New Tenants Announced for Twin Oaks Shopping Center

(Seminole, Fla) - Crunch Fitness, Optimart and Carepoint Pharmacy have signed leases for spaces in Maddox Companies' newly renovated Twin Oaks Shopping Center in Seminole, Fla. 

Crunch Fitness will occupy a new 23,911 square-foot space to be built this fall. Maddox Companies will demolish the prior space anchoring the shopping center, and deliver a new shell in that location to reflect Crunch Fitness' state-of-the-art design.

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Headquartered in New York City, Crunch serves over 900,000 members with over 180 gyms worldwide in 22 states, Puerto Rico and 4 countries. Crunch is rapidly expanding across the U.S. and around the globe. 

Opti-mart, a Florida-based chain of eyewear retailers will relocate to Twin Oaks Shopping Center from a nearby center this fall.  

Chicago-based Carepoint Pharmacy will open its first Florida location in Twin Oaks Shopping Center this fall. The Seminole location will complement Carepoint's operations across Illinois, Georgia, Ohio, Texas and Indiana. 

These announcements come on the heels of a complete renovation of the property completed by Maddox Companies earlier this year. The 54,097 square-foot property is located at the intersection of US-19A Seminole Boulevard and FL-694 Park Boulevard.

The reconfiguration of the anchor space will create an additional 4,900 square-feet of shop spaces for lease in the otherwise fully committed center. This new space can be subdivided to meet a tenant's needs. Parties interested in leasing at Twin Oaks Shopping Center can contact Brandon Clark or Steve Maddox at (865) 522-9910.

Grassy Creek Development Approved Unanimously for Rezoning by Knox County Commission

(Knoxville, Tenn) - Twenty-one acres at the corner of Schaad Road and Oak Ridge Highway were approved unanimously for rezoning by the Knox County Commission on Tuesday. The site is under development by Maddox Companies as a neighborhood retail development. The site was recommended for rezoning unanimously by Knox County MPC on Tuesday, May 9.

Schaad Road is a new ring-road under construction in Northwest Knox County which will link Interstate 40/75 in West Knoxville at Lovell Road with Interstate 75 north of Knoxville at Callahan Road. 

The site fronts Oak Ridge Highway which has just been widened to five lanes from the Interstate 640 interchange to the frontage of the Maddox site. 

"We're grateful for the recommendation of the MPC staff and unanimous approval by the MPC and Knox County commissioners of this rezoning. We have a track record of delivering attractive, first-class developments, and we look forward to providing this growing community with a new place to gather, shop and dine." said developer Steve Maddox.

The MPC staff recommendation states that "the site is located along Oak Ridge Highway, at the interchange with the recently improved Schaad Road, where a node of commercial development is appropriate."

The recommendation for CA zoning opens up the property for uses such as grocery stores, convenience stores, restaurants and offices and also affirms the developer's commitment to extensive landscaping and buffering of the property. The rezoning hearing prompted a wave of support on social media outlets, where the majority of local residents expressed strong support for development of the property and the need for additional options for shopping and dining in the area. 

For more information about the project, contact Brandon Clark or Steve Maddox at 865-522-9910

Schaad Road funded in Knox County budget

Schaad Road Extension

Schaad Road Extension

(Knoxville, Tenn) - Phase Three of the Schaad Road extension project was funded in the 2017-18 Knox County budget on Monday. The 5-lane highway adjoins Maddox Company's Grassy Creek development, at its intersection with Oak Ridge Highway/Western Avenue (TN-62).

"I appreciate the support of the Knox County Commission and their approval of this fiscally responsible budget proposal,” Knox County Mayor Tim Burchett said. “By working together, we're able to keep taxes low, reduce debt, increase school funding, improve infrastructure and encourage economic growth. Over the next year and a half, I look forward to continuing this work."

Schaad Road is partially complete to Amherst School in the Ball Camp area. When completed, Schaad Road will be a 5-lane ring road connecting Interstate 40/75 at Lovell Road in west Knox County to Interstate 75 at Callahan Road in north Knox County. The new road is opening up northwest Knox County to new development and growth, an that has historically been served only be deficient 2-lane roads. 

For more information on Grassy Creek Development, contact Brandon Clark or Steve Maddox at (865) 522-9910.

 

Maddox Companies Brokers Sale Of Class A Medical Office Building

(Knoxville, Tenn) – Maddox Property Management & Sales, Inc has brokered the sale of Town Creek Commons, a 15,011-square-foot Class A medical office building in Lenoir City, Tenn. MedSouth Lenoir City, LLC was the buyer. Steve Maddox and Brandon Clark represented Seller Town Creek Properties, GP in the transaction.

Maddox Companies assisted the Seller in improving the building to full occupancy, and then marketing and soliciting offers for the multi-tenant building. The building was constructed in 2010 and has visibility from Exit 81 of Interstate 75. It is occupied by a mix of national and regional tenants including Smoky Mountain Pediatric Dentistry, Tennova Healthcare Systems, PhysioTherapy, Advanced Endodontics and Tennessee Urology. 

