(WBIR - KNOXVILLE) The site of a Walmart, the parking garage and the land it sits on next to the University of Tennessee campus sold for $45.6 million, according to records filed Friday with the Knox County Register of Deeds.
University Commons, LLC sold the property to Knoxville Supercenter, a Delaware-based trust,
The 120,000-square-foot, two-story store, adjacent to the University of Tennessee campus at 2501 University Commons Way, opened in August 2014.
The land is assessed at $29.3 million, according to county property records.
Other businesses at the commercial center include a Publix, a VolShop and a PetSmart. They are not affected by the sale, records indicate.
Both Publix and Walmart signed 20-year leases when they agreed to locate on site, according to the developer.
University Commons was developed atop the former Fulton Bellows industrial site. After the plant closed, the land, considered a brownfield, sat unused for years. It has residual soil contamination.
The site, built atop a concrete slab, was redeveloped under state environmental requirements, including prohibiting installation of groundwater wells, ongoing monitoring of groundwater conditions and limited exposure to on-site soil.
