Artis REIT buys North Scottsdale Corporate Center II for $38.6m

Vizzda – September 12, 2013 – Artis REIT purchased the North Scottsdale Corporate Center II from Miller Global Properties for $38.6m or $253.53 per ft2 with $17.37m down and $21.23m debt with US Bank. Peter W Savoie, managing principle and chief investment officer of Miller Global Properties, and Kirsty Stevens, chief administrative officer for ARTIS REIT, closed the deal.

North Scottsdale Corporate Center II, occupied by Choice Hotels, is located at 6811 E Mayo Blvd in Phoenix, just south and west of the intersection of Scottsdale Rd and Loop 101 and just west of the Shops at Chauncey Ranch. The four-story class A office was built by Opus West Development in 2007 on 8.70 acres. The office totals 152,249 ft2 per Global Properties.

Opus West acquired this property as 8.70 acres of vacant land on December 19, 2006 for $4,422,323 or $11.67 per ft2 from the Tom Chauncey and John F Rasor, doing busing as Westranch Land. North Scottsdale Corporate Center I, a nearly identical building occupied by Republic Services, was sold on June 27 of this year by AEW Capital Management to Oaktree Capital for $47.6m or $312.83 per ft2.

Edward Moore
Director of Research

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