Well, what a year this has been! I know that 2020 was hard for so many people, in many way, and that we are all looking forward to 2021 being a year of healing and happiness. Some industries were fortunate to experience a lighter than expected downturn in business. The real estate and financial lending industries were busy with home and business sales and the lenders were also busy re-financing many loans due to the low interest rates.
Kidney Beans (TN) LLC made the largest commercial property purchase in 2020, buying the property located on E Governor John Sevier Hwy for $66.29 million for a medical distribution center.
The CarMax location in Turkey Creek was a high value property transfer too, coming in at $18 million and is now owned by Agree Stores. Melrose Knoxville LLC purchased the Hotel Knox (former Hyatt) located on Hill Ave for a cool $16.8 million and, three Extra Space Self-Storage facilities were also in the top 20. Extra Space Storage in Hardin Valley was purchased for $13.5 million; Extra Space Storage on Middlebrook Pike was purchased for $13 million and Extra Space Storage on Western Avenue sold for $11.67 million. Each of these is owned by an ESS Storage Acquisitions LLC.
Another multi-family neighborhood high on the list is the Oak Ridge Estates Manufactured Home Community, located on Oak Ridge Way in Karns. This was sold to Oak Ridge MHC LLC for $11.25 million. Also included in the list was a commercial property large enough to house many families but with history as a private residence – Villa Collina was purchased by Resolution Systems LLC for $10.5 million.
Multi-family dwellings topped the charts for sales this year too. A recap of the year’s top 20 sales includes five different apartment complexes that sold between $20.5 million and $60 million! The new owners and their properties are:
- Amberleigh Bluff Apartments – Steadfast Amberleigh TC LLC et al – $60 million
- The Village at Westland Cove – H3 Westland Cove LLC – $47 million
- Quarry Trail Apartments – Quarry Trail (Knoxville) PropCo LLC – $44.5 million
- The Willows at West Hills – KB Willows LLC – $37.5 million
- Manor View Apartments – Manor View JM LLC et al – $20.5 million
Premier Papermill Surgical Suites was purchased by Fortress Corporation for 10.27 million, this building is located on Papermill Drive. And, the final sale over $10 million was the CVS at Pellissippi which is now owned by Concord Knoxville LLC that paid $10.25 million. Right next to that property, the Shops at Hardin Valley Station was sold to AO Hardin Station LLC for $9.25 million.
And, rounding out the top 20 are the $8.5 million purchase by East Tennessee Children’s Hospital of the UT Federal Credit Union property located at 2100 White Ave; The Cumberland Avenue block currently home to Jason’s Deli and other businesses was purchased by GEDR Knoxville Project Owner LLC for $8 million; The Kress Building located on Gay Street was purchased by Jackson Central Properties LLC for
$5.8 million and, the final sale in the top 20 commercial properties of 2020 was another Manufactured Home community. Volunteer Village MHC LLC purchased the property located on Oak Ridge Highway for $5.76 million.
I will continue to serve Knox County to the best of my ability in 2021 and pray for a better year for everyone!
Nick McBride is register of deeds for Knox County.