Despite the ongoing global pandemic and the declining sales volume in the retail sector of the commercial real estate industry nationwide, Blue Ridge Realty has completed the sale of Brookview Market A, part of its Brookview Town Centre. The building was finished in 2010 and is part of a mixed-use project that includes retail, offices, and a hotel.

Brookview Market A is in the Papermill area off N Northshore Drive. It comprises 12,667 SF and houses restaurants including Five Guys Burgers & Fries, The Casual Pint, and Rosati’s Pizza. Other establishments include Casa Blanca Nail Bar, Sports Clips, and the newest tenant, Vonn Jones Hair Salon, which is currently under construction.

Brookview Market A sold to OTN Retail Centre Three, a California-based owner with a local presence who will also take over property management of the building.

If you or your company is looking for suburban office space convenient to shops and restaurants with natural amenities, contact Blue Ridge Realty to see how we can help at 865-470-4868 or email.

When you need a good advisor, this is where our experience and expertise come into the picture! Find a good commercial real estate agent who knows the local market, including unlisted properties. An agent is critical in negotiations with vendors and we take pride in being advocates for our clients. If you’re in Knoxville or the surrounding area, we’d love to talk to you about your commercial real estate needs.

Next, you’ll want to ask your agent to research market values for the kind of space and location you want. Make sure those values align with your budget to ensure that your expectations are realistic and you’re properly informed to talk to vendors.

Often a company’s needs do not go hand in hand with its budget. You may have to pay more than you’re expecting to get what you need. However, knowing how much your budget can stretch is important to keep your business from overreaching.

A good lawyer can also be beneficial in negotiating a purchase. We recommend going with a lawyer that deals with commercial real estate transactions on a daily basis. If you’re working with us, we have several we’d be happy to recommend.

Start by setting up an appointment early on with your accountant and financial partners to establish a budget and get pre-approved for financing.

Setting up a sound budget in the beginning can be effective in negotiating your offer because you know what you can afford. You can find a great property but if it’s way over your budget then you shouldn’t put yourself and your company at risk.

Remember to explore all your options for commercial real estate financing. Keep in mind that your budget has to cover more than just purchase price. It will also need to cover items such as environmental and structural assessments, renovations, moving, down time during the transition, land transfer tax, legal fees, any realty commission and an amount for contingencies.

Lastly, your bank may need additional documentation for financing such as additional up-to-date financial statements for your business or an environmental report from an approved accessor. Knowing what your bank will need before agreeing to financing and what conditions you will need to meet can save time and frustration when it comes to closing a deal.

You’ve been selected the daunting task of finding the perfect commercial property for your business. You may be unsure of exactly how to get started. In this series of blog posts, we’ll provide you with some tips to guide your process so that when the time comes to sign a lease, you can feel confident in your selection.

Before you can negotiate effectively you need to have a good understanding of what your business needs from a building are and how the building you are interested in may or may not meet those needs.

We suggest first considering your location. Does it have adequate traffic if you are a retail business? Does it provide accessibility for clients and employees? Does it offer parking and public transit, ease of access for shipping and receiving needs? Are their zoning issues?

Next, get specific on the amount of space you need. This may be an easy answer, but we encourage you to consider how the space will be utilized as you grow. Could you rearrange your current layout to be more efficient? Could you hire an operational efficiency expert to find major space savings? This could also be key in not only making your space more efficient but more profitable as well. Many businesses find themselves moving into larger spaces 3-5 years down the road because they didn’t properly assess their business and its potential for growth, so this is a key issue to take into consideration.

We encourage you to make a list of your needs before we move onto the next step—Setting Your Budget.

• July: Setting Your Budget
• August: Finding Good Advisors
• September: Cast a Wide Net to Save on Price
• October: Make an Offer
• November: Before You Close the Deal

Home to Brookview Town Centre, Bearden is one of Knoxville’s most affluent neighborhoods and has a lot to offer for both our commercial and residential clients. Named for the former Knoxville mayor and Tennessee state legislator, Marcus De Lafayette Bearden, the community was annexed by Knoxville in 1962. Located along Kingston Pike in West Knoxville, the neighborhood lies at the heart of one of Knoxville’s major commercial corridors. This makes it highly convenient for business meetings, shopping and commuting.

The Bearden area is home to over 30 shopping centers including West Town Mall, Homberg Place, Bearden Center, Knox Plaza, Papermill Plaza and the Centre at Deane Hill. It is also home to several dozen office buildings. In recent years, Knoxville and the Bearden community have taken steps to create a more pedestrian friendly atmosphere by constructing greenways, sidewalks and parks.

Brookview Town Centre is an exciting new multi-use development at Weisgarber Road and Northshore Drive. It offers an inviting upscale retail and office environment, with an accompanying luxury hotel.

Whether you’re looking to move your business to this thriving area, or make it your home, the Bearden community has a lot to offer.