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Brought to you by Home Furnishings Business
Major High Point Properties, Las Vegas Under One Umbrella
May 2,
2011 by in UnCategorized 
By Home Furnishings Business in Acquisition on May 3, 2011
Real estate from the two largest home furnishings markets have come together to create one network of showroom space under the moniker International Market Centers and with a $1 billion investment.
That investment unites showroom assets in High Point, N.C., and Las Vegas.
IMCs portfolio, initially comprised of 13 buildings and encompassing more than 10.6 million gross square feet, includes the International Home Furnishings Center and the Market Square Complex (consisting of eight properties) in High Point as well as all of the World Market Center Las Vegas buildings. Financial details of the transactions were not disclosed.
IMC has also reached agreement to acquire five additional buildings encompassing nearly one million gross square feet including, Showplace, Showplace West and three North Hamilton Street showroom venues in High Point. Upon the closing of this transaction, IMC will own and operate a total of 18 showroom buildings spanning 11.5 million square feet. Closing is expected within 60 days.
IMC is majority owned by funds managed by Bain Capital Partners and a subsidiary of certain investment funds managed by Oaktree Capital Management, L.P. Related Companies, Bassett Furniture Industries (NASDAQ: BSET) and affiliates of Network World Market Center are also investors in the company.
We'll have more once the press conference in High Point wraps up.