Auction set for former Wood-Armfield store in High Point
Bids for five-story building due Monday
Clint Engel -- Furniture Today, June 29, 2007
HIGH POINT — The owner of the five-story former Wood-Armfield furniture store here are conducing an auction of the building, with sealed bids due by 5 p.m. Monday.
The 134,000-square-foot property at 460 S. Main St. is owned by the Kennett Family Limited Partnership.
In an e-mail solicitation, Audie Cashion, president of Alpha World Properties, which is marketing the building, announced “Seller must sell.” He said the building was earlier “priced aggressively to sell at $10.7 million,” and allows a “developer or furnishings company to buy for far below new construction costs and enjoy an almost immediate cash flow because average wholesale furniture market rates in High Point are $15 per square foot.”
Cashion said there have bee several interest parties including Asian manufacturers, non-profit organizations and “adaptive re-use developers,” which would look to create projects such as a small boutique hotel or apartments, with office space and some retail or restaurant use on the lower level. A developer from Charlotte with success in this area was interested in something along those lines, he said.
Wood-Armfield, a former Top 100 company led by Phil Kennett, filed for bankruptcy protection this past summer and subsequently went out of business. The real estate was owned separately and was not part of the bankruptcy, Cashion said.
Earlier this year Rose Furniture, another High Point retail giant, shut its doors for good after a failed reorganization effort.
