Investment Overview

Marcus & Millichap is pleased to present the opportunity to acquire fee simple interest in the fully stabilized retail/showroom condo located at 135 S Main St, High Point, North Carolina. The newly renovated showrooms are occupied by quality tenants including Karat Home, Inc. (Z Gallerie), The Phillips Collection, and High Point Exhibition. With a weighted average lease term of over four years, all leases feature 3% annual escalations and two, 5-year renewal options. The property offers a substantial upside opportunity with the potential to finish basement area totaling roughly 8,500 square-feet. Ownership is actively evaluating the feasibility of converting the space into additional showroom square footage to further increase income. Located in the heart of downtown High Point’s Market District, the condo sits between the International Home Furnishings Center (3.5 million square feet) and The Showplace (400,000 square feet), both of which serve as anchor venues for the High Point Market. Located within the Piedmont Triad, the region is comprised of Greensboro, Winston-Salem, and High Point, with a total MSA population of 1.7 million people. The metropolitan area is connected by Interstates 40, 85, 73, and 74 and is served by the Piedmont Triad International Airport. The Triad is known for its growing technology sector, which includes the Wake Forest Innovation Quarter, a highly interactive, 200-acre, master-planned innovation community developed to support life science and information technology research and development. The Triad area is also notable for large textile, tobacco, and furniture operations. The region has a workforce of over 835,000 and boasts 16 colleges and universities with more than 115,000 students. High Point has been deemed the “Furniture Capital of the World” and is base to large trucking, logistics, and warehousing businesses that support the textile industry.