Artis REIT Acquires 1.7M SF Wisconsin Office Portfolio
Artis REIT will acquire a portfolio of 16 office properties in Madison, WI, for $260M. The portfolio includes 1.7M SF GLA with an additional 8.3 acres of development land. The properties are 87% leased to more than 130 tenants, including TDS Telecom, whose HQ is at 525 Junction Rd (above). The acquisition is set to close in two phases; the first, slated for June 13, will include 14 properties; the two remaining purchases close in August.
Winnipeg-based Artis is in the midst of a non-core asset disposition. In May, the trust sold its 85% interest in Whistler Hilton (above), a stake that totaled 30k SF, for $28.7M. It also disposed of Crosstown North, a 120k SF industrial property in Minnesota's Twin Cities, for $7.4M. In April, the REIT sold Cranbrook, BC’s Tamarack Centre, a 288k SF retail property, for $41.5M. The trust says it plans to redeploy the proceeds into higher-yielding acquisition and development opportunities.