High Point Showroom Buildings Sold for $139.5 Million
April 1, 2011,
HIGH POINT, N.C.-An entity called the High Point Acquisition Company has purchased the the showroom buildings Market Square Complex, Hamilton Market, 300 S. Main Street, Furniture Plaza, Plaza Suites, and the National Furniture Mart from MMPI properties for $139.5 million.
These buildings and tradeshow spaces encompass 2.1 million square feet and represent some of the best known locations and properties within the High Point Market. The buildings had been in receivership since late last year, according to press reports.
"This acquisition brings long-term stability to these assets and their operations," said a statement from High Point Acquisition Company. "This transaction is backed by a well-capitalized investor who believes in the growth trajectory of this industry and the ongoing success and vitality of the High Point Market."
In January, it was learned that the International Home Furnishings Center, another High Point showroom building, had reached an agreement to be sold to a group called IHFC Acquisition Company.
The industry has speculated that the competing World Market Center in Las Vegas is behind the deals. A World Market Center spokesperson did not immediately respond to questions regarding its involvement in the purchase.
The statement from High Point Acquisition Company said that a transition leadership team has been established and will be led by Chief Transition Officer Randy Eller, a long-time furniture industry consultant, along with Steve Johnson, vice president of administration/assistant general manager. They will be supported by Brian Bunch, vice president of leasing/assistant general manager, Karen Olson, vice president of marketing, and Paul Sperano, director of operations, who are all on-site in High Point.
The spring High Point furniture market opens on Saturday.