Kidney Beans makes $66 million deal

Nick McBrideHalls, On the Grow, West Knox

As we passed through the second week of July, the real estate market gathered steam as it usually does in the summer. Last week’s numbers significantly outperformed the previous week. We recorded 335 warranty deeds valued at $171.3 million. This is an increase greater than $88.5 million in value and 73 additional transfers showing good news for the buyers’ market. As for mortgages and refinancing, 578 documents were recorded at a value of $152.5 million. Compared to the previous week, this shows 123 more trust deeds were recorded for an additional $37 million in value.


Nick McBride

The largest transfer of the week, which happens to also be the largest of the calendar year thus far, was valued at $66.292 million! On July 9 FMC BTS Holdings LP sold this property in East Knoxville to Kidney Beans (TN) LLC. The property is just east of the Holston River on John Sevier Highway, where the 618,000 square feet distribution center will support the growth of in-home dialysis. We wish Fresenius Medical Center the best on their new venture as the demand for in-home dialysis continues to grow in North America.

The second-largest conveyance of the week was the sale of Carmax in Turkey Creek. Agree Stores LLC bought the property from OLP Knoxville LLC for $18 million.

The next notable transfer involves D.R. Horton Inc., America’s largest new home builder by volume. Horton bought Gray Bell Springs, a new, 35 lot subdivision off Gray Road in Halls, from Mesana Investments LLC for $1.62 million. D.R. Horton is also currently building on Raccoon Valley Road in North Knox County between I-75 and Heiskell Road. This is a notable development as it seems to push the border of what locals know as rural living.

Finally, we look at another property in West Knoxville. Two Lakeside Realty LLC sold to Mini Storage Depot at Northshore Rd. LLC for $1.25 million. The property is on the east side of I-140 (Pellissippi Parkway) at Northshore Drive behind the Walgreens. If the new owner’s name tells us anything, I think we can watch for a new storage facility to pop up soon.

On the financing side of real estate, we had eight loans over a million dollars. The lenders backing these investments are as follows:

First Horizon Bank                             $12.192 million

CIT Bank N.A.                                     $5.39 million

First Horizon Bank                             $5.0 million

Mountain Commerce Bank               $3.822 million

First Bank                                             $1.664 million

Navy Federal Credit Union                $1.42 million

Southeast Bank                                    $1.089 million

First Bank                                             $1 million

Check out our top lender page at https://knoxcounty.org/apps/top_lender/

Real estate markets are ever-changing and fluid, but last week was a good sign for Knox County. It was the first time in weeks that property transfers created more value than property financing. We hope to see the residents of Knox County continue to buy and take advantage of  low interest rates. The Register of Deeds office will remain open and active to serve Knox County.

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Nick McBride is register of deeds for Knox County.

 

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