Drapac Capital Sells Corner Mixed-Use Building in Downtown Memphis for $2.5M

MEMPHIS, TENN. — Drapac Capital Partners has sold its final Memphis asset, a four-story mixed-use building located at 44 S. Front St. A local investor acquired the property for $2.5 million and intends to operate the property for residential use. Austin Ehrat of Newmark represented Drapac in the transaction. The 22,922-square-foot building is located in downtown Memphis at the corner of Front Street and Monroe Avenue and features six apartments, ground-floor retail space and a full basement. The 1925-era property, which once housed the Mid-South Cotton Growers Association, was fully leased at the time of sale. Drapac Capital originally purchased the property in 2016 for $820,000.