Samson to purchase Hamilton Square building
June 27, 2013-- Furniture Today,
HIGH POINT - Samson Investment Holding entered into a contract last month to buy the Hamilton Square building here at 101 S. Hamilton St.
A document filed with the Guilford County Register of Deeds provides for a closing date of June 27, but doesn't include a purchase price for the 113,000-square-foot building.
Kevin O'Connor, president and CEO of Samson Marketing, said due diligence is proceeding but that nothing has been decided about what will be the best use for the property.
Samson's home furnishings brands have other showrooms around High Point, including Universal Furniture and Craft master Furniture at 2622 Uwharrie Road, Legacy Classic at Plaza Suites C-100 and Lacquer Craft USA at 115 S. Hamilton St.
"Obviously we believe in the High Point Market and that's the market to be at. We thought that was an attractive piece of real estate," O'Connor said. "At this point we are in an open discussion of how to utilize the building."
The showroom building was owned by McDonald Capital Properties Alpha, LLC, an entity controlled by developer C. Wayne McDonald. It was purchased for about $7 million in 2006.
Last year McDonald filed for Chapter 7 bankruptcy protection. Southern Community Bank - which merged with Capital Bank last year - was the largest secured creditor.
In February, Capital Bank won an auction for the property with a "credit bid" - a bid of its secured indebtedness against the purchase price - of $2.6 million after high bidding at auction topped out at $1.4 million, according to Register of Deeds documents.