
Artis Sells Arizona Warehouse Complex for US $99.6M: Report
Artis REIT has sold a three-building industrial complex in Gilbert, Ariz., for US$99.6 million, according to a report.
Gilbert is part of the Phoenix region. Pennsylvania-based EQT Exeter bought the property, known as Park Lucero East, the Gilbert Sun reported while citing data from commercial real estate deal tracker Vizzda.
Built in 2021, the 562,920-square-foot complex sits on 36.7 acres, with buildings ranging in size from 102,325 to 317,058 sf. The transaction price translates to approximately US$176.93 per sf.
Winnipeg-based Artis is one of Canada’s largest diversified REITs, with a portfolio of industrial, office, and retail properties spanning Canada and the United States. Over the past two years, the REIT has been executing a disposition strategy to help reduce its large debt load.
As a result, Artis has sold more than $1-billion worth of assets in Canada and the U.S.
EQT Exeter operates globally, speciallizing in industrial, office, and residential properties.
Pictured: Building in recently sold Lucero Park East industrial portfolio, located in the Greater Phoenix Area.
Photo: Artis REIT
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