Motel property brings $5 million gain in two years

I hope you all had a great Friday the 13th! During the lucky week 1,323 deeds were recorded. Trust Deeds (loans) accounted for 334 recordings with a total value of $113.27 million. The largest of those was funded by Southeast Bank at $23 million. Wilson Bank and Trust backed the second highest value loan of $7.6 million. The others are as follows:

Property sales worth $106.66 million accounted for 223 of the deeds. There were 11 properties valued over $1 million with eight of those being commercial properties. The Family Dollar on the corner of Rudy and Heiskell Avenue was among those. JGM Real Estate LLC sold the property to 1015 Dollar LLC for $1.66 million.

The Historic Tennessee Theater is expanding into the 612 Gay Street Building, a project that should be finished in 2025. As a part of the expansion, the Historic Tennessee Theater Foundation purchased another unit in the 612 building from a family trust for $1.7 million. This expansion will be great for patrons and performers alike.

Two adjoining mobile home parks on Clinton Highway were among the high-value transfers. Dogwood Mobile Home Park and Pinewood Mobile Home Park were sold by BAE Holding LLC to Knox Vegas LLC for $1.97 million.

An undeveloped 4.8-acre lot at 6509 Deane Hill Drive was on the list as well. JA Murphy Group LLC sold the property across from Blaine Construction to Murphy VADH LLC for $2.16 million. If it hasn’t already started, expect construction on the site soon.

Two lots with a combined 10.69 acres just off Rutledge Pike, which house Clarke Power Supply, Covington Diesel and Brundage-Bone Concrete Pumping, have been owned by 1429 Ault Road LLC for just two years. Last week the lots were sold to BR Ault DST for $4.63 million.

In West Knoxville, 212 Rodeo Dr. LLC sold the second highest-priced property on the list. The building and adjoining parking lot of Caliber Collision at 10606 Kingston Pike was purchased by CIM Knoxville LLC for $6.8 million.

The most valuable property of the week was the America’s Best Value Inn motel located at 300 Merchant Drive. The motel and the adjoining lot, which is currently classified as unused land, were purchased by Vinayaka Inc. in 2022 for $2.7 million. Last week it sold to Fig Solutions Inc. for $7.5 million. That’s a huge profit! The most valuable property.

The year-to-date comparison chart is updated through 9/13/24.

If you have received any of the recent mailings about obtaining a deed to your house for a fee, please take note: The Knox County Register’s office did not send those. If you need a copy of your documents, we provide them for a nominal fee. Just give us a call at 865-215-2330. Also, if you haven’t already signed up for the 100% free Property Fraud Alert program, now is a great time to take this opportunity to protect your largest investment. Just visit here and follow the prompts to enroll. Should anything be recorded in your name, you will receive an email and that is the only time you would be contacted through that service. No spam is generated and it’s a great way to protect yourself.

Have a great weekend and GO VOLS!

Nick

Nick McBride is register of deeds for Knox County.