Alpha World Properties, LLC (AWP), Purchases Market On Main High Point Building For Over $8 Million
Furniture World Magazine
Alpha World Properties, LLC (AWP), has successfully closed on the Market on Main showroom for more than the asking price. The property, which listed for $7,850,000 but sold for $8,074,890, was owned by Parker-Jones-Kemp, LLC and was purchased by Mountain Pines, a Wyoming limited partnership.
“Everyone should be encouraged to look at the vitality of the High Point real estate market and know that it is the place to be,” said Mayor Becky Smothers. “I think everything going on—from the Furniture Market to DELL and FedEx—reflects a stability in our economy that would make showroom and distribution a safe investment.”
Optimally located in the Home Furnishings Capital of the World™ at 233 S. Main St., Market on Main is adjacent to the International Home Furnishings Center. The building is six stories tall with approximately 60,000 sq. ft. of space and has been fully leased since it was built in 1998. The building’s three tenants include Huntington Furniture Industries, Inc., Orleans Furniture, Inc., and Rivers Edge Furniture Co., LLC.
Audie Cashion, the procuring co-listing broker and President of AWP says, “High Point showroom buildings compete favorably on the national and international real estate market as investments, as evidenced by Market on Main being a more than full price sale and other successes such as that of Vornado Realty Trust’s investment and expansion in High Point showroom space in excess of $150 million.”
According to Cashion, buildings like Market on Main represent excellent opportunities for investors. “There are no setback requirements in High Point’s Central Business District and properties are used primarily only four weeks out of the year, so there are minimal maintenance or improvement expenses incurred,” he reports. “There has been a waiting list for centrally located showroom space and the Piedmont Triad was named the second best real estate market in the nation by Expansion Management Magazine so you couldn’t get a better investment.”
Loren Hill, President of High Point’s Economic Development Corporation said, “High Point is called the Home Furnishings Capital of the World™ for a reason, we have the infrastructure here, we have the players here, we have the history here, but we also have the future here.”
As a native of High Point and having marketed North Carolina manufactured furniture for more than 11 Years to Europe, the Far and Middle East, it was no surprise to Cashion that investors realized the intrinsic worth and stability of commercial real estate here in High Point and started pushing the sales price above the original listing price. His sales prospects included major Real Estate Investment Trusts (REITs), institutional and private investors from around the world, as well as, exhibitors who show in High Point during Market.
“Using our fast-track international marketing campaign we started securing offers within 82 days,” said Cashion, a broker and investor in real estate. In addition to having a great product, what ultimately closes a property like this is the amount of business units—or unique contacts—a firm makes in a concentrated amount of time. As a member of CCIM (www.ccim), FIABCI (www.fiabci.com) and utilizing the latest technology, we were able to broadly market throughout the U.S. and internationally to investors and professionals in more than 60 different countries. This included two days in Brussels for the FIABCI World Congress on our honeymoon,” added Cashion.
For more details, AWP’s website is www.AlphaWP.com or you can reach Audie Cashion at 336.886.8899.
About Alpha World Properties, LLC: Alpha World Properties based in High Point, North Carolina, is a highly personalized, commercial real estate brokerage firm focused exclusively on fast-track marketing, property and site location, and sale leaseback transactions. As a native of High Point having extensive international business experience and living abroad, Audie Cashion is dedicated to the dynamic and smart growth of the Piedmont Triad and North Carolina, and is currently a candidate for the prestigious CCIM (www.ccim.com) designation.