Artis REIT Nabs Another Local Property for $5.8M
Winnipeg, Manitoba-based Artis Real Estate Investment Trust on Thursday announced $84.4 million worth of new acquisitions-including the Plymouth Corporate Campus, for which it has agreed to pay $5.8 million.
The 83,617-square-foot industrial showroom complex is located at 1725 Xenium Lane North and is 100 percent occupied by tenants including Tile by Design and United Operations, Artis said. The deal is expected to close in early July.
The building was constructed in 1978 and sold to Edina-based Plymouth Corporate Campus, LLP, in 2004 for $4.76 million, according to Hennepin County tax records. It has an estimated market value of $4.3 million, records show.
The purchase is the most recent in a series of investments that the trust has made in the Twin Cities market-and the news comes roughly one month after Artis announced plans to buy the 605 Waterford Park office building in Plymouth for $25 million and a portfolio of five local shopping centers for $28.3 million. Artis said on Thursday that it has closed on those transactions.
Several media outlets reported that Artis bought 25 commercial buildings last year in the Twin Cities from San Francisco-based AMB Property Corporation for $115 million. Those buildings, which were estimated to comprise half of AMB's local properties, total 2.3 million square feet.
Artis isn't the only one taking action in the commercial real estate market-although perhaps it is moving most quickly. A recent survey of 50 local real estate professionals showed signs of optimism for the next two years, despite an anticipated increase in land prices and building materials.
In addition to the Plymouth Corporate Campus, Artis on Thursday announced plans to buy the following properties: 201 Westcreek Boulevard in Ontario ($34.4 million); Union Hills Office Plaza in Phoenix ($27.1 million); and the Aluma Systems Building in Alberta ($17.1 million).