Artis REIT has closed on its previously announced sale of nine U.S. industrial properties for US$197.4 million.

Six of the assets, totalling 822,393 square feet, are located in the Greater Phoenix Area. The other three, properties comprise 317,646 sf and are situated in the Twin Cities area (Minneapolis-St. Paul) of Minnesota.

The $197.4-million purchase price equates to U$173 per square foot. The properties had approximately US$58.8 million of mortgage financing at the time of the sale.

“This portfolio sale is one further step in our overall disposition strategy that has been in place for the past two years,” said Sami Manji, the Winnipeg-based REIT’s president and CEO.

Artis will use the sale proceeds to pay down its large debt. Manji said recently that he expects the REIT to complete $1 billion of divestments this year.

In its recently released second-quarter report, Artis said that it has disposed of, or agreed to sell, $1.1 billion of assets since launching a strategic review in 2023.

Pictured: Recently sold Park 8Ninety in the Greater Houston Area.

Photo: Artis REIT