Press Release brought to you by NAI Koella | RM Moore

NAI Koella | RM Moore Represents Seller In First Commercial Deal At Alcoa West Plant

10/10/2019

For Immediate Release

NAI Koella | RM Moore Represents Seller In First Commercial Deal At Alcoa West Plant

Knoxville, TN – Date [10/9/19] – A redevelopment of the Alcoa West Plant site takes a major step forward with the sale of 2.26 acres to an East Tennessee firm that plans to develop a Marriott-branded hotel on the site. 

NAI Koella | RM Moore represented the seller, Airport Center Development Partners, LLC, a Division of RESIGHT, on the transaction, which marks the first sale of property at the former West Plant site for a commercial project. The buyer was Gibson Hotel Management, a Knoxville-based hospitality company with more than 3,900 rooms under management and ownership.

Springbrook Farms a multi-use development on the site of the former ALCOA, Inc. West Plant consists of approximately 360 acres bounded by Mills Street, Pistol Creek, and Hall Road, lying directly across Alcoa Highway from McGhee Tyson Airport.

Gibson Hotel Management purchased a tract near the corner of Tesla Blvd and Alcoa Highway, and plans to develop a 90-bed hotel under Marriot’s Fairfield Inn and Suites flag. Construction is expected to begin in November of 2019, and the property is scheduled to come online in August of 2020.

“We believe Springbrook Farm is poised to become an essential destination for travelers and a hub of commercial activity in Blount County,” said Michael Gibson, founder and CEO of Gibson Hotel Management. “With a prime location across from McGhee Tyson Airport and tremendous visibility from Alcoa Highway (Hwy. 129), we anticipate that this hotel will be in high demand among business travelers working in Knoxville and Oak Ridge. It will also be a convenient lodging choice for tourists visiting the Great Smoky Mountains National Park.”

Springbrook Farm is a public-private venture that enjoys strong support from the City of Alcoa, and has already seen a significant amount of infrastructure improvements. The project’s main thoroughfare, Tesla Boulevard, opened in August of 2018 and the section of Highway 129 between Hall Road and Hunt Road is being rebuilt as a six-lane, access-controlled facility. In addition, a new interchange at Tyson Boulevard will provide access to McGhee Tyson Airport.

In 2017, a 1.7-acre parcel was sold to Springbrook Properties, which has developed a number of Craftsman-style homes along Mills Street and Lodge Street.

Since then, NAI and RESIGHT have focused on forging partnerships with commercial developers who recognize the unique opportunity at Springbrook Farm,. Currently, RESIGHT is under contract or in negotiations with developers for multi-family residential, single-family residential and restaurant projects.

RESIGHT is a nationally recognized industry leader in redeveloping distressed and impaired real estate, and Founding Member Mikk Anderson said the firm is excited to work with a well-respected hospitality partner with a long track record of successful ventures.

"We’re delighted that Gibson Hotel Management sees the great potential of Springbrook Farm, and we look forward to a successful partnership,” said Anderson. “Their investment highlights the strong momentum we’re seeing, and expect it will successfully kick off the next phase of development at Springbrook Farm.”

Maribel Koella, principal broker of NAI Koella | RM Moore, said RESIGHT's long track record of transforming former industrial land makes it a perfect fit for this project, and NAI is proud to work alongside them. “The West Plant Site has been a strategic asset for years, and we believe its redevelopment as a vibrant commercial center will benefit the City of Alcoa and residents of Blount County for decades to come,” Koella said.

About NAI Koella | RM Moore

NAI Koella | RM Moore is a full-service commercial real estate firm with international reach and local expertise in Knoxville and the surrounding markets. Maribel Koella, co-founded NAI Knoxville in 1983 and Roger M. Moore, second generation to Moore Real Estate, founded RM Moore Real Estate in 1995. In 2017, they combined their professionally trained brokers and property management services to provide a premier level of commercial real estate services. To learn more, visit www.koellamoore.com.

About NAI Global

NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of over 425 million square feet of property.  Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.

To learn more, visit www.naiglobal.com or www.naiglobalnewslink.com.

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NAI Koella | RM Moore

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