Ultimate Electronics’ headquarters building off Interstate 25 in Thornton will be sold at a bankruptcy auction Thursday, and the company’s new owners plan to bid on it.
Ultimate Acquisition Partners LP, headed by Mark Wattles, in April acquired the businesses and assumed leases for 32 stores nationwide, including nine in Colorado.
The seller is Ultimate Electronics Inc., which is in bankruptcy liquidation.
Regardless of who is the successful bidder, the Ultimate Electronics retail store will stay put because the company has a 15-year lease for the space, said Randy Baumberger, president and chief operating officer of the new Ultimate. No employees will be laid off.
“We will come out of this either a tenant or a bidder, or we may decide to relocate our corporate offices,” he said.
CB Richard Ellis is conducting the auction, which will include 338,651 square feet of office, warehouse and retail space on 36 acres just west of Interstate 25 off the 84th Avenue exit.
The building can be expanded by up to 62,000 square feet. The minimum bid for the property is $14.3 million.
An additional 12 acres to the north is available separately.
Wattles purchased Ultimate’s stores for $43.6 million in cash and $3.5 million in a note yielding interest of 7 percent.
Staff writer Margaret Jackson can be reached at 303-820-1473 or mjackson@denverpost.com.
