news-record.com

HIGH POINT — A group of investors has agreed to buy the International Home Furnishings Center, the largest showroom at High Point Market.

The 3.5 million-square-foot showroom will sell for about $275 million, according to a filing with the Securities and Exchange Commission.

IHFC Acquisition Co. is listed as the building’s buyer, according to the document.

Investors were not named directly, but a confidentiality agreement on behalf of investors includes Bain Capital Partners and The Related Cos., which is a known investor in Las Vegas’ World Market Center, the furniture market that has taken competitive aim at High Point Market.

Current owners of the building include Bassett Furniture Industries, Lincoln National Corp. and the R.B. Terry Charitable Foundation.

Bassett, which owns 47 percent of IHFC’s outstanding stock, reported to the SEC that it could earn as much as $75 million from its shares when the sale closes by April 29.

The filing said that in addition to selling its shares, Bassett is required to sign a five-year lease with World Market Center.

Financial problems have fueled rumors for months that High Point’s major furniture exhibition centers — IHFC, Showplace and showrooms owned by Merchandise Mart Properties — could be sold off separately or together in one deal.

Because the buyers appear to be linked to World Market Center, the sale raises questions about how the change would affect competition between IHFC and High Point Market.

Local market officials have been fighting the recession and Las Vegas competition with improved transportation, hotel rates and other programs to make High Point a more attractive place to do business.

Contact Richard M. Barron at 373-7371 or richard.barron@news-record.com