Robust property sales continue

Nick McBrideOn the Grow

The first full week of January 2021 is now behind us and what a week it was! People are continuing to buy and sell homes and commercial properties in Knox County, keeping banks and mortgage companies very busy!


We recorded 592 loans last week that came to a grand total of $187.7 million. Just to show you what a difference a year can make, we recorded 310 loans with a total value of $71.7 million in the same week of 2020.

As far as property transfers, last week we recorded 271 sales with a grand total value of $142.4 million. In the first week of 2020 we recorded 184 transfers with a value of $49.2 million. 2021 is off to a great start!

This past week we had 11 sales over $1 million with the highest value sale being that of the Heritage Lake at Westland apartments located in West Knoxville. The previous owner, CFI Redwood Heritage Lake LLC, sold the property to TPAF VII Heritage Lake LLC for $50.5 million.

Our second highest value property sale was the JCPenney property at West Town Mall, including parking areas. This property changed hands from JCPenney Properties LLC to Penney Property Holdings 2617 LLC for $6.06 million.

1624 Riverside Drive

And rounding out the top three for the week was the property located at 1624 Riverside Drive in East Knoxville. This eight-acre property was sold by Royal Properties Inc to Dominion Riverside LLC for $5 million. This property is next to James White Parkway near downtown.

The week’s list of lenders with individual loans over $1 million:

  • CBRE Multi-Family Capital Inc. – $38 million
  • First Century Bank – $4 million
  • Bank of America – $3.53 million
  • Home Federal Bank of Tennessee – $3.5 million
  • Truist Bank – $2.3 million
  • Regions Bank – $2.25 million
  • Y-12 FCU – $2.25 million
  • SimplyBank – $2 million
  • Pinnacle Bank – $1.48 million

Please note that in observance of Martin Luther King Day, our office will be closed on Monday, Jan. 18, 2021, and will re-open on Tuesday at 8 a.m.

Have a great week and don’t forget, we are on Facebook! Visit our page here. Please give us a ‘like’ and share the page. Have a safe and happy week!

Nick McBride is register of deeds for Knox County.

 

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