High Point’s Showplace in Receivership
Owners default on $81 million note
By Larry Thomas, Furniture Today -- Gifts and Dec, 8/25/2009 11:39:00 AM
High Point, NC — Showplace and four other downtown showroom properties in the furniture market town have been placed into receivership by a Guilford County judge after its owners defaulted on an $81 million note.
According to documents filed in Guilford County Superior Court, the Charlotte, NC-based firm of Lincoln Harris LLC has been named to manage the properties while they are in receivership.
The court filing doesn’t say how much of the note is in arrears, but says the note holder, Bank of America, can take possession of the property and “receive all rents and other income” if the owners default.
Typically, a property is placed into receivership while foreclosure proceedings are underway until it can be sold, but it wasn’t immediately clear if the Showplace properties are on the market.
The receivership involves Showplace and Showplace West at 101 S. Main St., as well as smaller showroom buildings at 200 N. Hamilton, 320 N. Hamilton and 330 N. Hamilton. All told, the properties have about 950,000 square feet of showroom space, including about 470,000 square feet in Showplace. It’s the third largest group of showroom properties in High Point, after the International Home Furnishings Center and Merchandise Mart Properties Inc. holdings.
The properties were sold in the fall of 2005 to a pair of local investors, Maurice Hull and Coy Williard, and a private equity group.
We would love your feedback!
-
Agreement Reached for Sale of High Point's Showplace
Apr 18, 2011 -
High Point's Showplace to be Sold
Mar 4, 2011 -
High Point Showroom Deals Set
Mar 17, 2011 -
Capstone Buying Majority Stake in Showplace
Aug 26, 2009
Featured Company
-
Brandwise Inc.
Brandwise serves a model - not just an industry - by integrating, automating, and optimizing the entire sales channel, from wholesale Suppliers to their Reps and the Retailers they service. In short, our software helps Reps and Suppliers sell more and create... more
VIEW ALL GALLERIES
