Feb. 29—HIGH POINT — Metal Works of High Point has a new out-of-state landlord, but the company itself is still under local control.

Owner and President Jonathan Hall said Wednesday that Florida investment firm New Market Strategies acquired only its real estate holdings and not its business in a transaction last week.

"We are committed to being here. This is in no way any move to get out of these facilities or anything like that," Hall said. "Operationally, nothing changed. It put us in a very strong financial position to expand and keep growing the company. It's going to be a great thing for us and our employees and our customers."

Metal Works, a metal components manufacturer founded in 1992, sold its properties at 918 W. Martin Luther King Jr. Drive and 1245 Hickory Chapel Road for $6.9 million and signed a long-term lease with the new owner to remain at both, Hall said.

"The numbers made sense," he said. "It frees up some cash for growth without having to go out and get outside financing with high interest rates. It's a triple-net lease. They're responsible for the roof and structures. We handle pretty much everything else."

Metal Works has around 50 employees and intends to add more to staff its new powder-coating line at the Hickory Chapel Road facility.

"We really wrapped that up kind of late last year, so we're really just ramping up that facility," Hall said. "We'll be looking to add about 10 to 15 people in the near future as that line ramps up."

Metal Works' largest customers are in the power generation, construction equipment and office and institutional furniture industries.

"We're fortunate that we're seeing these growth opportunities," he said.