North Knoxville property sold for $7.8 million

4842HarvestMill

A North Knoxville commercial portfolio has been acquired by a Florida investor.

The Harvest Towne Center, at 4840 Harvest Mill Way, was acquired by Coral Springs-based JBL Asset Management. According to a deed filed with Knox County, the deal was valued at $7.8 million.

Harvest Towne is located along Broadway, and the deal includes multiple properties, including freestanding buildings that are home to Ruby Tuesday and Krispy Kreme.

Vacant retail and commercial space at the site has been listed by Brande Benson, of Baker Storey McDonald.

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Steakhouses, food trucks and Knoxville’s evolving restaurant scene

Peerless

How are restaurant trends affecting Knoxville’s commercial property market? In this Q-and-A, NAI retail specialist Brian Tapp gives a low-down on the intersection of food and square feet.

Q: To what extent is restaurant activity driving retail real estate currently?

Tapp: I would say the majority of calls I get are restaurant-related, 60 percent or so.

Q: What do you make of Peerless and its decision to move away from the steakhouse concept?

Tapp: It’s an evolution. People are just interested in something different than your normal steak and potatoes. They’re exposed to more food and food culture through media outlets like Food Network and with access to better information and recommendations through tools like Yelp and Open Table, I think people are willing to branch out beyond the old standards.

It used to be that when you’d go on a business trip, you’d say ‘Let’s go find a Ruth’s Chris,’ a steakhouse and that’ll please everybody and you can put it on an expense account. I think now people can get on Yelp and find recommendations and be more adventurous. And that hurts places like steakhouses and your bar-and-grill places like Applebee’s and Outback.

Q: Who does that help?

Tapp: It helps the local guys big time.

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Dollar General building sold on Middlebrook Pike

1800 Middlebrook

A retail building on Middlebrook Pike has been sold for $1,325,000.

According to a deed filed with Knox County, the property at 1800 Middlebrook Pike was purchased by an LLC based in Fort Worth, Texas. It is home to a Dollar General store.

The seller was an entity with ties to Cushman & Wakefield | Cornerstone broker Jake Brewer and his brother, Eric, who is a developer in Kentucky.

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New building planned at former Big Don site, in the Old City

122Central

Rendering credit/Grieve Associates

A new three-story building is in the works for the former Big Don the Costumier site, at the corner of Central Street and Willow Avenue.

A workshop discussion of the project is on the agenda for next week’s Downtown Design Review Board meeting.

Documents submitted to the board say the existing one-story buildings at 120 and 122 S. Central will be demolished, to be replaced by a three-story structure that will include  commercial and residential space on the ground floor, plus additional residential space on the upper two floors.

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Former Hobby Lobby sold, clothing store planned

9333KingstonPike

The former Hobby Lobby store, at 9333 Kingston Pike, has been sold.

According to a deed filed with Knox County, the retail space in the Market Place Shopping Center was acquired by Ravid Knoxville II LLC, in a deal valued at $1,175,000. An entity with the same address, Ravid Knoxville LLC, bought a different portion of that shopping center last year.

Jake Brewer, of Cushman & Wakefield/Cornerstone, said a lease deal is in place with Gabe’s, a clothing retailer, and that construction is under way on the space.

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Cedar Bluff retail center sold

CedarBluff

A new retail property in West Knoxville has been sold.

According to a deed on file with the county, the property at 9159 Kingston Pike was sold in a deal valued at $3.85 million. The buyers, according to the deed, were Volunteer Studios Plus Partners and VS LLC, with a 34% stake; Ft. Sanders Partners, with a 40% stake; and Hembree Partners, with a 26% stake.

The center’s tenants include Tom+Chee and Larosa’s Pizza.

BNA buys on North Central, plans retail site

2300Central_2.png

The development firm behind the renovated Oliver Hotel has purchased a building on Central Street, with a retail redevelopment in mind.

An entity with ties to Nashville-based BNA Associates paid $125,000 for the building at 2300 N. Central Street. Philip Welker, of BNA, said the idea is to create 1,000- to 1,200-square foot spaces that could be home to retailers or restaurants.

Welker said one possibility is to offer storefronts to food truck entrepreneurs who are “ready to graduate” into a slightly larger space.

2300Central

The Central Street corridor has seen plenty of activity in recent months. BNA’s new building is several blocks north of the Mid-Mod Collective, a boutique retailer which opened last year at 1617 N. Central, and just south of the new Fanatic Brewing Company.

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Retail property near Knoxville Center Mall sold for $2M

5308WashPike

A retail property near Knoxville Center Mall has been sold in a deal valued at $2 million.

SCGVI-Washington Market LLC bought the strip center at 5308 Washington Pike, according to a deed on file with Knox County.

The property is located near the intersection of North Mall Road and Washington Pike, west of the mall. Tenants include H&R Block, City Employees Credit Union and the DAV Thrift Store.

According to KGIS, the seller — N.C.-based Cary Group Funding LLC — had acquired the property in 2012 for $1.95 million.

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