HIGH POINT, NC -- Furniture showrooms with a combined 5.6 million square feet of space, are on the verge of getting new owners.
The International Home Furnishings Center (IHFC) and MMPI, two of the biggest hosts of showrooms for the biannual High Point Furniture Market, reportedly have been sold for a total of $414.5 million.
Ironically, the two buildings could have connections to Las Vegas, home city of the Las Vegas Market, arch rival to High Point as the world's largest furniture exhibition.
The 3.5-million-square-foot IHFC, is High Point's largest of more than xx showrooms. A group calling itself IHFC Acquisition Company has offered $275 million for the building and assumption of debt.
The Greensboro News & Record reported that a confidentiality agreement filed on behalf of IHGC Acquisition Company includes Bain Capital Partners and The Related Companies. The latter is an investor in Las Vegasâ World Market Center.
The IHFC sale could prove huge for Bassett Furniture of Bassett, VA, which reportedly owns a 47% interest in the building. Bassett reportedly stands to collect $75 million in the sale. According to Furniture Today, the deal will require Bassett to lease space at the Vegas market.
Furniture Today also reported that $139.5 million has been offered by High Point Acquisition Company, also believed to have Las Vegas Market connections, to buy the Merchandise Mart Properties in High Point. These include the National Furniture Mart, Market Square, Hamilton Market, and other buildings totaling more than million square feet of space.
The MMP properties have been in receivership and subject to court administration.
The next High Point Furniture Market is scheduled for April 2-7.
Posted by Rich Christianson
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