Mmm, fresh asphalt

Couple of interesting reads from this week.

I’m surprised that the USPS is still in business…
Is Amazon Plotting an Air War on FedEx? – Don Reisinger – Fortune

What’s the future of the 30-second TV commercial?
Why Ruby Tuesday is putting all its chips on social marketing – Yuyu Chen

Sorry if I don’t pick up the phone some times!
The Not-To-Do List: 9 Habits to Stop Now – Tim Ferriss

Yeah but AMC+Carmike still won’t be as awesome as Knoxville based Regal.
U.S. Movie Theater Chains Consolidating Almost as Fast as CRE Brokerage Firms – Tim Trainor – Costar

Get ready for big changes in student housing at UTK.
Student Housing | As off-campus housing changes communities, asset-rich investors vie for the best properties – Sara Patterson – CIRE

Photo: Knoxville friends, the driveway is finally fixed!

2,000+ Great Things Happening in Knoxville

Skyline of Knoxville from UT ccampus

Sunrise in Knoxville Tennessee and skyline

Concrete is Surprisingly Awesome

Gimlet Media, who produced the fantastic podcast, Startup has another hit in the making, Surprisingly Awesome. The latest episode, Concrete, is pretty awesome and should be relevant to the Knoxville area since we’ve got a bunch of limestone quarries which is the primary ingredient in cement.

What I’m Reading

I recently bought “The Power of Habit: Why We Do What Do in Life and  Business” by Charles Duhigg and so far it is a great read. If you are trying to transform anything (personal life, business, family, etc.) look at your habits first to get the ball rolling.

Quick Count of New Job Announcements

Over the past month or so, we have had a deluge of job announcements. I’ve rounded up what I could find and I came up with 1,941 new jobs. This number doesn’t include all of the restaurant openings and other announcements that didn’t have an actual count so I rounded up to 2,000+.

Pretty sure that the kayak manufacturer is the opening act… Kayak manufacturer to be at jobs announcement – Gerald Witt – Knoxville News Sentinel

General Graphene is going to do GREAT things! – Oak Ridge startup General Graphene nets $8.7M financing round – Shelley Kimel – Knoxville News Sentinel

605 New Jobs in Blount County – AMI development to be two phases – The Daily Times

400 Jobs in Loudon County – Truck manufacturer adding at least 400 jobs in Loudon County – WBIR Staff – WBIR

500 Jobs in Blount County – DENSO receiving land, tax abatement for expansion – The Daily Times

100 Jobs in Knox County – Travel Channel moving HQ to Knoxville – Shelley Kimel – Knoxville News Sentinel

228 Jobs in Blount County – Kroger Marketplace is “an experience” – The Daily Times

70 Jobs in Knoxville – Gov. Haslam Announces Regal Move to South Knox – Clay Duda – Knox Mercury

Super Weigel’s at Kingston Pike and Welsley Road is Open – Weigel’s opens new Knoxville store as convenience chain continues its growth – G. Chambers Williams III – Knoxville News Sentinel

Memphis’ Third Best Contribution to Tennessee (only behind the music and FedEx) – Gus’s Fried Chicken aims for Knoxville opening in early 2016 – Shelley Kimel – Knoxville News Sentinel

Anchor Tenant, Big Brothers, Big Sisters has moved in to Regas Building – Regas Building renovated to house nonprofits, cafe – Ed Marcum – Knoxville News Sentinel

Nice work John Haney at NAI Knoxville! – Upscale Rosarito’s Mexican Cantina opens on Lovell Road – G. Chambers Williams III – Knoxville News Sentinel

There you go Chad Ridner, now quit stalking me! (inside joke) – Knox company wins Intuit honor as the national “Firm of the Future” – Ali James – Knoxville News Sentinel

Couple of good quotes from yours truly – Knoxville commercial real estate strong, could soon feel pinch – Shelley Kimel – Knoxville News Sentinel

Looking forward to checking this out on our next date night! Oliver Royale opens with ‘New American’ menu, art deco vibe – Mary Constantine – Knoxville News Sentinel

38 Jobs in Cocke County – Log home manufacturer adding 38 jobs in Cocke County expansion – Shelley Kimel – Knoxville News Sentinel

Thanks to Boyd’s, the Old City is about to go through the roof – Chef Tim Love to bring Love Shack and Lonesome Dove Western Bistro to Knoxville – Mary Constantine – Knoxville News Sentinel

Three Tools to Help with Habits (and One Habit You Can Start Today)

What is one habit that would make you happier and more successful?
Here are four things that can help you get started:
Is the commercial real estate industry ready for how business is changing?

