I hope everyone enjoyed this great holiday weekend. It was great seeing so many people at the Farragut 4th of July Parade!
June is now behind us and what a busy June it was for the real estate business. The total number of documents recorded was 9,272 with 2,604 being loan documents and 1,469 being property transfers. As far as totals for the month, we recorded $763.6 million dollars in loans and $505.53 million in property sales.
Nick McBride
As for the week that is now behind us, we recorded a total of 2,115 documents including 395 warranty deeds that came to a grand total of $140.7 million. Of these, 17 were over a million dollars and eight of those were commercial property transfers.
One of the commercial properties is in the Northshore/Lyons View area as 5820 Walden Drive Units 1 and 2 were sold by Genesis Capital Partners to HBC Warehouse Holdings Partners for $1.25 million.
Two properties in the heart of downtown Knoxville have new owners. The first is a warehouse building located at 601 E. Jackson Ave near the proposed site for the new baseball stadium. This property is now owned by Bottoms Group One LLC who paid $2.1 million. And just down the street, the building that is home to Willow Creek Gallery, 115 E Jackson Ave, is now owned by XXI Project LLC who purchased it for $1.9 million. The Old City area is seeing a lot of growth!
In North Knoxville, Ametco Inc. sold properties on Dutch Valley Road to Terminal Services LLC for $2.4 million. These include 1400 & 1408 Dutch Valley Road as well as other buildings in the vicinity.
Another North Knoxville property, formerly the Fountainhead College of Technology which has been converted to a church, also carried a high price tag. Fellowship Evangelical Free Church sold the building at 3203 Tazewell Pike to Fellowship North for $1.25 million.
One more North Knoxville property sold for over a million dollars. The retail center including the River Church, Elidio’s Pizza and others, on the corner of Callahan Drive and Central Avenue Pike, was sold by Callahan Central Motel Inc. to Reliance Development LLC for $1.9 million.
The former grocery store building across the street from Farragut High School has a new owner as well. Biddle Farms Commercial LLC purchased the property for $4 million. We look forward to the new Aldi grocery store coming to Farragut!
Obviously, the banks were as busy as the real estate agents and title companies last week. 681 loans were recorded with a total of $200.1 million. We had 19 loans over $1 million! The banks funding these large loans were:
- ORNL Federal Credit Union – 1 million
- Regions – 1 million
- Peoples Bank of the South – 1.5 million
- Southern Bank of Tennessee – 1.5 million
- First Peoples of the South – 1.7 million
- Mountain Commerce Bank – 3 million
- Community Trust Bank Inc – 3 million
- Reliant Bank – 3.6 million
- CBBC – 4.3 million
- Wells Fargo Bank – 4.5 million
- Southeast Bank – 4.5 million
- Pinnacle Bank – 8 million
- Bank of Tennessee – 9.7 million
I’ve also updated our three-year Y-T-D comparison chart to show just how much of an increase we are seeing in 2021 —it’s huge!
I hope each of you have a great week and enjoy the shortened work week! Don’t forget the next time you are on Facebook, look us up here, then please like and share our page.
Nick McBride is register of deeds for Knox County.