NAI Knoxville Sells Two Tenant Retail Investment Property in Turkey Creek

TurkeyDr_11139_aerial

 

11139 Turkey Drive

DSC_0233

11139 Turkey Drive
Knoxville, TN 37934
Submarket: Campbell Station/Farragut

+/-  10,500 square foot building
Land Area (SF): 42,247 SF
Land Area (AC): 0.97 AC

Frontage: 138′ on Turkey Drive; 133′ from I-40/I-75
Traffic Count: 19,809 AADT on Parkside Dr in Turkey Creek; 112,256 AADT on I-40/I-75
Parking spots: approx. 24
Use: Retail

Sale Price: $1,500,000
Sale Type: Investment
Price/SF: $142.86/SF
Price/Land SF: $35.51/SF
Price/Land AC: $1,546,391.75/AC
Sale Date: April 24, 2015
Recorded Buyer: Cherebshaw LLC
Recorded Seller: William & Marjorie Jones
Buyer Broker: Cushman & Wakefield | Long Island – David Madigan
Seller Broker: NAI Knoxville – Brian Tapp
Occupancy at time of sale: 100%

Tenants: All American Mattress & Iron Tribe Fitness

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

Information Deemed Reliable, But Not Guaranteed

Real Estate News Update

K-Town Swing Puts a Spring in Downtown’s Step
It turns out that swing dancing originated in Harlem in the 1920’s. Other variations include Balboa, Lindy Hop and Charleston.  The Carolina Shag is a variant of the Lindy Hop and the music and dance evolved together as it spread across the country.   Read More

Ellen Turner Dies at 87; Opened Kitchen to Feed the Needy of Knoxville
Ellen Turner, who with her twin sister founded the Love Kitchen, which feeds several hundred people a week and drew national attention, died here on Wednesday. She was 87.   Read More

Outlet Malls Move Closer to Cities in Upending of Rules
The Fashion Outlets of Chicago mall offers a glimpse into the anything-goes future of the retail industry.   Read More

Americans’ Spending on Dining Out Just Overtook Grocery Sales for the First Time Ever
Pass the menu, hold the shopping cart. Grocery stores are finding it harder to make headway with shoppers as a surge in spending at restaurants over the past several months signals Americans are more likely to ditch the brown bags in favor of doggy bags. Read More

University of Tennessee renovating 90-year-old industrial site
A former industrial site on Sutherland Avenue is getting new life as a University of Tennessee support services building.   Read More

Dollywood is still young and fun at 30
Thirty tourist seasons ago as the theme park Silver Dollar City transformed into Dollywood, now-longtime employee Charley Reynolds thinks folks came expecting to see Dolly Parton.   Read More

Kingston Pike Sale Comp – Bearden Hill

Valvoline_4.20.15

 

 

6700 Kingston Pike
Knoxville, TN 37919
Submarket: Papermill/Bearden/West Town

+/-   2,576 square foot building
Land Area (SF): 16,191 SF
Land Area (AC): 0.37 AC

Frontage: 145′ on Kingston Pike
Traffic Count: 28,981 AADT
Parking spots: approx. 12
Use: Oil Change Service Station

Sale Price: $667,627
Sale Type: Investment
Price/SF: $259.17/SF
Price/Land SF: $41.23/SF
Price/Land AC: $1,804,397.30/AC
Sale Date: March 9, 2015
Recorded Buyer: Ashland Inc
Recorded Seller: Four Ten Investments 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

Diocese breaks ground for new cathedral
While the rain kept many inside Sunday, some people braved the weather for a higher calling. The groundbreaking ceremony for a new, nearly $30 million cathedral for the Roman Catholic Diocese of Knoxville was attended by a few hundred Knoxville-area residents and community leaders.    Read More

Wilson Fine Gardens expands into retail
Sometimes it’s worth a trip off the main road.
That’s where Greg Wilson said he found the perfect place to expand his landscaping and horticultural services business to include a boutique retail shop and garden center.
Read More

