May wraps up with brisk business

Nick McBrideOn the Grow

Well, that’s a wrap! May 2021 is now history. We were fortunate to be able to take Memorial Day off in remembrance of the United States veterans who lost their lives while serving our country. We are continually grateful for the members of each armed service and their sacrifices for our well-being while risking their own.

The last week of the month was another busy one. We recorded 2,072 deeds for the week. Of those, 327 were warranty deeds that came to a total of $124.6 million.

Nick McBride

This was a big week for high value property transfers with 13 over a million dollars. The sale of another Knoxville apartment complex tops the list at $14 million. The Boulder Crest Apartment complex located at 2000 Wilson Road in Northwest Knoxville, previously owned by Bouldercrest Apts LLC, is now owned by MTS-Bouldercrest LLC.

A Gay Street property was the second highest commercial property transfer. BreakOne LLC sold the building at 445 South Gay Street (Sapphire Restaurant) to Ephant Group-Hope LLC for $4.2 million.

445 S. Gay Street

Western Ave Trade Center also has a new owner. The retail center located at 3603 Western Avenue was sold by K. Simmons to Haire Properties for $1.56 million.

An outparcel (Lot 1) in the same development as the Ingles supermarket in Farragut sold for $2.17 million. SRK Partnership sold this property to SS Realty LP, a Delaware-based company.

Two other property transfers came in at $1 million: Farragut Square, located at 10816 Kingston Pike, home to Gina’s Bernina Sewing center and several other small businesses, and five units in the Downtown West Village Condominiums.

Lending was hot this week, too, with 577 new loans recorded that totalled $205.96 million. And, surprisingly, there were 17 loans that topped a million dollars. I think that’s a record! The banks funding these loans were:

  • Cedar Rapids Bank and Trust – $1.01 million
  • First Horizon Bank – $1.01 million
  • Southeast Bank – $1.5 million
  • PNC Bank – $1.58 million
  • Pinnacle Bank – $1.76 million
  • City Employees Federal Credit Union – $1.76 million
  • First Bank & Trust – $1.86 million
  • United Wholesale Mortgage – $2.59 million
  • Capstar Bank – $3.9 million
  • Western United Life Assurance – $5.5 million
  • Regions Bank – $7.8 million
  • Inpoint REIT Operating Partnership – $13.2 million
  • Summit Community Bank – $15.7 million
  • First Volunteer Bank – $21.24 million

I’ll recap May’s total numbers next week as well as providing the highlights of this week. Have a great week! Look for us on Facebook here, and please like and follow the page.

Nick McBride is register of deeds for Knox County.

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