International Market Centers (IMC) announced it has completed the acquisition of five additional buildings in High Point, N.C. including Showplace, Showplace West and three North Hamilton Street showroom facilities
The move marks the culmination of $1 billion investment that unites Las Vegas Market and many of the High Point Market home furnishings showrooms under one ownership group and management team. Financial details of the transactions, which were initially announced on May 3, 2011, 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 (consisting of eight properties), 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.
"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, Chief Executive Officer 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 décor and gift industries."
Maricich leads an IMC management team with more than 90 years of collective experience in the home furnishings and gift industries, including Tom Mitchell, President of Home Furnishings; Katherine Venezia, Chief Financial Officer; Randy Eller, Chief Integration Officer and Georgia Davis, interim President of Gift & Home Décor.
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.