The note for a 24 story Class A office building (Riverview Tower) in downtown Knoxville has been sold. The seller was represented by Matthew Fentress RPA, CPM, CCIM of NAI Knoxville, Fain Hicks, CCIM of NAI Brannen Goddard and Linda Simpson of C-III Realty Services LLC.
The buyer was Hertz Investment Group, which has secured ownership of the building as well.
“NAI Knoxville is honored to have the opportunity to work with C-III Realty Services in the disposition of the non-performing note.” Matthew Fentress RPA, CPM, CCIM Broker at NAI Knoxville.
If you are looking for a large retail opportunity, you will want to consider this property!
Located in the thriving Cedar Bluff corridor across Kingston Pike from a new 105 acre mixed-use development that includes Academy Sports, Aldi, Gordon Food Service, Starbucks (coming soon) and apartments, and just west of a new 21 acre retail development that includes a new Kroger Marketplace and multiple restaurants and retail stores.
▪ Former grocery, end cap unit
▪ 66,511 SF on 5.08 Acres
▪ Co-anchored by Home Depot
▪ Parking spaces: 252 (3.79/1,000)
▪ Located in the heart of West Knoxville
▪ Rapidly expanding retail corridor
Marketplace Shopping Center is close to many main traffic arteries: Kingston Pike, I-40/75, N. Peters Rd/Parkside Dr, Cedar Bluff Rd and Middlebrook Pike. It is also in close proximity to many professional office buildings, neighborhoods, schools and churches.
For more information, contact:
Sam Tate, CCIM or Matt Fentress, RPA, CPM, CCIM
Register at Auction.com
Auction: October 22-24, 2012
This is an unique opportunity to purchase the asset fee simple!
Property Item#: B088-142
11131 & 11139 Turkey Drive, Knoxville, TN 37934
Property ID: 193004844
Asset Type: Commercial/Retail
STARTING BID: $650,000
BID DEPOSIT: $10,000
Oct 12, 2012, 10:00-11:30 a.m. and 4:30-6:00 p.m.
Oct 19, 2012, 10:00-11:30 a.m. and 4:30-6:00 p.m.
For auction related questions, please contact:
Auctioneer Licensing Information:
Real Estate Broker: Michael E. Carr 317462
Auctioneer License: Auction.com, Inc. 5430 | Michael Carr 4573
For property related questions, please contact:
Brian Tapp, CCIM | 865 777 3039 direct | email@example.com
Roger Denny | 865 777 3047 direct | firstname.lastname@example.org
NAI Knoxville, 10101 Sherrill Blvd, Knoxville, TN 37932 | 865-777-3030
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, 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.”
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.”
SEVIER CO – Trey Miller, MRED and Brian Tapp, CCIM of NAI Knoxville recently announced the sale of Belle Island Village in Pigeon Forge, TN to LeConte Properties LLC. NAI Knoxville partnered with David F. DeVaney, SIOR, CCIM, and President of NAI Charter in Chattanooga, TN.
Belle Island Village is a 280,000 square foot festival themed retail development that sits on 18.06 acres in between the Pigeon Forge Parkway and Teaster Lane. Belle Island Village sold for $10,500,000 on November 18th, 2011 and NAI Knoxville represented the seller, Regions Bank. Belle Island is approximately 70% complete and is slated for specialty retail shops, a range of restaurants and entertainment venues.
Pigeon Forge is known for its entertainment and attractions which include, Dollywood, Wonder Works, Dixie Stampede and outlet malls.
Brian and Trey were recently hired to market Riverwalk, LLC and Pigeon Falls, LLC which is the remaining 138 acres of undeveloped land that neighbors Belle Island Village and the Pigeon Forge Events Center. This property is strategically located next to the new LeConte Events Center and future Jake Thomas Boulevard Extension which will connect the Parkway with the entrance to Dollywood. Brian and Trey feel that many retail, entertainment and hospitality uses will prove successful on this neighboring land. They are focusing their efforts on locating parties that are interested in constructing an Events Center Hotel located directly across the street from the LeConte Events Center.
Trey Miller and Brian Tapp have successfully completed and continue to work on several major real estate owned projects for lenders including Capital Bank, FSG Bank, Green Bank, Mountain National Bank, Nexity Bank and Regions Bank.
NAI Knoxville is a member of NAI Global. NAI has members in over 300 cities and 40 countries giving NAI Knoxville the ability to service client’s real estate needs anywhere in the world by providing local knowledge with international reach.
NAI Global has an annual commercial and industrial transaction volume of $40 billion dollars and is the world’s largest managed real estate network.
Knoxville News Sentinel (http://www.knoxnews.com/news/2011/nov/21/belle-island-sale-finally-goes-through/), The Mountain Press (http://themountainpress.com/view/full_story/16501403/article-Belle-buy-big-business-for-Forge?instance=most_popular), WATE (http://www.wate.com/story/16095958/belle-island-village), WBIR(http://www.wbir.com/news/local/story.aspx?storyid=192269), PigeonForge.com (http://www.pigeonforge.com/blog/?p=2352), The Chattanoogan (http://www.chattanoogan.com/articles/article_214336.asp)
The NAI Knoxville Multifamily Team of Steve Goldman, John Dempster and Roger Denny represented the seller in the listing and sale of the Evergreen Apartments, a thirty-unit, all-brick complex in Fountain City. The transaction closed on November 30, 2011, just 62 days from listing to closing. Several challenges were overcome in the process, including getting a new roof paid by the insurance company for the benefit of both buyer and seller. This took a true team effort by the buyer, seller and the agents involved. This brings to 357 the total number of units sold this year by the NAI Knoxville Multifamily Team.
Knoxville, TN, October 31, 2011 – NAI Knoxville is pleased to announce Jackson Street Warehouse, LLC’s purchase of a 134,000 square foot warehouse facility in Athens, TN. Townsend Collins, SIOR, John Dempster, and James Roberson, CCIM, of NAI Knoxville brokered the sale of the building at 1930 N. Jackson Street.
Through River City Logistics, Jackson Street Warehouse will use the building to provide third-party logistics services.
For more information contact: James E. Roberson, Jr., CCIM, 865.777.3038, email@example.com
Athens, TN, July 2011 – On behalf of Textron, NAI Knoxville is pleased to announce the sale of 86 acres of rail served industrial land. The property is located off of Charles Redfern Drive across from the former Collins & Aikman plant.
The buyer was the City of Athens who purchased the property from Textron to use for economic development for industrial prospects.
The transaction was handled by James Roberson, CCIM and Townsend Collins, SIOR of NAI Knoxville. Jack Hammontree, Executive Vice President of The McMinn County Economic Development Authority assisted with the transaction.