Powers sold the building following a restructuring of his company. In late 2006, he moved his operations to Airport Blvd.
"We downsized and got out of bidding new construction work," he said. The Plumbing and Heating Co. provides service, repair and long term maintenance for approximately 800 commercial accounts and over 2,400 residential customers. "Furnace installation and maintenance is a big part of what we do," he said.
The Plumbing and Heating Company has eight employees and four service vans. Powers said he is adding a fifth van in the coming weeks.
Ken Gerondale, president/CEO of CMI, said he was pleased to acquire a building well suited to their needs and located near the company's present location in Lemon Creek Valley. He said his company will maintain both properties. He expects to hire additional workers.
"The building sale negotiations went very well," Gerondale said. "We'll be occupying the new building in March."
Gerondale said his business is expanding along with the mines in the Juneau area. His company represents Hitachi, Volvo Construction equipment, and Ingersoll-Rand industrial and mining equipment.
Carlton Smith Company of Juneau facilitated the transaction. According to Carlton Smith, the sale is reflective of Juneau's healthy economy. "When high quality companies like CMI invests in a community, it is an excellent indication of economic health," said Smith, a life-long Alaskan and a commercial real estate broker since 1989.
He expects to see additional sales and acquisitions in the Lemon Creek area in the coming months.