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.
- ◦Sale/Acquisition