Bob Whetsel on Downtown, Cumberland Avenue and Retirement – Our own Josh Flory interviewed Bob on his recent retirement as the City of Knoxville’s Director of Redevelopment.

Another Site on Bearden Hill Sells

Kingston Pike_6508_Barr

6508 Kingston Pike
Knoxville, TN 37919
Submarket: Bearden/Papermill/West Town

Kingston Pike_6508_Barr(2)

+/- 10,964  square foot building
Land Area (SF): 20,083 SF
Land Area (AC): 0.46 AC

Frontage: 120′ on Kingston Pike
Traffic Count:  AADT
Parking spots: approx. 10

Sale Price: $530,000
Sale Type: Investment
Price/SF: $48.34/SF
Price/Land SF: $26.39/SF

Recorded Buyer: Peoples Development Co. Inc.
Recorded Seller: Jean Barr
Buyer Broker: Tony Cappiello | Cappiello Real Estate
Seller Broker: Scott Smith | Volunteer Realty
Occupancy at time of sale: 0%

Sources: Knox County Register of Deeds Office, Costar, Courthouse Retrieval System, KGIS, TDOT

Information Deemed Reliable, But Not Guaranteed

Real Estate News Update

Former Old City costume shop may be razed in favor of new development
The building that housed Big Don the Costumier, once an Old City mainstay and go-to for Halloween and masquerade apparel, may soon come down with a little incentive from the city.    Read More

Roundup of new restaurant offerings
More food options are coming to the 400 block of Gay Street, with Archer’s BBQ announcing it will complete the tenant mix in the J.C. Penney building.    Read More

Del Taco to open 10 restaurants in the area
The Del Taco Mexican quick-service restaurant brand announced today it plans to open 10 locations in the Knoxville area by 2021.    Read More

Blackhorse brewery seeks to expand
Blackhorse Pub & Brewery just marked its second anniversary at Western Plaza, but is already dealing with growing pains that have the owners mulling the possibility of a move.
Read More

Commercial Property Continues to Sell on Kingston Pike

Kingston Pike_10800_Saplings

10800 Kingston Pike
Knoxville, TN 37934
Submarket: Campbell Station/Farragut

+/- 2,324 square foot building
Land Area (SF): 65,340 SF
Land Area (AC): 1.5 AC

Frontage: 230′ on Kingston Pike
Traffic Count: 33,010 AADT
Use: Garden Center

Sale Price: $1,250,000
Sale Type: Investment
Price/SF: $537.87/SF
Price/Land SF: $19.13/SF

Recorded Buyer: Mohinder Sud, trustee & Maharaj Trust
Recorded Seller: Shuler Investments LLC
Buyer Broker: None
Seller Broker: Roger M. Moore, Jr. | Sperry Van Ness/R.M. Moore, LLC
Closing Date: July 2, 2015
Occupancy at time of sale: 100%

Sources: Knox County Register of Deeds Office, Costar, Courthouse Retrieval System, KGIS, TDOT

Information Deemed Reliable, But Not Guaranteed

Real Estate News Update

Urban Land Institute | Oakwood tour set for July 21
An ambitious redevelopment project in North Knoxville will be open for tours on Tuesday evening. The Urban Land Institute is hosting a project tour of Oakwood Senior Living, at 232 E. Churchwell Avenue, from 5 to 7 p.m.   Read More

As downtown grows, support organizations shift efforts
After their youngest daughter moved out of the house two years ago, Robin Thomas and her husband, Chris Crouch, decided they wanted to move from Memphis to a city with a vibrant downtown. Knoxville wasn’t on the list.   Read More

