Deal in works to acquire High Point showroom buildings, report says

Potential buyer not identified

Furniture Today Staff -- Furniture Today, January 14, 2011

HIGH POINT — A blockbuster real estate deal is in the works that would put High Point's three largest showroom complexes under a single ownership, according to a story in the High Point Enterprise.

The newspaper said the deal would combine the International Home Furnishings Center, Showplace, and buildings owned by Merchandise Mart Properties Inc.

The newspaper story did not name a potential buyer.

Showplace and the MMPI buildings have been struggling financially of late, and both of their current owners defaulted on loans on the properties. Showplace was placed in receivership in August 2009 and the MMPI properties went into receivership in November.

The three showroom complexes represent more than 60% of the approximately 10 million square feet of showroom space in High Point.