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Drapac Capital Partners Exits Memphis with Sale of Final Downtown Asset for $3M
Drapac Capital Partners has sold 44 S. Front Street, its final Memphis, TN asset, to a local investor for $2.5 million. The 22,922-square-foot, four-story building is slated for continued residential use.
Austin Ehrat with Newmark represented ownership in the transaction.
Purchased by Drapac in 2016 for $820,000, 44 S. Front Street features an art deco-style with ground-floor retail space, six apartment units and a full floor-plate basement. The 1925-era building, which was formerly home to the Mid-South Cotton Growers Association, is currently fully leased with existing zoning allowing for diverse uses, including short-term rentals.
The deal follows Drapac’s rsale of 2 N. Main Street for $2.7 million to CA-based Studio Capital in June. In February, the firm sold 509 S. B.B. King Boulevard in the city’s South Main Historic District to developer Capital Square for $2.8 million. Drapac has also traded assets at 7 Vance Avenue and 324 South Front Street.
- ◦Sale/Acquisition
