Baker Realty Company – Thornton Records Strong 2016 and 2017 Start
February 7, 2017, Knoxville, TN
Baker Realty Company, a leader in the Industrial Real Estate market in the East Tennessee Valley Region, finished 2016 very strong in industrial property sales and leasing. Bob Thornton of Baker Realty was involved in the disposition of 39 properties totaling approximately 1,750,000 square feet of manufacturing and warehouse space for the year, recording over $25 million in transactions. Already in 2017, the he has brokered 417,000 square feet totaling $8.7 million, including leasing 350,000 square feet to Honda in Loudon, TN. “We tend to stay ahead of the curve as it relates to industrial real estate activity in this region”, said Thornton. For over 35 years Baker Realty has worked very hard to build a reputation of being most knowledgeable in the market to better serve their clientele. “Because of our knowledge and experience, we are constantly called upon to represent companies looking to expand, relocate, or dispose of industrial property in the area”, Thornton said. Some of Baker’s recent transactions in the Knoxville area includes: IMCO Building, 605,000 Sq. Ft.; A & S Building, 207,000 Sq. Ft.; MAG USA Buildings, 106,000 Sq. Ft.; Prosser Road #3 Building, 80,000 Sq. Ft.; Caryville Building, 60,060 Sq. Ft.; and the Flowers Bakery Building, 59,000 Sq. Ft.
Overall, Knoxville experienced a very robust industrial real estate market in 2016, as did the nation as a whole, which has carried over into 2017. Sales and values continue to trend upward and vacancy rates downward to below 3%, with construction being relegated solely to build-to-suit facilities and expansions and speculative construction still virtually nonexistent. Thornton finished by saying, “based on 2016 and 2017 activity and the push for expansion in the national manufacturing sector, we are optimistic about 2017. It’s our opinion that Knoxville and the East Tennessee Valley‘s location, diversified industrial base, and favorable business environment, will remain a popular relocation destination for companies looking to relocate or expand to the Southeastern U.S.”
Bob Thornton, SIOR
Baker Realty Company