Investment In Market On Green Promises High Returns

Furniture World Magazine

Market on Green, one of the premier market showroom properties in the central business district of High Point, is for sale. The property has been listed by Market on Green, LLC. “We have reached our objective in creating a world-class exhibition center. The buildings are 100 percent leased and profitable,” says Scott Parker, managing partner, who has agreed to stay on as a partner and manager of the property. “It’s now time for the building to enter a new phase in its life cycle.” Optimally located in the Furniture Capital of the World, on the south side of the International Home Furnishings Center (IHFC) at 212 E. Green St., Market on Green is six stories tall and approximately 174,000 sq. ft. in size. Fully leased since its opening in September of 2000, the building’s 22 tenants and their staggered leases are equally divided between American and international companies. Among them are Steve Silver Co., Shepherd Management Group, Inc., Oak Designs, Inc., Mueble Karaya Furniture, Inc., HM Richrards, Inc., TJ Furniture, Relax-R, CTL Leather, G. Romano, Inc., Niroflex, Chair Tech, Bedtime, B-Sail, Southern Traditions Two, Green Grass Furnishings, Corinthian Inc., Pembrook Chair, Country Road, CYM, the Good Companies, Bassett Mirror and Kemp Furniture. Included in its numerous amenities, the attractive property comes complete with one acre of off-site parking on West Grimes Ave. that offers 100 shuttle-serviced spaces. As a value-added benefit, the building serves meals and refreshments during the entire four weeks of Furniture Market to tenants and their customers. Market on Green is co-listed for $19.5 million by Alpha World Properties and Lyndrup International. Notes Audie Cashion of Alpha World Properties, “We already know that High Point exhibition buildings can compete favorably on the national and international real estate market as investments, as evidenced by the success of Vornado Realty Trust’s recent $135 million investment in High Point showroom space.“ “While fully leased, Market on Green’s location also makes it an ideal candidate for the creation of an iconic High Point showroom by a major international company seeking a presence in the United States,” says Mark Lyndrup of Lyndrup International. “We’ve already seen this approach executed successfully in High Point by leaders like Natuzzi, Hurtado, Bevan Funnel and Home Elegance. Interest by Asian companies, in particular, is high.” Given the high returns (10.34 percent capitalization rate and 12.85 percent cash-on-cash), according to Cashion, Market on Green would be an excellent investment for both Real Estate Investment Trusts (REITs) and private investors here and abroad. “There are no setback requirements in the central business district and the property is very new, so there are few maintenance, improvement or reserve expenses,” he says. “Plus, tenants are waiting in line for a building like this one and that’s what makes the Piedmont Triad the third hottest real estate market in the country for expanding and relocating companies. At the same time, the Market here in High Point will remain strong, given the number of visionary projects underway. They include the covering of the railroad, new nearby proposed condos, and the newly renovated train depot. You simply couldn’t ask for anything better.” About Alpha World Properties, LLC Alpha World Properties based in High Point, North Carolina is a highly personalized, commercial real estate firm focused exclusively on Fast-Track Marketing, Property & Site Location and Sale Leaseback Transactions. As a native of High Point having traveled and lived internationally, Audie Cashion is dedicated to the dynamic and smart growth of the Piedmont Triad and North Carolina. About Lyndrup International Lyndrup International is an independent consulting firm based in Holden Beach, N.C., with offices in High Point specializing in support, marketing, Internet services and commercial real estate related to the International Home Furnishings Market.