North Scottsdale’s First Green Building Commands $79M

By Alex Girda, Associate Editor Canadian players are joining the ranks of institutional investors finding opportunities in metropolitan Phoenix. Artis Real Estate Investment Trust has acquired MAX at Kierland, a 258,912-square foot, Class A office building in North Scottsdale. The Winnipeg, Manitoba-based REIT paid $79 million for the six-story building, which it acquired from a joint [...]

Canadian players are joining the ranks of institutional investors finding opportunities in metropolitan Phoenix. Artis Real Estate Investment Trust has acquired MAX at Kierland, a 258,912-square foot, Class A office building in North Scottsdale. The Winnipeg, Manitoba-based REIT paid $79 million for the six-story building, which it acquired from a joint venture of Clarion Partners and Trammell Crow Co.

Completed in 2008, MAX at Kierland was the first building in North Scottsdale to earn LEED Core & Shell certification. The owners tout such advantages as prominent signage of Scottsdale Rd., easy access to Loop 101, nearby high-end executive housing, and the local presence of more than 75 national and regional corporations.

When the sale closed, the property was 90 percent occupied by such tenants as Universal Technical Institute, APL Limited, Willis of Arizona Inc., Ameriprise Financial and Ryan Inc. A four-person team from CBRE Group Inc.’s Phoenix and Los Angeles offices arranged the transaction

Image courtesy of  maxatkierland.com