Compass Real Estate Closes Millertown Pike Project for $1.77 Million – Knoxville
The Compass Real Estate Team is honored to announce the closing of 7 commercial land lots located off of Millertown Pike in Knoxville, TN. The project is one of more than 25 assets entrusted to Compass Auctions & Real Estate to list and sell on behalf of the Federal Deposit Insurance Commission (FDIC). Compass, with offices in Nashville, Chattanooga, Western Kentucky and Atlanta works closely with Special Assets Consultant T. Kyle Swicegood, CCIM to assist in the disposition of assets nationwide.
The Millertown Pike Development was assigned to Project Manager Justin Ochs, VP of National Development for Compass. Ochs worked diligently with FDIC officers over the past year to identify potential developmental concerns and effectively transfer the commercial tracts back into the public’s hands. Additionally, Ochs conducted an exhaustive search through specially designed marketing techniques to identify cash buyers who could overcome any potential concerns.
The Millertown Pike Development located at the corner of Millertown Pike and Loves Creek Rd included 7 tracts totaling 7.75 acres. Ochs worked with buyers to identify and overcome erosion control issues, buffer zones and ingress and egress issues and successfully sell the entire development in two separate transactions.
The property was listed and sold by Team Compass for a total of $1,775,000. FDIC Officers and Asset Managers have been extremely pleased with the performance of properties listed across the state of Tennessee by the Compass Real Estate Team.