Former Knox Auto Parts/Moore’s Lumber on Clinton Highway Sells (Camo Painted Civic Not Included)

6226ClintonHwy_Aerial

6226 Clinton Highway
Knoxville, TN 37912
Submarket: North/Broadway

2015-10-05 10.30.15 HDR

+/-  37,500 square foot building(s)
Land Area (SF): 269,636.40 SF
Land Area (AC): 6.19 AC

Frontage: 465′ on Clinton Highway
Traffic Count: 26,150 AADT
Use: Commercial/Industrial

Sale Price: $1,035,000
Sale Type: Owner/Occupier
Price/SF: $31.33/SF
Price/Land SF: $3.84/SF

Recorded Buyer: Withheld
Recorded Seller: JTT Land Holdings, LLC
Buyer Broker: N/A
Seller Broker: NAI Knoxville – Sam Tate & James Roberson
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

Chipotle Coming to Oak Ridge – News Sentinel Staff, Knoxville News Sentinel
A Chipotle Mexican Grill is locating in a new retail development on South Illinois Avenue that also includes an Aspen Dental office, Great Clips and a Pie Five pizzeria. Read More

The Marble City Kitchen and the Firefly Open at the Hilton – Knoxville Urban Guy
Have you noticed the fuss outside the Hilton? The courtyard which for years has been more or less unattended is suddenly much more attractive, with interesting heavy-duty latticework looming above the space. Stadium-style seating… Read More

Retailers Raise Number of Store Openings Planned for the Next Two Years – Elaine Misonzhnik, NREI
Worries about the fallout from Chinese economic troubles notwithstanding, U.S. chain retailers upped the number of stores they plan to open in the short term, according… Read More

Commercial Real Estate News and Other Interesting Reading

James Beard Award-winner Joseph Lenn to open downtown Knoxville restaurant – Mary Constantine, Knoxville News Sentinel

The causes and consequences of China’s market crash – The Economist

Job Numbers: ‘Solid Foundation’ for Rate Hike – Paul Bubny, GlobeSt

‘Why I can’t get a mortgage’ – Stephen Moore, Washington Times

Where apartment construction is hottest – Diana Olick, CNBC

Estoppels – Why? What? How A Red Light Becomes A Green Light – Ira Meislik, Retail Real Estate Law Ruminations

Chinese company opening U.S. headquarters in Knoxville – Ed Marcum, Knoxville News Sentinel

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

Kingston Pike Investment Sale Comp – Denton’s

6914 Kingston Pike_Denton's

6914 Kingston Pike
Knoxville, TN 37919
Submarket: Papermill/Bearden/West Town

Photo Mar 16, 2 48 07 AM

+/-  2,695 square foot building
Land Area (SF): 31,265 SF
Land Area (AC): 0.72 AC

Frontage: 132′ on Kingston Pike
Traffic Count: 28,981 AADT
Parking spots: approx. 30
Use: Restaurant

Sale Price: $840,000
Sale Type: Investment
Price/SF: $311.69/SF
Price/Land SF: $26.87/SF
Price/Land AC: $1,166,666.67/AC
Sale Date: February 28, 2015
Recorded Buyer: B&G Property LLC
Recorded Seller: Deborah Knight and Leonard Knight
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

CVMR Corp. to move to Oak Ridge, create 620 jobs
Gov. Bill Haslam told a crowd of more than 200 gathered in the former Theragenics building in Oak Ridge’s Horizon Center Business Park that high-tech metal powder processing firm, CVMR Corp., is moving its global headquarters from Toronto to Roane County.   Read More

Freddie Mac Economist Expects Best Year for Housing Since ’07
A big reason for the bright outlook for the housing market is improved job prospects for those ages 25 to 34, commonly known as millennials.   Read More

15 Restaurants In Knoxville That Will Blow The Tastebuds Out Of Your Mouth
Who knew the Heart of the Valley was such a great place to dine?
Read More

A grocery chain no one talks about is becoming Whole Foods’ biggest threat
Whole Foods and Trader Joe’s are often praised for reinventing the grocery business. But Kroger is thriving in a difficult market for grocery stores.   Read More

MPC OK’s expansion for Boys & Girls Clubs
The Boys & Girls Clubs of the Tennessee Valley got Metropolitan Planning Commission approval Thursday to expand its Baxter Avenue facility, although a neighborhood resident raised some concerns.   Read More

Chick-Fil-A Is Opening Its Biggest Store Ever…In a Place It’s Never Gone Before
With 1,850 locations in 41 different states and almost a half century of operations, Chick-Fil-A has become a fixture of American fast-food. But, the Atlanta-based chain still lacks one significant accomplishment on its resume: a standalone restaurant in New York City.
Read More