Canada CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Cross Border News  + Alberta & Prairies + Canada  + Industrial  | 
Photo of building in Phoenix area industrial complex.

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

Connect

Inside The Story

Artis REITEQT Exeter

About Monte Stewart

Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate. Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s. In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star. Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.

  • ◦Lease
  • ◦Sale/Acquisition
  • ◦Development
  • ◦Financing
New call-to-action