February 22, 2024
The last full week of May ended with 1,301 recordings, 301 of which were Trust Deeds, which had a sum of $244.5 million. There were 13 loans recorded with values over $1 million dollars. Synovus Bank funded the largest of the loans for $80.6 million and Commercial Bank funded $48 million. $16.8 million was the third largest and was backed by CBRE Capital Markets Inc. Community Trust Bank funded $4.64 million and Third Coast Bank SSB had the second in the four million range at $4.57 million. The others:
234 Warranty Deeds were recorded with a grand total value of $107.5 million. Among those were five commercial properties with transfer amounts of over $1 million
Downtown Knoxville is seeing a lot of growth with the new baseball stadium and condos being built throughout the downtown area. More property changed hands last week for condominiums being built around the stadium. RR Land LLC transferred property at 215 Florida Street and 311 Florida Street to Third Base Residential Owner LP for $3 million dollars.
The old Weigel’s on Summit Hill sold for $5.8 million. LKM Properties LP sold the station along with the 1.6 acres around it to Boghani Properties LLC. We look forward to seeing what is next for the piece of property overlooking the new baseball stadium.
714 S. Gay Street, another downtown property, was also sold last week. 714 Gay LLC purchased the building from Radius Partners LLC for $1.8 million. You’ll recognize this building, as the bottom floor is home to Knoxville Soap Candle & Gifts.
And the final commercial property was 124 S Concord Street, next to Tyson Park. This 6.2-acre property was sold by Michigan-registered Lakeshore Ventures LLC to LMP Knoxville Property Owner LLC, a Georgia LLC, for $6.65 million. This is the future home of the Mark Knoxville luxury student apartments.
The three-year comparison chart has been updated as of May 26, 2023. Warranty Deed values are coming close to those in 2021. Even with differences in numbers, real estate is still a great business in Knox County.
You’ve probably seen news articles about the growing problem of property fraud, so you know this is a good time to protect yourself and your biggest asset, your property. Signing up is easy and FREE. Just follow this link or visit this website https://alertme.knoxrod.org and follow the prompts to sign up. You will then be notified via email when a document is recorded with your name. If it is an unexpected recording, this will give you a chance to act quickly.
Have a great weekend! – Nick
Nick McBride is register of deeds for Knox County.