NewswireToday - /newswire/ -
Phoenix, AZ, United States, 2010/10/07 - Sunbelt Holdings has sold a 440,168-square-foot cross-dock distribution building in Goodyear, Ariz., to Sub-Zero, Inc. a Wisconsin–based manufacturer of refrigerators, freezers and wine storage units - Subzero.com.
Sunbelt Holdings purchased the completed building in July 2010 as part of an acquisition of real estate assets from SunCor Development Co, with the intention of selling the building to a quality industrial user.
Sub-Zero selected the building at Palm Valley 303 because it was fully completed, saving the time to design and build a new facility. Sub-Zero currently operates another 165,000-square-foot facility in Phoenix that produces its integrated line of refrigeration along with the wine storage and undercounter refrigeration. The Goodyear facility is meant to handle production of a new line of refrigeration the company intends to introduce, to streamline production and consolidate manufacturing for the Madison-based appliance company. Sub-Zero also considered Foreign Trade Zone status scheduled to be granted to Palm Valley 303 later this year.
“We are pleased that Sub-Zero chose Palm Valley 303 to expand its manufacturing,” said John Graham, President and CEO of Sunbelt Holdings. “Sub-Zero exemplifies the caliber of business we expect to attract to our premier business park through the next few years. Corporations have indicated Palm Valley 303 to be a highly-prized location along the Loop 303 near Interstate 10, as it provides easy transportation access to California, Texas and Nevada as well as throughout Arizona.”
Joe Porter, Pat Feeney, Dan Calihan and Rusty Kennedy of CBRE’s Phoenix office represented the seller. The buyer was represented by John Pompay and Tony Lydon of Cassidy Turley BRE in Phoenix.
The Sub-Zero building is the first to be completed in Palm Valley 303, a master planned business park along the new Loop 303. A multi-phased project, Palm Valley 303 spans 1,600 acres and is in planning to be one of the largest business parks in the Southwest. It is anticipated to take more than 20 years to complete with an integration of about 20 million square feet of office, retail, flex, R&D, and industrial buildings.
Sub-Zero, Inc. (subzero.com), is the leading manufacturer of American-made luxury refrigeration, freezers and wine storage units and it leads in product design with its built-in and integrated lines. Founded in 1945, Sub- Zero is a privately held company in its third generation of family ownership. Specializing in food preservation, Sub-Zero pioneered the concept of dual refrigeration and prides itself on being the first company to store frozen foods at ultralow, “sub-zero” temperatures. Wolf Appliance, Inc., is the premier maker of ranges, ovens, cooktops and grills and was among the first to introduce the convection oven into the residential market. It is based in a state-of-the-art production facility in Fitchburg, Wis. Both Sub-Zero and Wolf products are available throughout the United States and internationally.
Sunbelt Holdings (sunbeltholdings.com) is a real estate management, investment and development company dedicated to creating real estate projects that give back, both to its investors and the community. Headquartered in Scottsdale, its efforts are concentrated primarily in Arizona. The firm, which has also developed projects in California, Texas and Georgia, celebrated its 30th anniversary late last year. Sunbelt Holdings’ successfully developed commercial projects include Phoenix Gateway Center, which revitalized the 44th Street and Van Buren area, and Greenpark Medical Center in Texas. Their award-winning communities include Blackstone Country Club, Vistancia, McDowell Mountain Ranch, Johnson Ranch, The Legacy Golf Resort, Power Ranch, Superstition Foothills, Sonoran Foothills, Arizona Traditions and Surprise Farms.