A Bowling Alley on Gay Street? Yes! Maple Hall Coming Soon
You’ve heard the rumors about a bowling alley. I sat down with the owners of the business to get the facts about the new business. They aren’t the most likely friends to open the first downtown bowling alley in Knoxville’s history.    Read More

Auto-related jobs boosting pay of ET workers
Automotive manufacturing is not the dirty job it used to be, says Randy Boyd, the longtime Knoxville business executive who’s now Tennessee’s commissioner of economic and community development.    Read More

Introducing “Shedquarters”: The Hot New Trend Home-Based Business Owners Are Drooling Over
Space-efficient work spaces are becoming all the rage these days. They’re great for maintaining privacy and uninterrupted workflow, and they can also be cozy and stylish as well. Here are some examples of a growing trend of miniature studios (for offices and living structures), that are small enough to fit in someone’s back yard.    Read More

In NYC, debate over saving small shops amid chains’ rise
Looking for a “Seinfeld”-style coffee shop? It’s sharing the city with 280 Starbucks and more than 530 Dunkin Donuts. A good neighborhood deli? It’s competing with some 460 Subways. And the corner store may well now be a Chase bank or Walgreens.
Read More

 

Cedar Bluff Sale Comp

Horne_lot2SC_4.13.15
Kingston Corner
LaRosa

9159 Kingston Pike
Knoxville, TN 37923
Submarket: Cedar Bluff/Walker Springs

+/-  11,655 square foot building
Land Area (SF): 54,450 SF
Land Area (AC): 1.25 AC

Frontage: 170′ on N Cedar Bluff Rd
Traffic Count: 19,243 AADT
Parking spots: approx. 75
Use: Shopping Center Retail

Sale Price: $3,850,000
Sale Type: Investment
Price/SF: $330.33/SF
Price/Land SF: $70.71/SF
Price/Land AC: $3,080,000/AC
Sale Date: March 30, 2015
Recorded Buyer: Volunteer Studios Plus Partners, VS LLC, Fort Sanders Partners, Fort Sanders GP and Hembree Partners
Recorded Seller: Horne – Cedar Bluff LLC
Buyer Broker: N/A
Seller Broker: N/A
Occupancy at time of sale: Unknown

Tenants: Tom & Chee, GEICO, Essential Nail & Spa, and LaRosa’s Family Pizzeria

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

Information Deemed Reliable, But Not Guaranteed

Real Estate News Update

Painting With a Twist: New Business Comes to the Arts District
121 S. Gay Street will soon be the home to Downtown Central Painting with a Twist.
Read More

Blessings abound after fire guts Saint George sanctuary
The Rev. Anthony Stratis recognized his congregation’s many blessings amid the rubble of a major fire that gutted the sanctuary of Saint George Orthodox Greek Church early Sunday, hours ahead of the parish’s planned Orthodox Easter services.    Read More

ULI to host tour of $56M research building at Cherokee Farm
If you’ve driven south from downtown Knoxville on Alcoa Highway, you’ve seen the University of Tennessee’s Cherokee Farm campus taking shape. This week, the Urban Land Institute will host a tour of the Joint Institute for Advanced Materials, a $56 million, 140,000-square foot research facility on the campus.    Read More

Interest Rate Hikes Likely in June
The Federal Reserve is signaling that it will likely take action on increasing interest rates in two months, despite recent data that shows a weakened economy. This would be the first rate increase since 2006.   Read More

Uber Mixes In a Softer Approach in New Delhi
Uber Technologies Inc. is fighting a multifront war here in the capital of India, one of the company’s most important and fastest-growing overseas markets.    Read More

A Look at the Tax Year 2015
The 2014 tax season is nearing its end and many taxpayers have already pocketed their refund checks. The Internal Revenue Service says it has processed more than 96 million federal income tax returns so far this year, through April 3. The IRS has issued more than 77 million refunds, with an average refund amount of $2,815.    Read More

