- What Artis has closed its sale of Park 8Ninety
- Why The REIT agreed to sell the 12-property portfolio in May
- What next Proceeds will go toward reducing overall debt
Artis Real Estate Investment Trust has closed on its sale of Park 8Ninety near Houston, Texas.
The Winnipeg-based company agreed to sell the 12-property industrial portfolio totaling 1.8m sq ft for US$234.2m (C$320.5m) in May. The sale price represents a valuation of US$128/sq ft.
Park 8Ninenty was developed in five phases between 2017 and 2022.
The properties had US$59m of mortgage financing at the time of the sale. Proceeds from the sale will be used to reduce the firm’s overall debt.
