Judge approves sale of High Point's Showplace

Heath E. Combs -- Furniture/Today -- Casual Living, 5/5/2011 11:53:39 AM

GREENSBORO, N.C. — A court here approved the sale of High Point's Showplace building and related properties today, setting up the final step in the blockbuster deal bringing major showroom properties in High Point and Las Vegas under a single ownership and management.

Judge Edgar E. Gregory said in a court hearing that the price for Showplace was about $43 million, although an attorney in the case said it was a little higher.

Attorneys declined to comment after the hearing, however, and had not filed any documents spelling out the purchase agreement. A closing date was not given.

Officials with International Market Centers, the new entity that will control the World Market Center in Las Vegas and the International Home Furnishings Center, the former Merchandise Mart Properties Inc. holdings and the Showplace properties in High Point, said earlier this week they expected a closing on Showplace within 60 days.

Showplace and four other downtown showroom properties - Showplace West and smaller buildings at 200 N. Hamilton St., 320 N. Hamilton St. and 330 N. Hamilton St. - were placed in receivership in 2009 after its owners defaulted on an $81 million note.