Jeffrey Nash plans office project on Sixth Ave.
A former industrial building near the Standard Knitting Mill has been purchased by developer Jeffrey Nash. The Courtland Group paid $285,000 for the property at 1132 N. Sixth Avenue, according to a deed filed with Knox County.   Read More

‘Serious’ interest shown in developing Andrew Johnson Building
By the time developers are done with the Andrew Johnson Building, Liberace, Betty Grable and Hank Williams Sr. wouldn’t even recognize it. From upscale apartments to a boutique hotel with more than 200 rooms and a spa, seven developers have shared their ideas of what they would do with the now 85-year-old, 18-story former luxury hotel.
Read More

New grocer to locate its second store in Oak Ridge
A new grocery store is opening soon in east Oak Ridge, and it’s only the second one of its type in the nation. Hank’s Grocery is setting up shop in the former Food Lion space in Briarcliff Square off Emory Valley Road, and the grand opening is Aug. 25. Food Lion closed that location last year as part of a reorganization.   Read More

Hibachi Grill on Kingston Pike Sold

9645 Kingston Pike_Hibachi

9645 Kingston Pike
Knoxville, TN 37922
Submarket: Pellissippi/Lovell

9645 Kingston Pike_Hibachi(2)

+/-  8,220 square foot building
Land Area (SF): 100,188 SF
Land Area (AC): 2.30 AC

Frontage: 115′ on Kingston Pike
Traffic Count: 27,306 AADT
Parking spots: approx. 180
Use: Restaurant

Sale Price: $1,900,000
Sale Type: Investment
Price/SF: $231.14/SF
Price/Land SF: $18.96/SF

Recorded Buyer: W. Landing LLC & Rosebud Inc.
Recorded Seller: A. and M. Enterprises Inc.
Buyer Broker: N/A
Seller Broker: N/A
Occupancy at time of sale: 100%

Sources: Knox County Register of Deeds Office, Costar, Courthouse Retrieval System, KGIS, TDOT

Information Deemed Reliable, But Not Guaranteed

Real Estate News Update

Vine Avenue Rowhouses Downtown to Break Ground in October
It’s a point of continual discussion among downtown residents and would-be residents: There are not enough homes on the market in the downtown area.    Read More

Doc’s All American Grille under new ownership
After two years, Doc’s All American Grille is under new ownership and plans call for the West Knoxville restaurant and bar to reopen as a new concept.    Read More

‘Enough is enough’: Delays enrage stranded Jackson Square merchants
A dozen merchants stranded behind fences during a major upgrade of a historic square in Oak Ridge were at first patient and a bit upbeat last month when the work’s wrap-up seemed in sight.    Read More

UT adds $10 million to funds for student union
The University of Tennessee’s largest single construction project just became more expensive. The $167 million UT Student Union will now cost $177 million.    Read More

Homes on the lake offer peaceful living, and looks from TVA
You never have to worry about watering your lawn when your front yard already is a lake. No need for a lawn mower, hedge trimmers or any of that when you have a houseboat or a floating home. You can invite the neighbors over for a cookout and watch the fish go by.    Read More

Former Cici’s Pizza Building on Kingston Pike Sold

Kingston Pike_8414_Cici's Pizza

8414 Kingston Pike
Knoxville, TN 37919
Submarket: Cedar Bluff/Walker Springs

Cici's Pizza bldg

+/-  4,610 square foot building
Land Area (SF): 42,207 SF
Land Area (AC): 0.97 AC

Frontage: 175′ on Kingston Pike
Traffic Count: 28,981 AADT
Parking spots: approx. 76
Use: Restaurant

Sale Price: $1,475,000
Sale Type: Investment
Price/SF: $319.96/SF
Price/Land SF: $34.95/SF
Sale Date: May 19, 2015
Recorded Buyer: Raj Baljepally & Gayathri Baljepally
Recorded Seller: John Turley
Buyer Broker: Unknown
Seller Broker: First Commercial Real Estate
Occupancy at time of sale: 0%

Sources: Knox County Register of Deeds Office, Costar, Courthouse Retrieval System, KGIS, TDOT

