New Classic buys HP's PCH Building
Thomas Russell -- Furniture Today, February 10, 2011
HIGH POINT — Case goods and upholstery importer and manufacturer New Classic Home Furnishings has purchased a showroom building here, the PCH Building at 135 S. Hamilton St., with three floors and 30,000 square feet.
New Classic also has purchased a 10,000-square-foot building directly behind that property, at 305 E. Commerce Ave. for future expansion.
The company said the purchase was a cash deal that closed Jan. 18. County tax records indicate that the PCH Building was sold for $3.5 million and the smaller building for $595,000.
New Classic bought the PCH Building from the Genova Family Trust and the Galardo Family Trust and the smaller building from Frank and John Turano. Michael Galardo, who was a co-owner, said his upholstery company, Elite Leather, will move to another space to be determined before the April market.
About two years ago, New Classic had left the High Point Market to focus on the Las Vegas Market. It returned to High Point in October, and said it received a good response from dealers and decided to commit to the market.
"The volume of visitors we saw in the showroom was phenomenal," said Michele McPherson, vice president. "It can only get better from here. It only confirmed our decision to come back."
She said the company's sales have grown at an average of about 30% a year in the past five years. In recent years, the company's parent also has doubled the size of its Chinese case goods factory and has added capacity for New Classic dining room and upholstery.
"We are continuing to grow and believe this is a great investment for our future business," said Jean Tong, company president and owner. "The key buyers still go to High Point."
New Classic also has a new warehouse and distribution center in nearby Greensboro, N.C., to serve East Coast accounts and has added about 20 reps in the past 90 days, bringing the total to 75, officials said.
The company will begin showing in the new High Point building in April. The space will accommodate about 85% of the company's line, officials said, adding that they will expand into the additional square footage as the need arises.
Staff Writer Heath E. Combs contributed to this report.
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New Classic buys High Point showroom building
Jan 26, 2011
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