August is ending and this week we are all gearing up for UT’s football season to start Thursday night, Sept. 2, against Bowling Green. I know it will be a great season for Coach Heupel, the staff and the players.
As for real estate, while we were busy recording the 1,945 documents that arrived at our office, this number is down just a bit from the previous weeks. Still, recording close to 2,000 documents in a week shows that the market is still hot and interest rates are still low.
During the last full week of August, 577 Trust Deeds (loans) were recorded with nine of those topping a million dollars. The largest loan of the week, $50.69 million, was funded by Citibank National Association. No other loan even came close to that number, but Pinnacle Bank did fund two different loans over a million with a grand total of $5.6 million. Arbor Realty SR Inc. funded the third largest amount of $4.46 million. The other high value loans were funded by First Horizon Bank ($3.12m), Community First Bank ($2.5m), US Metro Bank ($1.55m), and First Century Bank ($1.26m). The year-to-date three-year comparison for loans is incredible!
There were plenty of property transfers last week—a total of 339 with 15 sales over a million dollars! Most of the million-dollar transfers were of commercial properties with the highest value transfer being between 303 West LLC and 303 Flats Knoxville LLC. This is a student apartment complex situated just over the Henley Street Bridge from downtown. The sales price on this prime piece of real estate was $35.75 million.
Manor House Assisted Living has a new owner as of last week and was our second highest valued property of the week. Knoxville Assisted Living Retirement Community LLC sold the property located at 8501 S. Northshore Dr to Benchmark Investments X LP for $12.87 million. The third most expensive property was purchased by TN Hardin Valley LLC. They paid $6.07 million dollars to HV West LLC for 15 lots in the Windermere Subdivision off Hardin Valley Rd.
The Tennova Residential Hospice center on Andersonville Pike has changed hands. Knoxville Home Care Services LLC sold the hospice home to 5 Rock Place LLC for $3.2 million.
Three local carwash locations also have new owners: PureMagic Carwash of Farragut sold to Realty Income Properties LLC for $3.9 million; PureMagic Carwash of Bearden sold to NADG NNN MCW (WS-Knox-TN), LP for $3.61 million; and the PureMagic Carwash of Fountain City sold to NADG NNN MCW (NB-Knox-TN) LP for $4.1 million.
Other notable high value sales were the Super 8 Hotel on Emory Road (behind Shoney’s) which sold for $2.3 million; the Prime Storage facility at 11775 Snyder Road in Farragut which sold for $5.877 million; and a small apartment group in old North Knoxville on Armstrong Road, which was purchased by Armstrong Solutions LLC for $1.11 million.
As you can see by the three-year comparison—we are still going strong, and I look forward to seeing how much higher these numbers can go.
Please note that the Register’s office will be closed on Monday, Sept. 6, to celebrate Labor Day and will reopen on Tuesday morning at 8 a.m. I hope you all have a safe and fun holiday weekend!
Nick McBride is register of deeds for Knox County.