CBRE Facilitates Sale of 7 Vance Avenue in Memphis, Vacant Industrial Building Primed for Redevelopment
02 Nov 2020
Memphis, Tenn. – November 2, 2020 – Carlisle, LLC has purchased 7 Vance Avenue, a vacant 225,000-square-foot industrial building in the historic South Main Arts District in Memphis, for $3.15 million from Drapac Capital Partners.
CBRE’s Austin Ehrat represented the seller in the transaction.
The industrial property has sat vacant since the early 1990s and will be redeveloped by the new owner. The 7 Vance Avenue purchase is the third sales transaction over $3 million within the last year in the immediate South Main Arts District area, which has sold for the purposes of future development. This illustrates the appeal of Downtown Memphis from both local and national developers.
“It is a very pleasing outcome,” said Max Cookes, Executive Director of Property at Drapac Capital Partners. “We sold it to the most logical buyer in the market: Carlisle Corporation. With their major project One Beale up the road, and a local team of experts, we knew they would have the skill sets and experience to maneuver through a complex project of this nature.”
Mr. Cookes added, “The South Main area of Memphis has a great future with further growth potential. We are big believers in this Memphis market. It has fantastic bones, sits contiguous to Downtown Memphis, fronts the Mississippi River, and has the famous Beale Street running through it. It is also made up of all sorts of interesting industrial buildings, high-quality restaurants and landmarks such as the National Civil Rights Museum and the Peabody Hotel. There are some great Memphis developers who have executed on first-class projects, such as the Central Station Redevelopment, The Tennessee Brewery and now One Beale.”
With CBRE’s success at 7 Vance Avenue and 316-324 S. Front Street, Drapac Capital Partners has decided to engage CBRE to market their 2.15 acre development site located at 509 B.B. King Blvd.
“Our site sits directly opposite the brand-new Wiseacre Brewery, which looks absolutely fantastic,” said Mr. Cookes about the site on B.B. King Blvd. “Given all the high-quality development projects in the area, we are excited to see how the market responds to this asset.”
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.