The sale of Merchandise Mart Properties (MMPI) High Point holdings appears to be imminent, according to recent filings.
An entity called Highpoint Acquisition Corp. made a purchase offer of $139.5 million for Market Square, the National Furniture Mart, Hamilton Market and several other buildings. The offer exceeds the appraised value of the properties.
High Point's International Home Furnishings Center (IHFC) today reached an agreement to sell the IHFC building for $275 million, with an expected close date of April 29. Investment firms The Related Companies, a key financial backer of the World Market Center in Las Vegas, and Bain Capital signed a confidentiality agreement regarding the deal, indicating that they were participants.
According to a report in Furniture Today, "Industry speculation has been that the WMC owners would acquire the three large High Point properties, uniting much of the industry's market showroom capacity under a single owner and manager."
