Downtown’s Royal Furniture building, located at 122 South Main between Peabody and Gayoso Avenues, has been purchased by S Main 122 LLC, led by owner/developer Tom Intrator of New York.
Built in 1948, the approximately 65,000-square-foot property has historically served as a retail showroom for Royal Furniture.
Prior to acquisition of 122 South Main, Tom Intrator recently purchased 18 South Main, the subject of a concerted effort for redevelopment by the Downtown Memphis Commission (DMC) since 2017. Intrator has been active in the Memphis market since 2013, owning seven apartment properties locally totaling 1,630 units.
“I was originally attracted to Memphis for multifamily opportunities, but upon experiencing and studying the market, I found great opportunity in a variety of Downtown real estate,” said Intrator. “This Royal Furniture space is particularly compelling for ground-floor retail and either hospitality, residential, or office space above. We aim to use discretion in verticality—building up, not out. The property sits on the trolley line in the core of Main Street and is blocks from historic Beale Street and Orpheum Theater and the reimagined riverfront. We’re exploring all options and view this as a great opportunity for the continued revitalization of Downtown Memphis.”
18 Main, LLC has enlisted the services of Andrew Turf’s CBRE retail team, based in Los Angeles, with activity spanning New York, London, St. Louis and Nashville, to attract tenants to the Downtown Memphis footprint.
“We don’t just want to fill this space—we want to create something remarkable. Memphis’ and Downtown’s growing demographics warrant a concerted recruiting effort for something dynamic, kinetic and sustainable, and I believe Andrew’s team’s outside perspective will be a valuable asset.”
Royal Furniture intends to continue occupying 122 South Main.
“With the momentum that is currently growing in Memphis, Downtown is increasingly attractive to investors,” said Jennifer Oswalt, president and CEO of the Downtown Memphis Commission. “We welcome the opportunity to work with developers like Tom who have real vision, not just in property acquisition but in supporting and enhancing the local culture of Downtown through thoughtful tenant-mix and experiences.”