Drapac Capital Sells Walgreens-Anchored Site in Memphis for $3M
Drapac Capital Partners has completed the $2.7 million sale of 2 N. Main Street in Memphis, TN to Studio Capital. The property is anchored by a Walgreens flagship, which encompasses the ground floor and basement of the building.
Located in Memphis’ Central Business District, the 23,362-square-foot asset was purchased by Drapac in 2015 for $715,000. While the lower level is occupied by Walgreens, the vacant second floor offers up to 10,000 square feet of leasable space. The site was sold at a 5.5% capitalization rate, with Walgreens remaining in a long-term lease. The company recently undertook an extensive internal renovation of the store, converting it to a flagship location.
The site is the fourth Memphis property sold by Drapac in recent months. In February, Drapac sold 509 S. B.B. King Boulevard to developer Capital Square for $2.8 million. The firm also traded assets at 7 Vance Avenue and 324 South Front Street.
Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group.
When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.