Information Deemed Reliable, But Not Guaranteed

Real Estate News Update

UT’s record $1B building plan transforming campus
Massive construction cranes and steel frames dot the University of Tennessee landscape as a record $1 billion makeover is transforming the look and feel of its campus.
Read More

Downtown Knoxville church relocating after 100 years
A downtown Knoxville church celebrated its 100th anniversary at its building at Fifth Avenue and Gay Street. It was a bittersweet service though, as it was one of their last. First Christian Church sold the building to Dewhirst Properties a few months ago. Rev. Tyler Thompson said finances were part of that decision.    Read More

Reruns Boutique Announces Its Closure
Founded twenty-nine years ago, the business has essentially moved up and down Union Avenue, starting on the 400 block in the now-missing Sprankle Building, through the corner spot at Union and Market Square and, starting in 2010, in the Daylight Building. It’s interesting to consider that she started in a building doomed for demolition and ended in one that could easily have suffered the same fate, but instead has be brought back to life.
Read More

First Watch Restaurants acquires The Egg & I
First Watch Restaurants Inc. has acquired The Egg & I Restaurants, the company said Wednesday, in a deal that merges the two largest chains in the burgeoning breakfast-and-lunch segment.    Read More

Jimmy John’s preparing IPO
Jimmy John’s Gourmet Sandwiches is preparing for an initial public offering, in a deal that would bring one of the fastest-growing, large-scale restaurant chains to the public markets. The deal would value Jimmy John’s at more than $2 billion, including debt, according to Reuters.   Read More

Shell Station on Cumberland Avenue Sells

Cumberland_2001_Shell

2001 Cumberland Ave
Knoxville, TN 37916
Submarket: Downtown

Cumberland_Shell

+/-  2,534 square foot building
Land Area (SF): 29,127 SF
Land Area (AC): 0.67 AC

Frontage: 191′ on Cumberland Ave
Traffic Count: 18,825 AADT
Parking spots: approx. 26
Use: Shell Service Station

Sale Price: $2,250,000
Sale Type: Investment
Price/SF: $887.92/SF
Price/Land SF: $77.25/SF
Sale Date: May 7, 2015
Recorded Buyer: Boghani Properties LLC
Recorded Seller: Rocky Top Properties LLC
Buyer Broker: N/A
Seller Broker: N/A
Occupancy at time of sale: 100%

Sources: Knox County Register of Deeds Office, Costar, Courthouse Retrieval System, KGIS, TDOT

Information Deemed Reliable, But Not Guaranteed

Real Estate News Update

Historic Christenberry home torn down
The second story of a century-old craftsman home fell into the first Tuesday afternoon, sending a plume of dust into the air.   Read More

San Francisco-based Vendini opens Knoxville office
A $1 billion Silicon Valley company that provides ticketing services for live events opened a Knoxville office on Tuesday as it looks to expand its festival business.   Read More

Outdoor rock climbing area opens at Ijams Nature Center
Benjy Darnell was mountain biking in Knoxville’s Urban Wilderness a few winters ago when an abandoned marble quarry caught his eye.    Read More

Battle At the Top: What a Merged Cushman/DTZ Holds in Store for Global CRE Services
The news this week that DTZ will buy Cushman & Wakefield from Exor S.p.A. in a deal valued at $2.04 billion has produced a flurry of analyst speculation over how the combination will affect the global balance among the top CRE services firms in the world.
Read More

Southeast Cinemas to open 14-screen theater in Sevier County
Charlotte, N.C.-based theater company Southeast Cinemas is building a multimillion dollar, 14-screen movie complex just off the Parkway in Sevierville.    Read More

Rezoning request postponed for Farragut apartments
The developer who seeks to build a $37 million upscale apartment complex in Farragut is postponing a request to change the property’s zoning.    Read More

Moonshine tourism creates positive impact, challenges for city
In a sleepy little town known for handmade candles, wood-carved signs and airbrushed T-shirts, will the next big souvenirs be a Mason jar and an “I got trashed in Gatlinburg” shirt? With four moonshine distilleries now open in the tourist-dependent town, will pedestrian-friendly sidewalks be filled with people staggering from one “free tasting” to the next?
Read More

