General
NAI Knoxville’s 30th Anniversary Celebration was a Success!
Apr 9th
On Thursday, April 4, NAI Knoxville was honored to spend the evening celebrating our 30th Anniversary with our clients and associates who have helped us grow and thrive over the years. We would like to say thank you to all of our clients, thank you to the Knoxville community, and thank you to NAI Global for all of your support. Images
CoStar Broker & Firm Awards
Mar 7th
Congratulations to NAI Knoxville’s Sam Tate, James Roberson and Matt Fentress for winning CoStar Power Broker individual awards for 2012!
NAI Knoxville also ranked as a CoStar Power Broker firm for both Sales & Leasing, so congratulations to all!
Each year, CoStar Group recognizes the top commercial real estate brokerage firms and brokers with the prestigious Power Broker Awards.
As the largest professional research organization serving the commercial real estate industry, CoStar is uniquely positioned to track transactions and identify the top players across the U.S. Every year, CoStar tallies the commercial real estate sales and lease transactions that closed during the previous year then presents awards to the firms and individuals who achieved the highest volume of sales and leases in over 90 markets across the country.
Regional Leaders Discuss Economic Competitiveness at PlanET Symposium
Feb 4th
Featured article from Knoxville-Knox County MPC News.
A maximum-capacity crowd of 250 registrants joined business, government and economic development leaders last week to discuss the region’s future competitiveness at ETcompetes!, a symposium hosted by PlanET and Knoxville-Oak Ridge Innovation Valley, Inc.
Held at the East Tennessee History Center on January 9, the event was moderated by Ted Abernathy, executive director of the Southern Growth Policies Board. Attendees and panelists engaged in a candid discussion of how East Tennessee can best position itself to compete in a global marketplace.
Responding to questions submitted by attendees, panelists shared their insights on topics ranging from preparing the region’s workforce to capitalizing on East Tennessee’s quality-of-life assets that are essential to attracting and keeping talent and industry. {read more}
Celebrating 30 Years of Business in 2013!
Jan 15th
NAI Knoxville is celebrating 30 Years of Business in 2013!
NAI Knoxville completed commercial and industrial real estate transactions for 2012 in excess of $62 million, as stated by Maribel W. Koella, SIOR, CCIM and president. She reported that NAI Knoxville had closed over 104 commercial transactions to reach this total.
Notable transactions include Pigeon Falls in Pigeon Forge, EET Corporation, Kimberly-Clark Financial Services, ITT Education Services, Denso Manufacturing Tennessee, multiple Ruby Tuesday, Inc (land and restaurant) dispositions, Office Furniture Outfitters, 84 Lumber in Westbridge Industrial Park, ProTech Metal Finishing in Horizon Center, Iron Mountain, Niles Ferry Industrial Park acreage and Martin Marine.
NAI Knoxville’s current listing inventory is in excess of $153 million.
Our company has been in business for 30 years and has a staff of eight full-time brokers, six holding the CCIM designation, two holding the SIOR designation, one holding the MRED designation and one holding both RPA and CPM designations.
NAI Knoxville’s Brian H. Tapp Honored
Jan 15th
Brian H. Tapp, CCIM has been awarded the 2012 Commercial Real Estate Broker of the Year by the Knoxville CCIM Chapter. This is the second year in a row that Brian has received this honor.
Thank you to the Greater Knoxville Business Journal and knoxvillebiz.com for their support and participation in the awards presentation.
Mean Cap Rate for Office Properties Decreased During Q3
Dec 17th
(Reis Reports) – While cap rates have not compressed nearly as much for the office sector as they have for the apartment sector, they are down a respectable amount considering that office fundamentals have not performed anywhere near as well as apartment fundamentals over the last two and a half years. Therefore, while there is still greater room for cap rate compression in the office sector than in the apartment sector, it is difficult to ascertain whether this quarter’s decline in cap rates is an isolated incident or the start of a trend. However, we expect the 12-month rolling cap rate for office to remain virtually unchanged over the next year.
It will likely be another year before we experience a meaningful enough improvement in the labor market and office fundamentals to spur increased excitement for office transactions.
Market Update | Office, Retail, and Apartments in Knoxville
{Reis Reports}
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].
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.
Mini Case Study on Two Knoxville Apartment Sales in 2011
Jun 21st
Contributed by: Steve Goldman, CCIM & John Dempster, Brokers, NAI Knoxville
We thought you might be interested that on June 16, we closed on the sale of the Ashlandwood Apartments. This is a 79-unit complex very close to West Town Mall in west Knoxville. The buyer was the owner of the adjacent Briarcliff At West Hills Apartments. The sale included a short sale with a local bank and we acted as “facilitator agents” in the transaction.
This was a really tough deal to get done. And frankly, we are proud of getting through it successfully in 115 days from start to close. Here is a short case study on the transaction.
We learned Feb. 22 that the apartments were in foreclosure with an auction in three weeks. A commission agreement was worked out, which included permission to contact the lender regarding a possible short sale. We delivered a written offer on Feb. 25. It was a complicated deal due to the short sale negotiation, dealing with other secured property etc., but it ultimately led to a fully executed contract at $1,850,000 on 4/1/2011, including the necessary agreements with the lender. More >
