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.
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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

Shopping Center Sale Comp

Washington Pike_3.9.15

5308 Washington Pike
Knoxville, TN 37918
Submarket: East Knoxville

+/- 18,881 square foot building
Land Area (SF):  102,802 SF
Land Area (AC):  2.36 AC

Frontage: 250′ on Washington Pike
Traffic Count:  19,545 AADT
Parking spots: +/- 60 free Surface Spaces are available; Ratio of 3.19/1,000 SF
Use: Shopping Center

Sale Price: $2,000,000
Sale Type: Investment
Price/SF: $105.93/SF
Price/Land SF: $19.45/SF
Price/Land AC: $847,457.63/AC
Sale Date: February 27, 2015
Recorded Buyer: SCGVI – Washington Market LLC
Recorded Seller: Cary Group Funding LLC
Buyer Broker: Unknown
Seller Broker: Unknown
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

Historic South Knox school to be sold
The Knox County Commission is expected to approve the sale of the old Giffin school in South Knoxville for $1,000 to Knox Heritage this month.  Read More

Rita’s Italian Ice coming to Fountain City
According to a sign posted at 4885 N. Broadway, Rita’s Italian Ice will soon be a new Fountain City tenant.   Read More

A ‘Goldilocks economy’ for commercial real estate
More than five years since the official end of the Great Recession, this is shaping up to be a recovery for the ages — and for commercial real estate.   Read More

More Demand, Less Supply for Student Housing in 2015
The student housing business faced declining college enrollment in 2014. At the same time, developers finished more purpose-built student housing properties than ever before. But these new student housing communities leased up very quickly anyway.
Read More

Simon Property Bids $16 Billion for Macerich
Cash-and-stock deal would combine two of the largest shopping-mall owners in the U.S.
Read More

Twin Cities Fallout: Target To Cut Several Thousand Jobs, Restructure HQ
Target Corp., the second largest property owner in Minneapolis with real estate holdings assessed at $224 million, announced plans to cut “several thousand” jobs over the next few two years.   Read More

Shopping Center Sale Comp

Comp outline

7805 Montvue Center Way
Knoxville, TN 37919
Submarket: Papermill/Bearden/West Town

+/-26,138 square foot building
Land Area (SF):  147,320 SF
Land Area (AC):  3.38 AC

Frontage: 242′ on Montvue Rd
Traffic Count:  28,981 (2013) – Kingston Pike
Parking spots: +/- 195
Use: Retail/Office

Sale Price: $3,550,000
Sale Type: Investment
Price/SF: $135.81/SF
Price/Land SF: $24.10/SF
Price/Land AC: $1,050,295.86/AC
Sale Date: January 2, 2015
Recorded Buyer:  Volunteer Studios Plus Partners
Recorded Seller:  O & C Properties, LP
Buyer Broker: Unknown
Seller Broker: Unknown
Occupancy at time of sale: Unknown

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

Information Deemed Reliable, But Not Guaranteed

Related Property
7808 Montvue Center Way, Knoxville, TN 37919

Real Estate News Update
5 Things CEO’s Want from their Office Space
Some of my best blog posts are often simple and summarize real conversations with real clients. Read More

Top 5 Retail Real Estate Trends of 2015
The retail landscape has been evolving at an unprecedented rate over the past decade, as brick and mortar retailers adapt to advancing technologies and changing consumer demands. Read More

Valentine’s Day spending expected to reach a record $18.9 billion
Can’t buy love? Tell that to the lovebirds expecting to shell out $18.9 billion for Valentine’s Day… Read More

Sale Comp | Hardin Valley Shopping Center, Knoxville, TN

Hardin Crossing

10616HardinValleyAerial_SOLD_NAIKnoxvilleBrianTapp

10612 Hardin Valley Road
Knoxville, TN 37932
Submarket: Pellissippi/Lovell

11,314 square feet total
Land Area (SF): 64,033 SF
Land Area (AC): 1.47 AC

Frontage: 232′
Traffic Count: 20,620 (2012)
Parking spots: 85
Use: Retail, Restaurant
Year Built: 2008

Sale Price: $1,200,000
Sale Type: Investment
Price/SF: $106/SF
Price/Land SF: $18.74/SF
Price/Land AC: $816,329/AC
Sale Date: March, 2014
Recorded Buyer: Hardin Valley Crossing, LLC
Recorded Seller: LSREF2 Baron, LLC
Buyer Broker: Hawk Commercial
Seller Broker: NAI Knoxville – Brian Tapp, CCIM
Occupancy at time of sale: +/- 49%
Tenants: Subway, Snappy Tomato Pizza, 9 Round, US Nail

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

Kingston Pike Retail Sale Comp – The Shops at Bearden Place

Retail Commercial Shopping Center

Recent Commercial Property Sale in Bearden

The Shops at Bearden Place

5803 – 5809 Kingston Pike
Knoxville, TN 37919
Submarket: Bearden/Papermill/West Town

Shopping Center

The Shops at Bearden Place

8,648 square feet total (two buildings)
Land Area (SF): 40,946 SF
Land Area (AC): 0.94 AC

Frontage: 200′
Traffic Count: 35,749 (2012)
Parking spots: 30
Use: Retail, Restaurant

Sale Price: $1,156,050
Sale Type: Investment
Price/SF: $133.68/SF
Price/Land SF: $28.23/SF
Price/Land AC: $1,229,852/AC
Sale Date: 2014
Recorded Buyer: Bearden Place, LLC
Recorded Seller: About Face Properties, LP
Buyer Broker: Unknown
Seller Broker: Unknown
Occupancy at time of sale: +/- 70%
Tenants: Fleenor’s Hair Design, Echo Bistro and Wine Bar, State Farm, Suzani Styles

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