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Drapac Sells Memphis Development Site for $3M to House $65M Mixed-Use
Australia-based Drapac Capital Partners has sold 509 S. B.B. King Boulevard in Memphis’s South Main Historic District to developer Capital Square for $2.8 million.
Featuring an existing 33,000-square-foot vacant warehouse space, the 2.54-acre site is the future home of Butler Row, a $65 million mixed-use development consisting of 10,000 square feet of ground-level retail, 285 residential units and a 300-space structured parking garage. In partnership with local developer KRN Development, Capital Square will break ground on the project later this year.
Drapac initially acquired the asset in May 2016 for $775,000. The transaction marks the third site sold by Drapac in the Memphis market since November 2020.
“Downtown Memphis is experiencing a resurgence, as developers are drawn to this vibrant cultural hub that is rich in arts, music and history,” said Max Cookes, executive director of property at Drapac. “As more players enter the market, we’re pleased to see such strong returns on our investment.”
- ◦Sale/Acquisition