Blackstone’s Deal With G.E. Highlights Its Real Estate Holdings
As Blackstone’s top executives fan out across the globe, pitching their services at elite gatherings of investors, they invariably tell the crowd: Hope you guys like this hotel, because we own it.    Read More

Industrial Land at Premium as Users’ Needs Shift
Demand for e-commerce fulfillment centers and new manufacturing facilities has shifted industrial space requirements from large properties to mid-sized buildings, already in short supply following the recession. The shift is contributing to higher prices for infill land parcels.    Read More

Commercial property values up 11% in March from 2014
Commercial property values last month rose 11% year over year, according to Green Street Advisors. Values are up 87% from the low point in 2009 and up 14% from the last high point in 2007.    Read More

Chapman Highway Sale Comp

ChapmanHwy_4.6.15

4011/4201 Chapman Highway
Knoxville, TN 37920
Submarket: South Knoxville

+/-   27,602 square foot building(s)
Land Area (SF): 87,077 SF
Land Area (AC):  1.99 AC

Frontage: 336′ on Chapman Highway
Traffic Count:  27,768 AADT
Parking spots: Unknown
Use: Retail/Office

Sale Price: $1,950,000
Sale Type: Investment
Price/SF: $70.65/SF
Price/Land SF: $22.39/SF
Price/Land AC: $979,899.50/AC
Sale Date: March 27, 2015
Recorded Buyer: Dale Cassidy
Recorded Seller: Broadway Investment Co. LLC
Buyer Broker: N/A
Seller Broker: N/A
Occupancy at time of sale: Unknown

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

Information Deemed Reliable, But Not Guaranteed

Real Estate News Update

Cumberland Avenue traffic reduced to two lanes
Traffic was shifted Monday to the south side of the Strip for eight weeks as the Cumberland Avenue Corridor Project began.   Read More

Jackson Terminal Building Renovations Underway
Never formally named, the loading docks at 123 W. Jackson have now been named the Jackson Terminal.   Read More

Utility work set for Island Home Avenue project
Utility work along Island Home Avenue could start as early as next week as Knoxville prepares for road improvements and a new 134-unit apartment building being constructed on the waterfront.   Read More

Simon Property Withdraws $16.8 Billion Offer for Macerich
Simon Property Group Inc. withdrew a $16.8 billion proposal to acquire Macerich Co. after the smaller mall owner rejected the sweetened takeover offer as too low.   Read More

Cheers! Cookie dough shots finding a following
They may never replace Jell-O shots, whiskey shots or espresso shots. But the cookie dough shots at the Roasting Plant coffee shop in downtown Detroit are a hit with customers.   Read More

UT, Strip merchants reach ‘Dining Dollars’ agreement
A new agreement will allow University of Tennessee students and staff to use their VolCard at businesses along the Cumberland Avenue Strip as soon as this summer.
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

Kingston Pike Retail Sale Comp – Aldi

5221 Homberg_ALDI

5221 Homberg Drive
Knoxville, TN 37919
Submarket: Bearden/Papermill/West Town

Land Area (SF): 43,995 SF
Land Area (AC): 1.01 AC

Frontage: 250′ on Homberg Drive
Traffic Count: 22,443
Parking spots: Unknown
Use: Discount Grocery Retailer

Sale Price: $1,475,000
Sale Type: Development
Price/Land SF: $33.53/SF
Price/Land AC: $1,460,396/AC
Sale Date: October 6, 2014
Recorded Buyer: Aldi, Inc.
Recorded Seller: Pike Enterprises
Buyer Broker: Unknown
Seller Broker: The Shopping Center Group

Related Property

5241 Kingston Pike_ALDI

5214 Kingston Pike
Knoxville, TN 37919
Submarket: Bearden/Papermill/West Town

Land Area (SF): 34,995 SF
Land Area (AC): 0.80 AC

Sale Type: Land Lease

Discount grocer Aldi heading to Bearden
The discount grocer, which has built several stores in Knoxville in recent years, is planning a Bearden store in the former Ace Hardware building, at 5214 Kingston Pike.
Read More

