Dick Sarns runs NuStep and the Pondview Company that recently purchased land for a possible future expansion.
Lon Horwedel | AnnArbor.com
NuStep, incoperated by Dick Sarns and his wife in 1997, manufactures no-impact exercise equipment. The company recently won a Presidential E Award for contributing significantly to United States export efforts.
Sarns, who is still CEO of NuStep, said he didn’t have any immediate plans for the property, which includes a 33,040 square-foot building.
“The action was taken to ‘protect our flank’ so to speak,” he said. “It’s for the future of NuStep, but we don’t have plans to do anything with it at the moment other than to own it and maintain it.”
The Sarns family were the original developers of the 55 acre research park, and they sold the property to Hyundai in 1986. The building served as Hyundai’s engine testing facility until 2005 when the company expanded and moved its operations to the current location in Superior Township.
“We live here, it’s right next door, and we decided we wanted it back,” Sarns said.
“It’s a structurally sound building, and we think it will make an excellent addition for possible future expansion of NuStep.”
The $1.6 million dollar purchase by the Pondview Company was made with the help of Peter Allen of Peter Allen and Associates.
The property has an assessed value of $1,352,800, giving it an estimated market value of $2.7 million.
The building had been listed for rent at a rate of $335,180 per year by Doug Fura of NAI Farbman Real Estate.
Ben Freed covers business for AnnArbor.com. Reach him at 734-623-2528 or email him at benfreed@annarbor.com. Follow him on twitter @BFreedinA2