Auction of Atrium furniture showroom set for April 25
Furniture Today Staff -- Furniture Today, April 8, 2013
HIGH POINT — The Atrium furniture showroom will be up for auction again, this time at the tail end of the April High Point Market.
The building is set to be auctioned off on April 25, according to building owner Steve Ikerd of Hickory, N.C.-based Ikerd Enterprises. The auction will take place at 11 a.m. at the building's 430 S. Main St. location.
Ikerd told Furniture/Today he has had a basic bottom bid of $2 million for some time. He said the company will entertain other bids, but if no others match that amount, it would accept the figure as part of an absolute auction process, which would cover basic financial obligations on the building.
"We would like to get a better bid, but if we don't, we will bow out," he said. "I am 73 years old and am past ready to retire. I live in Hickory and don't have the time and effort to spend in the building. I have employees there, but it is not the same as managing it yourself."
Ikerd most recently tried to auction the 221,590-square foot, four-story building last year. At the time a minimum bid was set around $5.5 million. However, an auction in May failed to yield an acceptable offer and Ikerd kept it listed for about six months also roughly in the same price range.
Built in 1984, the building sits on just under three acres and has at least 150 parking spaces. On that site, it also has acre and a half expansion area and the building can also go up another two floors.
Ikerd said he remains optimistic based on the recent interest in High Point real estate.
"We think the economy is better now than it was (during last year's auction and listing process). "There has been some interest and some bids on several of the (showroom) buildings. We know there are people shopping."
The auction will be conducted by Stephen Jax & Associates of Greensville, S.C.