Compass Real Estate Closes Retail Strip Center for $1.15 Million – Knoxville

The Compass Real Estate Team is excited to announce the closing of a 30,000 SF retail strip center  located on Willow Point Way in Knoxville, TN.  This property is one of more than 25 assets across the state of Tennessee 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 Asset Consultant T. Kyle Swicegood, CCIM to assist in the disposition of FDIC assets nationwide.

http://tennesseeauctioneer.com/blog/wp-content/uploads/2015/05/DSC03303.jpgThe Willow Point Way Strip Center was assigned to FDIC Project Manager Justin Ochs, VP of National Development for Compass.  Ochs worked diligently  over the past year to assist FDIC Officers in stabilizing the property so that it could be effectively transferred to the public.  Ochs worked closely with the Compass Property Management team to resolve major wear and tear issues and make repairs.  Additionally, Ochs completed an exhaustive search to find the right buyer who could bring cash to the table and overcome many existing development issues.

Partially leased by a fitness company, the retail strip center located on Willow Point Way encompasses over 30,000 square feet.  Situated on approximately 6 acres, the building was in the middle of being completed when taken over by FDIC.  The covenants and restrictions initiated by the initial developer made this a unique property to find a buyer for who could resolve any legal issues.

The property was listed and sold by Team Compass for $1,150,000.00.  FDIC Officers and Asset Managers have been extremely pleased with the performance of properties listed across the state of TN by the Compass Real Estate Team.

For complete professional service, we encourage you to contact the Compass Agent nearest you:

Justin Ochs, M.S., CAI

VP of National Development

Compass Auctions & Real Estate

(423) 702-6180