For more information on the sale of this Class A, first time to market asset, contact Brandon Clark or Steve Maddox at 865-522-9910

Three New Tenants Announced for Twin Oaks Shopping Center

(Seminole, Fla) - Davita Dialysis, Brooklyn's Pizza and Sea Hags Bar & Grill have signed leases for retail spaces in Maddox Companies' newly renovated Twin Oaks Shopping Center in Seminole, Fla. 

These announcements come on the heels of a complete renovation of the property completed by Maddox Companies earlier this year. The 54,097 square-foot property is anchored by LA Fitness and is located at the intersection of US-19A Seminole Boulevard and FL-694 Park Boulevard.

Sea Hags Bar and Grill will occupy a 6,755-square-foot former Roadhouse Grill. The site will be a second location for Sea Hags. Its first location is a longstanding main stay in Blind Pass Marina.

Davita Dialysis and Brooklyn's Pizza have occupied the two remaining spaces on the east wing of the shopping center. Two contiguous spaces remain available for lease ranging from 750 square-feet to 7,250 square-feet. 

Parties interested in leasing at Twin Oaks Shopping Center can contact Brandon Clark or Steve Maddox at (865) 522-9910.

Maddox Companies Retained To Market Clinton, TN Interstate Development

CLINTON, TN - Maddox Companies has been retained by FHG Enterprises to market the Centre at Fox Run, a 35 acre interstate development in Clinton, TN. The development is anchored by Fox Toyota and a new Weigel's Fuel Center. The site comprises the northeast quadrant of I-75 Exit 122 (TN-61 Charles G. Seivers Boulevard) and is a retail node serving Clinton, TN as well as surrounding Norris Lake development and Anderson, Campbell, Scott, Claiborne and Union Counties, as well as parts of Southern Kentucky. The Centre at Fox Run consists of rough graded interstate-visible sites with access road, project signage and utilities in place. 

For more information on the Centre at Fox Run, contact Brandon Clark or Steve Maddox at 865-522-9910

Knoxville Chamber Awarded For Excellence In Economic Development

(Knoxville, TN) - The Knoxville Chamber ihas been selected for the Mac Conway Award for Excellence in Economic Development by Site Selection magazine. The award applauds the Top Economic Development Agencies of the previous year in both metropolitan and micropolitan areas. The Knoxville Chamber is the lead organization in the regional economic development initiative, Innovation Valley.

Maddox Companies Brokers Sale at the Offices at Waters Edge

(Knoxville, TN) – Maddox Property Management & Sales, Inc has brokered the sale of 614 Mabry Hood Road Suite 301, a 5,287-square-foot Class A suburban office condominum in Knoxville, TN. Coal Creek Company will relocate its headquarters to the top floor of the building. Steve Maddox and Brandon Clark represented both Buyer and Seller in the transaction. Maddox assisted Functional Pathways, a national leader in contract rehabilitation and therapy management services, in relocating its headquarters from the Waters Edge to a larger suite in its acquisition of 10133 Sherrill Boulevard last year.

The Offices at Waters Edge is located 10 miles west of downtown Knoxville at the junction of Interstate 40/75 and Pellissippi Parkway. Other tenants in the Offices at Waters Edge development include Rodefer Moss, EnerNex and Visionary Horizons Wealth Management. 

 

Maddox Companies Retained To Broker Class A Medical Office Building Investment Sale

(Lenoir City, TN) – Steven K. Maddox & Associates, LLC / Keller Williams Commercial has been retained by Town Creek Properties GP to broker the sale of Town Creek Commons, a Class A Medical Office Building on the campus of Fort Loudoun Medical Center in Lenoir City, TN, a growing bedroom community of Knoxville. The asset was constructed in 2010 and has visibility from Exit 81 of Interstate 75.

The building is occupied by Smoky Mountain Pediatric Dentistry, Tennova Healthcare Systems, PhysioTherapy, Advanced Endodontics and Tennessee Urology. The adjoining Fort Loudoun Medical Center is a community acute care hospital providing 24-hour emergency services, critical care and cardiac observation unit, and surgical capabilities. Hospital-based services include outpatient diagnostic testing, radiology, laboratory, physical and cardiac rehabilitation. Physician specialties available in the clinic include cardiology, orthopedics, gastroenterology, urology, oncology and dermatology. FLMC is a facility of Covenant Health, a comprehensive, community-owned health system operating 9 acute care hospitals in East Tennessee. Covenant has over 10,000 employees and over 1,500 affiliated physicians. 

For more information on this Class A, first time to market asset, contact Brandon Clark or Steve Maddox at 865-522-9910

Maddox Companies Poised To Capitalize On CMBS "Wall of Maturities" in 2016

(Knoxville, TN) – Where others see turmoil, Steven K. Maddox of Maddox Companies sees opportunity in the so-called "Wall of Maturities" looming over the US Commercial Real Estate market in 2016. The term refers to the over $600 billion in CMBS loans orignated between 2005 and 2007, most of which have 10 year maturities. It is expected that anywhere from 20 percent to 50 percent of maturing loans will face difficulties. 

