GBX, a historic real-estate investment company based in Cleveland, Ohio, has purchased two downtown buildings, marking their first incursion into the Knoxville market. Late last year the group acquired the building at 111 State Street, most recently home to the Old City Performing Arts Center and River & Rail Theatre Company. Now, in a sale brokered by Will Sims of Oliver Smith Realty, the group has purchased The Standard event venue at 416 W. Jackson Avenue from Dewhirst Properties.
Sims also brokered the sale of the adjacent building at 410 W. Jackson (formerly Sweet P’s), to Boghani Properties. Both Jackson Avenue buildings were developed by Dewhirst Properties in 2013.
I spoke to Mark Heinz with Dewhirst Properties who recalled being excited about the building and considered developing it as residential in 2013. Instead they found a use for it as an event center and he said it has been great with “many weddings and other memories” for many people in our community. He said they are excited to have the building in the hands of GBX because they know it will continue to be preserved. He also feels it will play a central role in a rapidly developing part of downtown over the next few years. He noted that everyone who has reserved the space for events will have their reservations honored by the new management…