Commercial sales push the market as year ends

It looks like last week was the week to make large property purchases before year end. The 187 transfers had a combined value of $114.25 million. Among these transfers, 10 properties were sold for prices exceeding $1 million. Eight of those 10 were commercial properties.

In East Knoxville, Assured Storage of Knoxville LLC has sold the property at 6626 Asheville Highway to Knox Spring Storage (Tn) LLC for $9.75 million

Nick McBride

In South Knoxville, a property on Ginn Road was also on the list of transfers. Hemphill LLC sold the 5-acre property at 3227 Ginn Road for $1.7 million. SWIF II Datacom Investment Co Towers LLC is the new owner of the property.

An Old City building located at 119 S Central sold for $1.56 million. Millennium Trust Company LLC and 119 S Central LLC sold the property to Old City Investments LLC.

Two of the commercial properties were multi-family dwellings. The first is in the Fountain City area, not far from the duck pond.  Moss Creek Capital LLC sold the brick apartment building at 2700 Holbrook Drive to Treetop Properties LLC for $1.19 million.

The second commercial property was the Emerson Northshore Apartments which is across Northshore from the Sacred Heart Cathedral. BPI Cambridge Partners LLC sold the 4-building complex to LNC Northshore LLC for $7.38 million.

The largest property transfer was for property on
Nancy Lynn Lane for $14.9 million.

An industrial property with three buildings located at 2734 Middlebrook Pike was sold by MIR Plastics LLC. Steffens Holdings LLC bought the property for $1.5 million. In the Farragut community, Horne Development sold an undeveloped lot on Kingston Pike to Temple Partners LLC for $1.4 million.

Also in Farragut, the second most expensive property on the list was the Hampton Inn at the Campbell Station Road exit on I-40. SREIT HI Knoxville Propco LLC sold the hotel on Campbell Lakes Drive to Farragut Lodging LLC for $11.72 million.

The largest of the million-dollar plus property transfers was for property on Nancy Lynn Lane. TJ West Bearden Partnership sold the 5 parcels in the West Bearden Office Park as well as the West Bearden Office Plaza on Baum Drive for $14.9 million. West Bearden Park LLC was the purchaser.

Lending generated 261 trust deeds valued at $103.79 million. This includes 10 loans over $1 million.  Wesco Bank Inc. funded the highest-value loan of $12 million. American United Life Insurance Co. backed one for $9 million. Five of the loans were made by Pinnacle Bank and First Horizon Bank had two as follows:

We’ve updated the three-year comparison chart as of December 15.

Please note our holiday hours:  We are closed Monday and Tuesday, Dec. 25-26, and will reopen at 8 a.m. on Wednesday, December 27.

My staff and I wish you and yours a very Merry Christmas and the happiest of holidays!      – Nick

Nick McBride is register of deeds for Knox County.