HIGH POINT -- An investment group closed on the purchase Wednesday of a former furniture factory complex in southwest High Point.
C&M Investments Inc., a local group of investors, bought the former Drexel-Heritage furniture factory and Henredon building along West Ward Avenue near Green Drive. The 22 acres were bought from Furniture Brands International, which shut down its furniture manufacturing there in late 2008, eliminating 300 jobs.
The deal involves three parcels, said Hal Craven, the president/principal broker of Craven Commercial Properties. Craven brokered the deal for C&M Investments.
The purchase includes the 265,000-square-foot factory at Ward and Green that was the main facility for Drexel-Heritage furniture production. C&M Investments also bought the former Henredon building covering 225,000 square feet and an adjacent parking lot.
C&M Investments envisions converting the buildings from use for manufacturing to distribution.
The sales price wasn't disclosed, though the properties sold by Furniture Brands International originally were listed at $2.4 million.
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