Canadian Firm Sells Phoenix Industrial Portfolio for $151 Million Article originally posted on Phoenix Business Journal on August 14, 2024 A big industrial portfolio has traded hands in an all-cash deal for $151 million in metro Phoenix. Canada-based Artis Real Estate Investment Trust sold off six properties in the Valley to Radnor, Pennsylvania-based real estate investor EQT Exeter. The deal was part of a larger sale worth $197.4 million including the Phoenix area buildings that total 822,393 square feet as well as three properties in the Twin Cities, Minnesota area totaling 317,646 square feet. “This portfolio sale is one further step in our overall disposition strategy that has been in place for the past two years,” said Samir Manji, president and CEO of Artis, in a statement. Artis is headquartered in Winnipeg. The facilities had nearly $60 million in mortgage financing at the time of the sale, according to an announcement by Artis REIT on Aug. 12. The acquisition closed on Aug. 12 covering five transactions in Mesa, Tempe and Gilbert, according to Maricopa County land records. The Phoenix-area sales included: Superstition Springs Commerce Center: A nearly 80,000-square-foot facility developed in 1996 at 1250 and 1350 S. Clearview Ave. in Mesa, sold in two transactions for $9.1 million and $4.9 million. Roosevelt Commons: A 160,710-square-foot facility developed in 1986 at 2611, 2625, 2631 S. Roosevelt St. and 530 W. Alameda Drive in Tempe, sold for $31.4 million. Park Lucero: The Park Lucero project totaling 581,935 square feet was developed starting in 2015 and was sold in four transactions: 220, 330, 340 E. Germann Road in Gilbert ($42 million) 250 E. Germann Road ($22.7 million) 280 E. Germann Road ($25.6 million) 300 E. Germann Road ($16 million) Proceeds from the sale to EQT Exeter are expected to reduce overall debt for Artis, which has offices in Canada and the U.S. “With a stronger balance sheet and enhanced liquidity, we can pursue growth opportunities, enabling us to grow net asset value per unit and ultimately maximize value for our owners,” Manji said in his statement. Sales volume of industrial properties in the Valley reached $843 million in the second quarter, according to Colliers International research. That represents the highest sales level in the past six quarters and outperformed Q2 of 2023 by nearly 45%. So far this year, industrial sales in metro Phoenix have totaled $1.3 billion, a 22.5% increase compared to the first half of last year, Colliers said. Editor’s note: This story was updated to include two additional transactions that were part of the overall portfolio sale.