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

Real Estate News Update

LaRosa’s Family Pizzeria opens
A long-standing Cincinnati restaurant of 60 years is coming to Knoxville…
Read More

Bad Daddy’s Burger Bar coming to Knoxville
Charlotte-based Bad Daddy’s Burger Bar will open its first Tennessee location in March at 11638 Parkside Drive.  Read More

UT buys Victorian house on White Avenue for $1.1M
The state Building Commission on Monday approved the University of Tennessee’s purchase — for $1.1 million — of a restored Victorian house at 1302 White Ave.
Read More

Maryville bakery rises to occasion with delicious sandwich options
Just a couple of months ago, they [Foothills Milling Co.] opened an independent bakery operation on East Broadway (also in Maryville), serving homemade breads, pastries and desserts.  Read More

A Raw Deal for Real-Estate Agents
Real estate can be risky for agents themselves. Fickle buyers, unforeseen structural issues, setbacks in financing can all scuttle a deal.  Read More

How to Tell if You’re a Jerk at Work
Most people are blissfully unaware of how they come across in the office. And it can cost them.  Read More

Kingston Pike Sale Comp – Bella Boutique

Bella aerial

6484 Kingston Pike
Knoxville, TN 37919
Submarket: Papermill/Bearden/West Town

BellaBoutique

+/- 9,990 square foot building

Frontage: 140′ on Kingston Pike
Traffic Count: 28,981 AADT
Parking spots: Unknown
Use: Retail

Sale Price: $1,450,000
Sale Type: Investment
Price/SF: $145/SF
Sale Date: January 30, 2015
Recorded Buyer: Bearden Hill Partnership
Recorded Seller: YAZCO, LLC
Buyer Broker: N/A
Seller Broker: Oliver Smith – Oliver Smith Realty & Auction Co.
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

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El Charro – Bearden
A popular Mexican restaurant in Bearden has a new landlord, and a new game plan.
Read More

News Update

Gus’s Fried Chicken says it’s coming to Knoxville
Gus’s Fried Chicken announced Wednesday that it plans to open eight new locations nationwide this year.  Read More

Holly’s 135 Officially Opens in the Middle of an Ice Storm
I hope it’s smoother sailing for the restaurant after their first day. They opened at 11:00 AM on Monday and by noon ice was falling from the sky in prodigious amounts.  Read More

Crowded Classes Test the Zen of Yoga
Rising popularity has made yoga studios a downward dog eat downward dog world.
Read More

Whole Foods’ Growing Store Count Will Accelerate The Company’s Financial Performance
Whole Foods Market recently exceeded the 400-store mark and estimates to reach 500 stores during fiscal year 2017, and forecast the long-term demand for 1,200 Whole Foods Market stores in the United States.  Read More

The U.S. Economy According to the White House in 10 Charts
The Economic Report of the President…  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

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.
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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, …
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Kingston Pike Retail Sale Comp – 11200 Kingston Pike

11200KingstonPike_TNBank

11200 Kingston Pike
Knoxville, TN 37934
Submarket: Campbell Station/Farragut

+/-4,597 square feet total
Land Area (SF): 48,524 SF
Land Area (AC): 1.08 AC

Frontage: 134′
Traffic Count: 31,176 (2012)
Parking spots: 25
Use: Bank

Sale Price: $1,082,500
Sale Type: Unknown
Price/SF: $235.48/SF
Price/Land SF: $22.31/SF
Price/Land AC: $1,002,315/AC
Sale Date: March 14, 2014
Recorded Buyer: TNBank
Recorded Seller: James Biddle and Mary Biddle
Buyer Broker: Unknown
Seller Broker: Unknown
Occupancy at time of sale: +/- 100%

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