Downtown Sale Comp – Volunteer Studios

VolStudios pic

621 Dale Avenue/411 Dale Avenue/207 N 17th Street
Knoxville, TN 37921
Submarket: Downtown Knoxville

+/-105,548 square foot building
Land Area (SF): 231,739 SF
Land Area (AC): 5.32 AC

Frontage: 1,148′ (seen from I-40)
Traffic Count: 20,384 (2013) – 17th Street; 143,662 (2013) – Interstate 40
Parking spots: +/- 200
Use: Hotel/Motel

Sale Price: $5,000,000
Sale Type: Investment
Price/SF: $47.37/SF
Price/Land SF: $21.58/SF
Price/Land AC: $939,850/AC
Sale Date: December 31, 2014
Recorded Buyer:  Obsidian Development, LLC
Recorded Seller:  VS, LLC and Volunteer Studios Plus Partners
Buyer Broker: Jeff Cutler – CBRE | Michigan
Seller Broker: Rick Gentry – Cushman & Wakefield | Cornerstone
Occupancy at time of sale: Unknown

Economy Inn demolished; Volunteer Studios sold
“Last month, Obsidian also purchased a site near the corner of Dale Avenue and 17th Street — including the Volunteer Studios extended stay building — for $5 million.”
Read More

Sources: Knox County Register of Deeds Office, Costar, Courthouse Retrieval System, KGIS
Information Deemed Reliable, But Not Guaranteed

Real Estate News Update

Family Dollar shareholders approve Dollar Tree deal
Family Dollar Stores Inc’s shareholders approved the discount retailer’s deal to be bought by Dollar Tree Inc, scuppering a higher hostile offer from larger rival Dollar General Corp.
Read More

 3 supercharged tips to prevent real estate client meltdowns
Emotions can run high during the buying and selling process.
Who’s been here before? Your buyer couple walks into a listing that has been on the market for weeks with no activity.  Read More

12 Things That Successful Leaders Never Tolerate
Tolerance is a virtue–most of the time. But some things should never be tolerated. To build a successful career and life, make sure as a leader these are never on your list.
Read More

As robots start to take over retail, will there be any jobs left?
The world’s first robotized sales assistants were rolled out last month in California. They are nifty, cute — and terrifying.  Read More

Weekly Economic & Financial Commentary
The biggest economic news this week came from outside the United States, …
Read More

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s