IMC Closes on More High Point Properties

July 31, 2011  by in UnCategorized   

By Home Furnishings Business in High Point on August 1, 2011 International Market Centers has closed on acquisition of five more furniture showroom buildings in High Point.

The purchase of Showplace, Showplace West and three North Hamilton Street showroom facilities marks the culmination of $1 billion investment that unites Las Vegas and many of the High Point home furnishings showrooms under one ownership group and management team. Financial details of the transactions, which were initially announced on May 3, were not disclosed.

IMC's portfolio now comprises 18 buildings spanning more than 11.5 million gross square feet, including key showroom assets such as the International Home Furnishings Center, the Market Square Complex, Showplace, Showplace West and three North Hamilton Street showroom venues in High Point as well as all of the World Market Center buildings in Las Vegas.
 
IMC is holding its first Las Vegas Furniture Market events as a combined entity this week, followed by the company's first involvement at High Point Market, Oct. 22-27.

"We are pleased that this unprecedented combination of properties is complete, and that these attractive assets have come together under one structure and management team," said Robert Maricich, CEO of International Market Centers. "With the addition of these five premier facilities to our portfolio, we can now devote our focus to our primary mission--creating the most effective, efficient and compelling platform for our industry. We look forward to working with our wide range of business partners to develop a world-class business-to-business platform for both buyers and sellers in the furnishings, home decor and gift industries."

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.