Wyoming group buys Market on Main
Larry Thomas -- Furniture Today, April 18, 2005
High Point — A Wyoming-based investor group has purchased the six-story Market on Main showroom building in a deal valued at slightly more than $8 million.
The new owners, a limited partnership called Mountain Pines, are making their first investment in High Point property, said Audie Cashion, the real estate broker who handled the sale.
Cashion said the final sale price wound up higher than the original asking price of $7.85 million because of the high level of interest in the building, which has been fully leased since it opened in 1988. He said he received more than 20 letters of intent and formal purchase offers.
"High Point showroom buildings compete favorably on the national and international real estate markets as investments," he said.
Market on Main, which sits next to the International Home Furnishings Center at 233 S. Main St., has about 60,000 square feet of showroom space. Principal tenants are case goods and occasional resources Huntington Furniture, RiversEdge Furniture and Orleans Furniture.
The building had been owned by an investor group that included real estate developer Scott Parker.
Another investment group headed by Parker also owns Market on Green, a 174,000-square-foot showroom building at Green and Hamilton streets. It also has been for sale for about a year, but Cashion said he has had dozens of serious inquiries about the property and is confident it will be sold soon.
