The International Market Centers (IMC) has purchased the 1987 Commerce and Design (C&D) building, a nine-story building measuring 250,000 sf in downtown High Point, North Carolina, which currently houses 27 permanent tenants showcasing furniture and home décor. With the C&D acquisition, IMC now owns and operates 14 of the primary showroom buildings in the heart of High Point Market, spanning more than 6.7 million sf.
“Our acquisition of the C&D building adds further depth and strength to our showroom footprint in High Point,” said Bob Maricich, CEO of IMC. “The building has a strong tenant base and is an important addition to our portfolio.”
The C&D building is located across from the Suites at Market Square, with an entrance in the covered walkway connecting IMC’s Main Street buildings and the Market Square and Suites complex.
This is the first acquisition of a High Point building since 2011, when IMC purchased five buildings, including Showplace, Showplace West and three North Hamilton Street showroom facilities.
Since then, IMC has invested more than $27 million in building upgrades and service enhancements to ensure the future vitality of the market.
“We are committed to providing the most compelling, effective and efficient venues,” said Maricich.
The company has earmarked nearly $2 million for the C&D building over the next five years for upgrades, maintenance and other improvements. Other financial details of this transaction were not disclosed.
Related Story: Investors announce merger of High Point and Las Vegas Markets