Dewhirst buys Free Service Tire building on Magnolia

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David Dewhirst has purchased the former Free Service Tire building, on Magnolia Avenue.

According to county records, the developer paid $850,000 for the property, which is located at the corner of West Magnolia and Williams Street.

Dewhirst — who has redeveloped a number of buildings in downtown Knoxville — said Wednesday that his team is still working on ideas for the property, but he spoke positively about the building’s condition.

“We were very, very pleasantly surprised to find what we found in there below the surface (of the building), below the exterior visual surface,” he said.

The corridor between Gay Street and Central Street is undergoing a renaissance. A group that includes Dewhirst last year opened the Mill & Mine concert venue in a former industrial building on Depot Avenue, while the former Regas Restaurant building has been redeveloped as office and event space. In addition, a six-story, $36 million project that will include condos and restaurant space, developed by Conversion Properties, is planned on the same block.

Tennessee Valley Title to be honored

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A mainstay of Knoxville’s commercial real estate industry will be the honoree next week at a fundraising event that supports the prevention of premature births.

For more than four decades, Tennessee Valley Title has provided title services throughout East Tennessee, an essential role that helps to ensure a vibrant dealmaking culture in the commercial real estate community.

Next Thursday, the company will be honored at the 11th Annual Commercial Real Estate Industry Awards Breakfast, which honors developers, contractors and others who have made a significant impact on the landscape of Knoxville and surrounding communities.

The event supports the March of Dimes, which is the leading non-profit organization supporting healthy outcomes for pregnancy and babies. Prematurity is the #1 killer of babies, and each week 240 babies are born prematurely in Tennessee.

The breakfast is sponsored by Southeast Bank. Hallerin Hilton Hill, of News Talk 98.7, will be the featured speaker. Josh Flory, of NAI Knoxville, will be the emcee.

Previous recipients of the award include Maribel Koella, Chuck Griffin, Doug Horne, Randy Massey and Joe Fielden. The breakfast will be held at Cherokee Country Club on Thursday, January 19, at 7:30 a.m. For more information, please call the March of Dimes at (865) 622-9121.

ULI Emerging Trends event next week

The Urban Land Institute Knoxville next week will host its annual real estate trends and forecasting event, in association with the East Tennessee chapters of CCIM, BOMA and IREM.

The event will include featured speaker Anita Kramer, of the ULI Center for Capital Markets and Real Estate, along with a local panel: Christi Branscom, of the City of Knoxville; Gary Human, of Tennessee ECD; and developer David Dewhirst.

The event will be held at 7:45 a.m. on January 12, at Cherokee Country Club. Registration is available at this link.

Tuesday Briefing

Report: A planned munitions plant in Alcoa is still on track, despite some challenges facing the plant’s parent company. KNS

A controlling interest in AC Entertainment has been acquired by a prominent concert promotion company. KNS

TeamHealth has reached an agreement to be acquired by Blackstone. KNS

A public meeting is scheduled for tonight to discuss improvements to the Broadway corridor. KNS

Wednesday Briefing

An auction of Villa Collina is scheduled for this evening. KNS

A hospitality development aimed at adventure travelers is planned in South Knoxville. KNS

Knoxville City Council has taken a first step toward removing church buffers for beer permits. KNS

A West Knox County industrial site has received a certification from ECD. KNS

 

NAI Knoxville represents buyer, seller in Maryville office deal

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NAI Knoxville handled both sides of a recent transaction involving the sale of a corporate office building in downtown Maryville.

Principal broker Maribel Koella, CCIM, SIOR, CRE, represented Ruby Tuesday, which sold the 40,000-square-foot property at 150 W. Church Avenue for $2.8 million. Matt Fentress, CCIM, SIOR, represented the buyer, fashion retailer Altar’d State. The transaction closed on Friday.

Fentress, who specializes in office and investment transactions, said Altar’d State is a rapidly growing company that will provide a boost to the Blount County economy. “We’re excited that we helped to bring an additional company headquarters into Maryville,” he said.