114 Acres of Commercial Land Sold to Barker Industries
Apr 3rd
Teaster Lane Corridor Continues to Drive Tourism Development in Sevier County
Pigeon Forge, TN, April 2, 2012 — Barker Industries, Inc. of Pikeville, KY purchased Pigeon Falls, LLC, which owns 113.65 acres of land on Teaster Lane in Pigeon Forge, TN, for restaurant, retail and attractions. The majority of the project would be anchored by the Cal Ripken Experience which hosts youth baseball tournaments and camps.
NAI Knoxville is the exclusive representative of Riverwalk Park, LLC, which owns an additional 24 acres located at the corner of Jake Thomas Road and Teaster Lane. The site is across the street from Barker Industries and is adjacent to a new 232,599 square foot event center to be completed by the City of Pigeon Forge in 2013. The events facility includes 112,000 square foot exhibit hall and supporting amenities. Known as the LeConte Center, the complex will connect to a 3,000 car parking lot and trolley depot, as well as the mile long Riverwalk along the Little Pigeon River. NAI Knoxville also represented Regions Bank in the sale of the retail portion of Belle Island Village in 2011.
84 Lumber Sells WestBridge Business Park Facility
Mar 30th
84 Lumber, who ceased operations last year in their WestBridge Business Park facility, has divided the 15.7 acre tract and sold the real estate to 2 parties.
An affiliate of Visionary Solutions, LLC called LSA Property Management, LLC, has acquired the 9.2 acres that housed the former truss plant facility, at 2553 Quality Lane. The remaining 6.5 acres, at 2545 Quality Lane, developed with retail building and millwork plant has been acquired by the principals of Lokar, Inc., a manufacturer of custom and specialty car components.
Visionary Solutions LLC is a DOE-MCEP approved motor carrier and logistics company providing transportation to government and commercial organizations with a focus on material disposition. They will relocate their offices from Union Valley Road, in Oak Ridge. Cavanaugh Mims, CEO of Visionary Solutions, says “Parking the trucks at our current office facility has become tenuous. The move gives considerably more parking for our trucks, room to grow our operations and a more secure fenced and lighted facility. Even though most of our operations are not in Tennessee, we feel a long term commitment to our loyal employees and want to remain in this area.”
Lokar manufactures quality performance products for street rods, hot rods, trucks, muscle cars, kit cars, off-road vehicles and drag race cars including shifters, cable systems, throttle pedals and e-brake systems. They plan to relocate from their current facility at 10924 Murdock Drive. Skip Walls, co-owner of Lokar, with his wife, Debbie Walls, says “We have outgrown our current facility and have been eager to find a larger facility with room to grow. This acquisition will help assure the future operations of Lokar will not be limited by our real estate. We love Knoxville and are excited about our new location.”
Sam Tate, CCIM, Broker, NAI Knoxville, who represented Visionary Solutions, LLC said “We were fortunate to match the needs of 2 different parties for the simultaneous acquisition of the entire site. The parties are very compatible.” John Melton, Broker, Realty Executives, represented Lokar. Visionary Solutions, LLC has a local employment of 28 and Lokar has 46 employees. Todd Napier, Executive Vice President for The Development Corporation of Knox County, said “We are delighted that a very fine industrial property is being put back in service, in a way that benefits the community in terms of jobs and investment. This is a fulfillment of the original purpose of developing business parks by The Development Corporation.”
Knoxville Named Best City for Jobs
Mar 14th
According to an article published by Forbes magazine March 13,2012, Knoxville has been named one of the top cities for jobs this spring. Knoxville was tied for No. 1 with Greenville-Mauldin-Easley, S.C. [Forbes article]
NAI Knoxville Honored with 2011 CoStar Power Broker Award
Mar 8th
Commercial Real Estate’s Leading Independent Research Service Recognizes Top Leasing and Sales Firms in the Industry
NAI Knoxville has been selected by CoStar Group (NASDAQ: CSGP), commercial real estate’s leading independent research firm, to receive a CoStar Power Broker Award. This annual award recognizes the “best of the best” in commercial real estate brokerage by highlighting the U.S. firms and individual brokers who closed the highest transaction volumes in commercial property sales or leases for the entire year of 2011 in their respective markets.
As the largest professional research organization serving the commercial real estate industry, CoStar is uniquely positioned to identify the top firms and brokers in each market throughout the U.S. All awards are based on transaction data maintained in CoStar’s commercial real estate database, which is the largest independently researched database of commercial real estate property information available online.
