Welcome to week two of 2022! We thought we were going to get a good snowstorm last week, but it didn’t quite pan out. From the number of snowmen I noticed in my neighborhood, it looked like people were still able to get out and enjoy themselves.
The office had a busy week with the end of 2021 and the beginning of the New Year. Overall, we recorded a total of 1,723 documents, 241 of which were property sales. The total value of the transfers was $95.04 million, and we recorded 10 commercial property transfers over $1 million.
Nick McBride
The highest value commercial property to change hands was the Zips Car Wash location on Middlebrook Pike. Walnut Sunset Holding Co LLC sold the lot at 9740 Middlebrook Pike to Kubera Financial Group Inc. for $4.06 million.
Last week two properties on Cumberland Avenue with high visibility, as well as two parking lots on White Avenue, changed hands. The former O’Charley’s Restaurant building located at 1915 Cumberland Avenue, the University Liquors and Fine Wines at 1931 Cumberland Avenue, and two parking lots on White Avenue are now owned by Core Knoxville Cumberland LLC. Cumberland Avenue Properties LLC sold the liquor store property for $1.25 million, and the restaurant property was sold by M. Wallen for $3.15 million. The two parking lots on White Avenue were sold by J. Wallen to Core Knoxville Cumberland for $3.15 million.
Another notable property to change hands last week was the Bojangles Restaurant at 9101 Kingston Pike in the Cedar Springs area. Marar LLC sold this property to FSLRO 9101 Kingston Pike LLC for $3.13 million.
The properties occupied by Cedar Bluff Towing were also among the high value transfers. The Hintons sold the property at 623 Simmons Rd and the tow-lot on the corner of Thorngrove Pike and Gov. John Sevier Highway to Willdrege Holdings LLC for $2.51 million.
Other properties over $1 million included 11042 Terrapin Station Road (off Lovell Road) which changed hands from P.D. Metz to Santa Teresa Capital LLC for $1.76 million, and 4109 Pleasant Ridge Road which was sold by TEKCO LLC to SFR Pleasant Ridge LLC for $1.4 million. Property at 9109 Chapman Highway, which has been cleared for development, was sold by F&T Investment Services Trust to Chapman Partners LLC for $1.2 million. And Blacksmith Management Services Inc. sold 10445 Cogdill Road to Highland Properties LTD for $1.1 million.
As for loans, we recorded a total of 467 loans that carried a $280.04 million dollar total. Morgan Stanley Bank subsidiaries loaned three different high value loans, as did Southeast Bank. Morgan Stanley Mortgage Capital Holdings LLC funded a loan in the amount of $113.81 million. Morgan Stanley Bank NA funded a $23.5 million dollar loan, and Morgan Stanley Private Bank NA loaned $2.63 million on one loan. The others are as follows:
I’ve decided to keep up the three-year weekly comparisons so we can all see the number contrasts as the year goes forward.
Looks like 2022 is starting off on the right foot!
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Nick McBride is register of deeds for Knox County.