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Artis Pays $37M for 152,000-SF Office

PHOENIX-The Canadian REIT's buy of North Scottsdale Corporate Center II puts it close to being a 1-million-square-foot commercial real estate holder in the region.

By Amy Wolff Sorter | Updated on September 15, 2013

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.

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