Phoenix – A limited partnership formed by Artis REIT in Winnipeg, Manitoba, Canada (TSX:AX.UN, Armin Martens, CEO) paid $38.6 million ($252.90 per foot) to buy a 152,629-square-foot office building at 6811 E. Mayo Boulevard in Phoenix. The seller was MG-Mayo Boulevard II LLC, a company formed by Miller Global Properties LLC in Denver, Colo. (Myron Miller, chairman). The sale was brokered by Chris Toci and Chad Littell of Cushman & Wakefield of Arizona Inc. in Phoenix and Mike Beall of Cassidy Turley in Phoenix. The four-story office project, called North Scottsdale Corporate Center II, is 95 percent occupied. Jerry Noble, Pat Devine and Greg Mayer of C&W have the leasing assignment. Records show AX NSCC L.P. (the Artis REIT entity) acquired the Mayo Boulevard project with a $21.23 million loan from U.S. Bank. The property is on the western edge of Scottsdale and was originally located in an unincorporated area of Maricopa County. The project was developed in early 2008 by Opus West Corp. in Phoenix. Continue reading
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