Alongside rising temperatures, the real estate market continues to climb as we draw near to summer. Last week exceeded the prior weeks’ numbers all the way around. We recorded 550 loans valuing $126 million. This reflected nearly a hundred more transactions for an additional $16 million over the prior week. As for property transfers, 267 warranty deeds were recorded totaling $73.9 million. Again, this is 40 transactions and nearly $25 million more than the previous week.
Nick McBride
Foothills MHC LLC, a Tennessee limited liability company, recorded the two largest trust deeds for the week of May 18 when they purchased two Knoxville mobile home parks from Arrow TN Properties LLC. The larger of the two transactions financed $1.4 million to buy Rifle Range Estates Mobile Home Park, which was valued at $1.7 million on the warranty deed. The second transaction between these two was for the sale of West Knoxville Mobile Home Park off Bob Gray Road. This park sold for $1.58 million and Foothills MHC LLC recorded a deed of trust financing $1.34 million with Citizens Bank.
The largest transfer of the week was valued at $4.2 million. This warranty deed was for the sale of what used to be the old SunTrust Bank building on E. Hill Avenue, across from the location for the new science museum. The Bakery Building LLC sold the property to Hill Avenue Storage LLC.
The next most valuable, and possibly more notable transfer involved the Mayfield Dairy property off Parkside Drive. As home to one of the famous, giant Mayfield cows, I have never been able to pass the property with my grandson without him pointing it out in excitement. Mayfield Dairy Farms LLC sold the property to Dean Dairy Fluid LLC for $2.2 million.
BMa Properties Inc., formerly known as Barber & McMurry Inc., sold a large office space at the intersection of Sullins Street and Lindsay Place near campus. The warranty deed reflects that ChildHelp Inc., a California corporation, purchased the property at $1.5 million.
The final transfer we will look at involves the current Advent Electric location off Agnus Road. Bobby Stanley sold the property to Marble City Capital LLC for $1.4 million.
As a friendly reminder, the Knox County register of deeds will remain open. We encourage mail or other shipping alternatives when possible but are taking measures to keep our employees and the public safe during interaction.
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Nick McBride is register of deeds for Knox County