Real estate market continues to hold serve

Nick McBrideOn the Grow

Hope everyone had a nice weekend. The first full week of June ended with a total of 1,988 documents recorded. Of these, there were 295 property transfers with an overall value of $128.04 million. Nine of these were properties over $1 million and five of those were commercial properties. The property with the highest price tag was a parking lot on Gay Street. The lot, located at 350 Gay Street, was sold by TCH Knoxville LLC to 350 Land LLC for $5.9 million. The parking lot is next to Chivo Taqueria.

The second highest transfer was also on Gay Street. Knoxville TVA Employees Credit Union sold the building occupied by the bank and other businesses to Break One LLC for $5.5 million.

Nick McBride

The third highest value transfer was between Raymond Evans and SMGA Properties. SMGA bought the property that was long ago anchored by a now defunct grocery store, and which currently has other shops, located just off Asheville Highway in East Knoxville for $2.75 million.

Also in East Knoxville, the Mr. Zip convenience store on Gov. John Sevier Hwy changed hands from Bharwani Properties LLC to Yogi Shiv Shankara LLC for $1.2 million. The last commercial recording is located at 231 Papermill Place Way and is occupied by American Car Center. This property was transferred from RAC Land LLC to AFN ABSPROP002 LLC for $1.2 million.

Of the total 1,988 recorded documents, 522 were loans that came in with a grand total of $128.05 million. Only eight of those were commercial properties. The banks funding these were:

  • Angel Oak Mortgage Solutions – 1.05 million
  • First State Bank of the Southeast Inc. – 1.1 million
  • Firstbank – 1.44 million
  • Citizens Bank – 1.5 million
  • Pinnacle Bank – 1.79 million
  • Wilson Bank and Trust – 3.45 million
  • Mountain Commerce Bank – 5.27 million

As I mentioned last week, I am including an up-to-date three-year comparison of property sales and loans recorded. As you can see, 2021 is already surpassing the last two years by leaps and bounds. It will be interesting to see what the remainder of the year holds.

Have a great week! And look for us on Facebook here.

Nick McBride is register of deeds for Knox County.

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