NAI Knoxville broker, Trey Miller, MRED, represented sellers in two sales on the Parkway in Pigeon Forge, Tennessee in the month of May.

May 10, 2013 – The former Movie Rider property located at 3370 Parkway across from Old Mill Avenue on the Parkway in Pigeon Forge sold for $1,350,000. The seller, represented by Trey Miller, was Zappa-Harness Partnership. The buyer was Today’s Generation, LLC. The property is comprised of a 5,500 SF retail building on a 0.85 acre retail parcel.

May 31, 2013 – The former Ponderosa restaurant site located at 4074 Parkway at the southern end of the Parkway in Pigeon Forge sold for $1,400,000. The seller, represented by Trey Miller, was Jack Miller Sr., Michael McCroskey and Mary McCroskey. The buyer was Messick Doughnuts, Inc. The property is a 1.48 acre retail parcel.

For More Information Contact: Trey Miller, MRED +1 865 777 3044

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

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

Tour Times
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.

Property Flyer

For auction related questions, please contact:
Anthony Gaitan
305-503-2652
AGaitan@auction.com
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 | btapp@naiknoxville.com
Roger Denny | 865 777 3047 direct | rdenny@naiknoxville.com
NAI Knoxville, 10101 Sherrill Blvd, Knoxville, TN 37932 | 865-777-3030

The “Property Report” in the March 20, 2011, edition of The Wall Street Journal. discusses the unusually large number of malls being offered for sale across the US.  Major mall owners are selling underperforming properties and using the proceeds to clean up their balance sheets. Of local interest, Simon Property Group has put Knoxville Center on the market.  Green Street Advisors says that the industry average for B-grade properties is annual sales of $352 per square foot.  The Knoxville Center at 80% occupancy has sales in the range of $285-330 per square foot.  Big malls are frequently sold to local developers who reposition them as discount centers or for other uses.  The offering price for the Knoxville Center was not reported. [read article]