"Many of these loans are secured by properties for positive cash flows and appreciation. Our firm has the track record to reposition these assets to lease. We have the relationships to get deals done, and the experience and resources for effective due diligence and asset management." said Maddox. 

Experts predict a multitude of consequences on the horizion as servicers work through the foreclosure process on defaulting loans. While some borrowers may be on the hook due to violation of loan covenants, the opportunities lie with the large number of borrowers holding non-recourse debt at levels that are excessively overlevered based on current asset values. This flood of distressed notes is expected to open up opportunities to buy at distressed prices and reposotion properties for positive cash flow and appreciation. Additionally, traditional capital sources are expected to have limited capacity for the refinance or acqusition of these assets, and will likely have more challenging LTV requirements for borrowers, further compounding the opportunities available to well capitalized buyers. 

With these factors in mind, Maddox is positioning his firm to prosper as troubled loans and assets become acquisition targets.

 

"Our firm is making strategic investments in the resources and relationships needed to underwrite and acquire fundamentally strong properties in winning locations over the next 36 months." said Maddox. 

Maddox Companies Brokers $3.5M Sale Of Former Kroger

(Knoxville, TN) – Maddox Property Management & Sales, Inc brokered the $3.5 million sale of 9305 Kingston Pike, a 66,511 square-foot former Kroger grocery store in Knoxville, Tenn. Veloce Speedway will open in the building in early 2016. Veloce is a growing chain of European-style indoor go kart centers. Steve Maddox and Brandon Clark represented the Seller, Palo Plesnik of Pacific Palisades, Calif. in the transaction.

The former Kroger sits on a 5-acre parcel and anchors Market Place Shopping Center. Market Place has multiple fully-signalized access points and excellent visibility to Kingston Pike. The site is located within 1/4 mile of the Cedar Bluff Road exit of Interstate 40/75, which carries 170,466 vehicles daily. Other major tenants in Market Place include Home Depot, Gabe’s, Planet Fitness, and Tandy Leather.

Funding was provided by Spirit Realty Capital. Spirit was represented by Randy Ayers of Crye Leike Commercial. American Development Partners will oversee redevelopment of the facility. Maddox Property Management & Sales, Inc. is an affiliate of Maddox Companies, a leading provider of commercial real estate development, brokerage, leasing, management and construction services.

54,097sf Shopping Center Redevelopment Nearing Completion

Construction Progress as of 10/19/15

Construction Progress as of 10/19/15

(Seminole, FL) - A total redevelopment of Twin Oaks Plaza, a 54,097sf shopping center in Seminole, FL is nearing completion. The project is brokered and managed by Maddox Companies, and developed in partnership with Hollingsworth Companies.

The LA Fitness anchored center is located at the intersection of Park Blvd (FL 694) and Seminole Blvd (19-A), a main-and-main site. Financing is provided by FSG Bank. The redevelopment has included a complete overhaul of the center, including new facade, roofs, HVAC, parking lots, storefront and breezeways, renovation of signage and rework of landscaping to open up visibility. Crews continue to work to repave the parking lot, finish landscaping and complete final punchlist items. 

Leasing efforts have included a renewal of LA Fitness, and retenanting of the entire center, as well as a freestanding former Roadhouse Grill restaurant. Lease up is currently 75% complete, with another 11,484sf currently in lease negotiations. 

For more information on leasing, contact Brandon Clark - (865) 805-5502 - BClark@MaddoxCompanies.com.

66,511sf Former Kroger Pending Sale by Maddox Companies

(Knoxville, TN) - Steven K. Maddox & Associates, LLC / Keller Williams Realty has secured a buyer for a 66,511sf former Kroger box at 9305 Kingston Pike, Knoxville, TN 37922. Steven Maddox and Brandon Clark represent the seller in the transaction. 

The building, which sits on a 5-acre carveout parcel and anchors Market Place Shopping Center, has full lighted access and excellent visibility to Kingston Pike. The site is located within 1/4 mile of the Cedar Bluff Road exit of I-40/75, which carries 170,466 vehicles daily.

Maddox Companies Brokers Sale of $6.7M Suburban Knoxville Office Building

(Knoxville, TN) – Maddox Property Management & Sales, Inc has brokered the $6.7 million sale of Century Park Building I, a 51,604-square-foot Class A suburban office property in Knoxville, TN. Functional Pathways, LLC, a national leader in contract rehabilitation and therapy management services, will relocate its headquarters to the top floor of the building. Steve Maddox and Brandon Clark represented both Buyer and Seller in the off-market transaction.

The building is located 10 miles west of downtown Knoxville at the junction of Interstate 40/75 and Pellissippi Parkway. Other tenants in the building include the University of Phoenix, New Horizons Learning Center, and the Institute for Female Pelvic Medicine. 

Maddox Property Management & Sales, Inc. took over management of the property earlier this year, and will continue to lease and manage the property moving forward.