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State of Tennessee Real Estate Asset Management


Real Estate Management

This section of Asset and Lease Management functions as the real estate agent of Tennessee state government. It manages a variety of real estate transactions including the purchase and disposal of all real property except for highway right-of-way. The main types of transactions include:

• Land Acquisition

The land may be vacant, as in the case of large forestry tracts for the Department of Environment & Conservation, or the land may be improved with structures, such as residential properties required for student housing by the Tennessee Board of Regents.

Rights of ownership can be purchased by the State in accordance with the provisions of Tennessee Code Annotated, 12-1-106. Additionally, the Governor has the authority to accept by gift any interest in real property on behalf of the State.

• Disposal of Surplus Properties

When a property is no longer needed by the occupying state agency, alternate uses and the needs of other agencies are considered. If the facility is in fact surplus to state requirements, it is then offered for sale in a sealed bid process and sold at fair market value or higher. The disposal of any interest in real property requires the approval of the Commissioner of F& A, the Governor, and the Attorney General, as provided in Tennessee code Annotated, Section 12-2-112.

Follow the link Surplus Land for Sale to see state-owned properties currently for sale.

• Land Leasing

Occasionally, the state needs to acquire or dispose of a property by lease. A typical example is the leasing of a scenic tract adjacent to a state park in order to enhance the park and protect it from commercial development.

• Transfer of Jurisdiction

When one state agency has a need for property vacated by another, Real Estate Management handles the transfer in a formal document signed by the commissioners of both agencies.

• Easement

Often, the state needs to acquire utility and access easements across adjacent privately owned land, or to grant such easements across state-owned land. Once again, Real Estate Management prepares and executes the legal documentation.

• License Agreement

Real Estate Management processes the necessary formal documents for real estate agreements that generally do not involve ownership rights. The use of equipment space on a telecommunications tower is one example.