NAI Knoxville qualified as one of the top commercial brokerage firms in Knoxville based on total Leasing and Sales transactions closed during the year. In order to be selected for this honor, NAI Knoxville was evaluated against other commercial real estate brokerage firms active in its region by CoStar Group, and subsequently ranked among the top firms in the market. In addition, three of NAI Knoxville’s brokers, Brian Tapp, Steve Goldman and John Dempster, received the 2011 Top Broker Award from CoStar.
NAI Knoxville’s significant transactions that closed in 2011 are Belle Island in Pigeon Forge, Second Harvest Food Bank, Washington Ridge Apartments, Jackson Street Warehouse, Scott Recycling, Bull Outdoor Products, City of Athens Industrial Land, Miller Recycling, Neill Sandler Ford Dealership and Midlab.
“CoStar Group is very proud to recognize the preeminent brokerage firms and brokers who performed at the industry’s highest level by achieving remarkable sales and leasing success in 2011,” said CoStar Group Founder and CEO Andrew C. Florance. “These top performers truly represent the best of the best in the industry, and they deserve to be recognized for their proven deal-making abilities. We congratulate NAI Knoxville on this impressive professional accomplishment.”
The complete list of 2011 CoStar Power Broker Awards winners can be found at www.CoStarPowerBrokers.com.
NAI Knoxville broker’s work with distressed sellers, buyers applauded
Feb 6th
By: Josh Flory, Knoxville News Sentinel
Brian Tapp and Trey Miller, real estate brokers with NAI Knoxville, arranged what the East Tennessee chapter of CCIM calls the “Deal of the Year” – the sale of Belle Island Village, an unfinished entertainment/retail project on which Regions Bank had foreclosed. Tapp was also named “Broker of the Year” by the organization. The CCIM awards banquet is to be held Thursday, February 9th at the Orangery. Congratulations Brian! Read the full article [here].
Acquisition of NAI Global by C-III Capital Partners is Complete
Jan 27th
Local affiliate NAI Knoxville to benefit from acquisition.
NAI Global, the largest network of independent commercial real estate firms worldwide, announced today that its previously reported acquisition by C-III Capital Partners LLC (C-III) has been completed. The transaction will help create a leading fully integrated commercial property services company that will operate in markets around the world. Locally based NAI Knoxville, is the East Tennessee representative of NAI Global.
C-III is a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, title services and multifamily property management. C-III is led by CEO Andrew L. Farkas, who founded and was Chairman and CEO of Insignia Financial Group, Inc. (NYSE:IFS). Its principal place of business is located in Irving, TX, and it has additional offices in New York, New York; Greenville, South Carolina; McLean, Virginia; Chicago, Illinois; Dallas, Texas and Nashville, Tennessee.
NAI Global will continue to operate as a separate company under its current management. C-III will accelerate NAI Global’s growth by exploring business development opportunities in strategic locations, including New York, London, Singapore and other primary global business centers. It will also invest in the growth of the corporate solutions and capital markets offering, expanding asset/property management, project/facilities management and valuation services worldwide.
“The completion of this transaction represents a significant step forward in our strategy to build a fully diversified commercial real estate services company,” said Mr. Farkas. “With the NAI Global acquisition, we are gaining the world’s leading commercial real estate network and a tremendous foundation for future growth. As we begin a new year, we look forward to partnering with the NAI team to provide enhanced services to the commercial and institutional real estate markets they serve as well as continuing to take advantage of other opportunities to grow and expand our platform.”
“We are thrilled to be joining forces with C-III and excited about the opportunity to deliver an even broader range of services to our members and add greater value to our collective corporate and investment clients. We look forward to tapping into their extensive resources and expertise to assist all of our clients in strategically optimizing their commercial real estate assets,” said Jeffrey M. Finn, President and CEO of NAI Global.
Founded in 1977 by Gerald Finn, NAI Global has grown from covering 15 countries in 1999 to offering a full, collaborative platform of services to clients in over 350 offices in 55 countries, with over 300 million square feet of commercial space under management.
C-III commenced operations with the purchase of Centerline Capital Group’s institutional real estate debt fund management and commercial mortgage loan servicing businesses in March 2010. Since that time, C-III has successfully launched mortgage origination, investment sales and title insurance businesses, and expanded its principal investment, loan origination, fund management and primary and special loan servicing businesses, including acquiring the special servicing and CDO management businesses of JER Partners in August 2011.
