBRE Mulitfamily Capital Inc, this was also the highest value loan for the month, which was $38 million.
As for the last week of the month, we recorded 244 property sales with a total value of $71.5 million and 540 loans with a total value of $140.3 million.
The highest value property transfer of the week was between FREP Knoxville PKV, LLC and Trinity Capital Partners. The property involved is an office building located at the corner of Dutch Town Road and Park Village Road in West Knox County. This transaction was $4.02 million.
The second highest value commercial property was the Pine Ridge Apartments located at 4700 Schubert Road in North Knox County. The sale from Pine Ridge Associates to Pine Ridge Apartments, LP was $3.4 million.
Another noteworthy property transfer was the Bojangles Restaurant on Oak Ridge Highway. Rigsby Family Holdings LLC sold the property to Peace Street Partners 3, LLC for $2 million.
If you live in the Cedar Bluff area be on the lookout for a new Panda Express Restaurant on an outparcel of the Kroger property at 9225 Kingston Pike. The Kroger Company sold the property to CFT NV Developments LLC for $1.3 million; a lease was signed for the restaurant. This will be the sixth Panda Express in Knox County.
The lenders with the highest loans of the week were:
- Pinnacle Bank – $1.05 million
- FirstBank – $1.12 million
- Mortgage Investors Group – $1.18 million
- Mountain Commerce Bank – $1.34 million
- Home Federal Bank of Tennessee – $2.5 million
- Northmarq Capital LLC – $4.0 million
- First Merchants Bank – $4.98 million
- Knoxville TVA Employees Credit Union – $11.5 million
We look forward to another busy month! And don’t forget the Suicide Hotline is there 24/7 at 1-800-273-TALK (8255).
Have a safe and happy week! And don’t forget to look for us on Facebook here.
Nick McBride is register of deeds for Knox County.