The Gibbs Center on Tazewell Pike, which includes Midway IGA and the adjoining fire department property, sold for $4.1 million.
Welcome to March! During the last full week of February 2023, 1,006 documents were recorded. Trust deed recording numbers stayed the same as the previous week at 232; however, the total value increased to $63.7 million. Five loans topped the million-dollar mark with the highest being funded by First-Citizens Bank &Trust for $4.32 million. The others were:
Some of those loans may have been obtained in association with the 170 Warranty Deeds we recorded. Those had a total over $58 million with four sales of over a million dollars. Three of those were commercial property transfers.
The largest commercial property to change hands is in the Gibbs Community. Longmire Properties LLC sold the Gibbs Center on Tazewell Pike, including the retail center and the neighboring fire station property, to Haven Inc. for $4.1 million.
Just off Pellissippi Parkway, Horseshoe Bend Properties LLC et al sold a building on 3.78 acres across from Faith Promise Church. ABI Realty LLC paid $1.67 million for the property at 3017 Horseshoe Bend Ln which is currently occupied by the Aqua Bailers.
Heading east on Middlebrook Pike, the second property is also the second most valuable sale of the week at $2.6 million. The Shirley Foundation et al sold the 11-acre property with three office/retail buildings at 1219 Hilton Rd to PLX Properties LLC.
Check out our three-year comparison chart. January and February are historically the slowest months of the year for property sales.
I’ve been asked to serve as a speaker for many clubs and association meetings and would be happy to do the same for yours. Just give me a call at the office at 865-215-2330 to schedule.