Cumberland Avenue Sale Comp – Sunspot

Cumberland Ave_2200_SunSpot

2200 Cumberland Ave
Knoxville, TN 37916
Submarket: Downtown

Photo Mar 22, 8 57 16 PM

+/-  5,116 square foot building
Land Area (SF): 7,426 SF
Land Area (AC): 0.17 AC

Frontage: 50′ on Cumberland Ave
Traffic Count: 18,825 AADT
Parking spots: Unknown
Use: Restaurant

Sale Price: $2,459,300
Sale Type: Investment/Owner Occupier
Price/SF: $480.70/SF
Price/Land SF: $331.17/SF
Sale Date: March 6, 2015
Recorded Buyer: Aubrey Burleson & Andrew Burleson
Recorded Seller: Starboard Properties Four LLC
Buyer Broker: N/A
Seller Broker: N/A
Occupancy at time of sale: 100%

Sources: Knox County Register of Deeds Office, Costar, Courthouse Retrieval System, KGIS, TDOT

Information Deemed Reliable, But Not Guaranteed

Real Estate News Update

Maker’s Donuts: Doughnuts On the Way for Downtown
Now that a pharmacy is on the way to downtown, I haven’t heard a consensus for what we need next. I have heard doughnuts mentioned more than once and, while it might not be the most essential downtown need, it is certainly a nice amenity to add to the mix.
Read More

Inside the JC Penney Building Restoration and Renovation
In what might be the highest profile re-development project in the history of the city, a team of developers joined to essentially re-build the JC Penney Building.   Read More

The Code Is Your Business
Ethical dilemmas crop up daily. Here’s how to avoid running afoul of five of the most common REALTORS® Code of Ethics complaints.   Read More

Developer plans to break ground on former Oak Ridge Mall in June
A North Carolina developer could soon breathe new life into the site of the former Oak Ridge Mall.   Read More

The Bidding Wars Are Back
A relic from the days of the housing boom is making a comeback. The share of sales that feature bidding wars is up.   Read More

Downtown Sale Comp – Keener Lighting Building

KeenerLighting

701 Worlds Fair Park Drive (corner of W Jackson Ave & Broadway)
Knoxville, TN 37902
Submarket: Downtown Knoxville

+/-29,028 square foot building
Land Area (SF): 18,730.80 SF
Land Area (AC): 0.43 AC

Frontage: 372′ on W Jackson Ave
Traffic Count: 8,233 (2013) – Broadway
Parking spots: Unknown
Use: Commercial/Retail/Apartments

Sale Price: $660,000
Sale Type: Investment
Price/SF: $22.74/SF
Price/Land SF: $35.24/SF
Price/Land AC: $1,534,883.72/AC
Sale Date: January 13, 2015
Recorded Buyer: Twofold Purchase GP
Recorded Seller: Robert A. Keener
Buyer Broker: N/A
Seller Broker: N/A
Occupancy at time of sale: Unknown

Dewhirst, Heinz buy Keener Lighting Building
A pair of Knoxville developers have purchased the former Keener Lighting Co. building on the north edge of downtown Knoxville.  Read More

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

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From BP to brewpub: Microbrewery planned for Jackson and Broadway corner
A lawyer and his son plan to turn a vacant downtown BP service station into a microbrewery, complete with a beer garden and a restaurant serving locally-sourced food.
Read More

Real Estate News Update

Stream of Foreign Wealth Flows to Elite New York Real Estate
On the 74th floor of the Time Warner Center, Condominium 74B was purchased in 2010 for $15.65 million by a secretive entity called 25CC ST74B L.L.C.  Read More

Sidewalks, Apartments and a Speedy Agenda
It was a busy but agreeable Tuesday evening meeting at the Knoxville City Council as the governing body ticked off one agenda item after the other.  Read More

Chipotle: The Definitive Oral History
The builders of a $22 billion burrito empire—the founder, his father, his college buddies, key execs, and a couple of pig farmers—open up about how they won the fast-food future. And yes, they dish about McDonald’s.  Read More

Cracker Barrel developing fast-casual concept
Cracker Barrel Old Country Store Inc. is developing a fast-casual concept that is expected to debut before July 2016, the company confirmed Wednesday.  Read More