A Boulder-based home audio company liked the sound of buying a building near its existing facility.
Sterling Investment Partners LLC, a group affiliated with PS Audio, purchased a 26,767-square-foot office/research-and-development building at 4865 Sterling Court in Boulder for $5 million. The building is across the street from PS Audio’s existing facility and will provide room to expand.
At $186.79 per sf, the price was among the higher sales prices for a vacant building of its kind, according to John Gustafson, director at Newmark Knight Frank. Gustafson handled the transaction with Newmark Knight Frank Executive Managing Directors Riki Hashimoto and Dan Grooters.
“It’s a beautiful building, and we were blessed to be in a position to own our own building. We’re leasing right now,” said PS Audio President Jim Laib. “It gives us double our square footage.”
PS Audio specializes in high-performance home audio products. The extra room will accommodate the company’s growth, including the addition of speakers to its manufacturing process.
PS Audio expects to be in the new location by August.
An investment group called 4865 Sterling LLC, which includes owners of First RF Corp., sold the property. First RF, which relocated to a larger space in Boulder, had renovated the building in 2007. Upgrades included a large rooftop solar array.
John Gustafson
“The Boulder location and well-maintained property attracted numerous prospective investors and owner-users,” said Gustafson. Gustafson said PS Audio was a logical buyer, and, “We felt they were the strongest group to buy it.”
Paul Whiteside and Aaron Evans of NewOption Partners represented the buyer in the transaction.
Built in 1984, the building consists of a combination of office space and high-bay warehouse space with roll-up doors. There is 17,699 sf on the main level and 9,068 sf of second-level space.
