Values climb as 31 properties transfer for $1m plus

The first week of April we recorded 1,718 documents, 275 were loans and 315 were property transfers. The Trust Deeds had a total value of $216.91 million which included 15 loans over $1 million.

The largest loan of the week was funded by DF4 Villas LLC for $71 million. The second highest valued loan was $34.5 million backed by First-Citizens Bank and Trust. The 11 other commercially funded loans were:

The Warranty Deeds had a combined value of $142.72 million. There was a total of 31 property transfers that hit the one-million-dollar mark, 23 of those being residential and 8 being commercial.

The highest valued property transfer of the week was $6.2 million. CJ Riverland GP sold two undeveloped properties on either side of the Riverwalk condos on Blount Avenue to VK Riverfront Owner LLC.

The retail building at 11145 Turkey Drive, home to Hobby Town and other businesses, was also on the list of million-dollar properties. A private party sold to Wilson Properties GP for $3.9 million.

Also, on the list is the property at the corner of Kingston Pike and Gallaher View Rd. Russell Government Group LLC sold 8401 Kingston Pk, currently the VA Dental Clinic, to TNRE 8 LLC for $3.7 million.

A new carwash will be opening soon on Norris Freeway. SHJ Development LLC has sold to Tidal Wave Auto Wash at 7538 Norris Freeway to NNN REIT INC for $3.41 million. I believe it’s opening next week.

Also in North Knoxville, Star Mountain Properties LLC et al has sold approx. 30 acres next to the Powell Library. The four parcels, currently accessed by a private drive on W. Emory Road, were purchased by Graham GP for $1.27 million.

In East Knoxville, the Dunkin Donuts on Asheville Highway at Gov. John Sevier Hwy was sold to a new owner. Bluemont Property LLC sold the 6115 Asheville Highway property to Donuts Knoxville LLC for $1.98 million.

Another East Knoxville business was also on the list. APAC-Tennessee Inc. sold 13 acres at 1301 Spring Hill Dr, off Rutledge Pike, to Tennessee Auto Salvage and Recycling Inc for $1.2 million.

The last commercial transaction is at 7620 Chapman Highway, across from the new medical complex. Clark Crossing LLC sold the property to Nashville Motorcycle Collective LLC for $1.3 million.

Pay special attention to the chart below. In comparing the Warranty deed quantity vs, the value over the last four years is shocking! This year we have recorded 1,000 fewer sales than in 2021, yet the total value of those sales is $20 million more than four years ago. That is a 28% drop in the number of sales.

Check out our new website and while you’re there, take the opportunity to sign up for our FREE Property Fraud Alert program that is available to all Knox County homeowners. Just go to: https://rod.knoxcounty.org/ where you can find the link to sign up for the program and see current stats.

Have a great weekend!     – Nick

Nick McBride is register of deeds for Knox County.