PHOENIX-Business Real Estate Weekly reports that Artis REIT has struck a deal with Miller Global Properties LLC to acquire the 152,629-square-foot North Scottsdale Corporate Center II. The Canadian buyer out of Winnipeg, Manitoba paid $38.6 million to the Denver-based seller for the 95%-leased office building.

GlobeSt.com reported in 2007 that Miller Global had acquired the building at 6811 E. Mayo Blvd. from developer Opus West Corp. for $35.2 million. The property had been in shell condition at the time; the idea was that Miller Global would complete interior build-out to tenant requirements, then sell the asset once it was stable.

Back to the present day, BREW notes that the transaction means Artis REIT has invested approximately $248 million in the area and owns 956,158 square feet. The buyer is actively seeking more investment opportunities in the Phoenix area, as well as in other US markets.