Financial terms of the NAI Global acquisition were not disclosed.
NAI Global (www.naiglobal.com) is the largest network of independent commercial real estate firms worldwide, comprised of over 5,000 professionals in 55 countries with more than 350 offices. NAI advisors work in tandem with our global management team to ensure our clients strategically optimize their real estate assets. NAI offices complete over $45 billion in combined transactions annually and manage 300+ million square feet of commercial space.
NAI Knoxville (www.naiknoxville.com) is the East Tennessee representative of NAI Global. NAI Knoxville is known for its market leadership, knowledgeable and experienced professionals and commitment to customer service. As a full service commercial real estate company, NAI Knoxville offers a comprehensive range of services along with the experience required to handle all of your commercial real estate needs.
Maribel Koella Honored
Jan 27th
January 26, Maribel Koella, Director of NAI Knoxville, was honored at a breakfast banquest by the March of Dimes as the 2012 recipient of the March of Dimes Commercial Real Estate Award.
Because of her hard work and dedication to the real estate industry and her support of numerous community and charitable organizations, the march of Dimes was pleased to honor Maribel with this distinguished award.
NAI Knoxville Completes $70 Million in Transactions in 2011
Jan 24th
NAI Knoxville completed in excess of $70 million of commercial real estate transactions for 2011 said its president, Maribel W. Koella, SIOR, CCIM. She reported that NAI Knoxville had closed over 95 commercial transactions to reach this total for 2011.
NAI Knoxville sold $15,251,415 of warehouses and industrial properties, $2,865,000 of office properties, $16,794,700 of retail properties, $14,212,000 of multifamily properties and $4,350,750 of vacant land.
NAI Knoxville leased $3,657,110 of warehouses and industrial properties, $9,295,840 of office properties and $3,649,248 of retail properties.
Notable transactions include Belle Island in Pigeon Forge, Second Harvest Food Bank, Washington Ridge Apartments, Jackson Street Warehouse, Scott Recycling, Bull Outdoor Products, City of Athens Industrial Land, Miller Recycling, Neill Sandler Ford Dealership and Midlab.
NAI Knoxville’s current inventory is in excess of $73 million and includes over 2.5 million square feet.
The 29-year old company has ten full-time brokers, six holding the CCIM designation, two holding the SIOR designation, one holding the MRED designation and one holding the RPA and CPM designations.
NAI Knoxville is a member of NAI Global which has members in over 350 offices and 55 countries and has an annual commercial transaction volume of $45 billion making it the world’s largest managed real estate network.
Nashville Firm Buys Second Harvest Facility in Knoxville
Jan 18th
The former warehouse and distribution center for Second Harvest Food Bank of East Tennessee on Delaware Avenue in Knoxville has been sold to Onsite Environmental, an environmental engineering firm based in Nashville, Tennessee.
The sale was the result of Second Harvest’s purchase of a new and significantly larger facility in Alcoa, Tennessee. NAI Knoxville represented Second Harvest in the purchase of the new facility and the sale of the building and land in Knoxville. Onsite Environmental was represented by Memphis Commercial and Industrial Real Estate.
“NAI has been a valued and expert partner in these transactions,” said Elaine Streno, Executive Director of Second Harvest. “They worked diligently to find a suitable facility that allows us to meet the growing demand for food by people at risk of hunger in the 18 counties of East Tennessee we serve, and they have done a great job as our listing agent for the successful sale of the Delaware Avenue facility,” she added. “Second Harvest is thrilled and proud that NAI Knoxville was able to sell our Knoxville Distribution Center where we resided for 18 years. Thanks to this community’s support, we went from providing 2 million pounds of food in 1993 to 17 million pounds of food in 2011, providing meals throughout our 18-county service area. That kind of growth demanded we relocate, and we are grateful for everyone’s support as we start a new chapter for Second Harvest of leading the fight against hunger from our new facility in Blount County.”
Happy Holidays!
Dec 23rd
As the Holiday Season is upon us we find ourselves reflecting on the past year and on those who have helped to shape our business in a most significant way. We value our relationship with you and look forward to working with you in the year to come. We wish you a very happy Holiday Season and a New Year filled with peace and prosperity.
