The third week of July is over, and August is just around the corner. So far this month we have recorded 6,264 documents and are on track to do more than 2,000 again this week. Last week’s contribution to the total number was 2,147 including 332 property transfers and 567 loans. The real estate business is still booming in Knoxville!
We had a total of $112.21 million dollars’ worth of property transfers last week. We highlight the commercial property transfers over $1 million in this article and of the 332 transfers only four were in the commercial category.
Nick McBride
The OYO Hotel located at 317 N Cedar Bluff Road has a new owner. Purvi Hospitality LLC purchased the hotel from Riddhl Enterprise Corp for $3.85 million. Hotels have big price tags!
Another commercial property is land right off Rutledge Pike — 1013 Springhill Road. Currently home to Sunbelt Rentals, this property was sold from MPV Knoxville LLC (who bought it in 2019) to AgreeSB LLC for $5.95 million.
The KarKare Muffler & Shocks shop on the corner of Winston Road and Kingston Pike (8002 Kingston Pike) is another property that has a new owner. E. F Wheeler sold the property to ACRE Kingston Pike for $1.17 million.
Kar Kare
And the last commercial property sold was 20 lots owned by Mesana Investments LLC which they sold to developer D. R. Horton Inc for $1.17 million. The lots are in the Coward Mill subdivision, so look for new homes being built or new neighbors moving in.
The 567 loans that we recorded had a grand total of $147.43 million with 14 of those over the million-dollar mark. Those banks and lenders are highlighted here.
- Fifth Third Bank – $1.08 million
- Mortgage Investors Group – $1.3 million
- MRV Banks – $1.9 million
- Regions Bank – $2.0 million
- Bank of George – $2.51 million
- Home Federal Bank of Tennessee – $3.0 million
- First Volunteer Bank – $3.25 million
- First Horizon Bank – $7.25 million
- CBRE Capital Markets Inc – $12.23 million
And to emphasize how great this year has been for the real estate business compared to the last two, I’ve updated the table below. It will be interesting to see how this whole year compares when we get to the end of December.
I am available to speak at community meetings, club gatherings and homeowner’s meetings. Please call me at the office to schedule a date: 865-215-2330. And if you’re on Facebook, you can find us here.
Have a great week!
Nick McBride is register of deeds for Knox County.