VIZZDA–May 30th, 2012 – The MAX AT KIERLAND–a 6-story office tower at 16220 N Scottsdale Rd in Scottsdale–was sold by Trammell Crow Company for $79m or $306/SF to Artis, a REIT based in Winnepeg. The tower contains 258,312 SF of energy-efficient class A office space: buyer reports
“… it was the first building in North Scottsdale to obtain LEED Core and Shell certification, and is on track to receive a 99% Energy Star rating. This property enjoys an exceptional parking ratio of 3.5 stalls per 1,000 square feet, and includes a three-level underground parking garage.”
The building was developed in by Trammell Crow in joint-venture with ING Clarion. Trammell Crow purchased the 7.09 AC lot from Prudential Insurance December 16th, 2005 for $13.5M and borrowed $52,831,200 from La Salle Bank for the construction. Trammel Crow sold off a 0.39 acre bank pad for $2.85M on November 3rd, 2009. Barry Gable of CBRE represented both Trammell Crow and Artis in this deal.
UPDATE: On August 29th, 2012, US Bank announced that it had issued a $43m loan to Artis to finance the acquisition of MAX at Keirland. John Besse, EVP of Commercial Real Estate for U.S. Bank provided insight into the funding decision via press release:
“During the recession, Canadian REITs, which previously didn’t have much exposure to U.S. real estate, remained healthy…Today, they are well positioned to acquire new real estate and the best opportunities to add to their portfolios are in the U.S. We are pleased to partner with Artis to execute that strategy.”