Canadian REIT Pays $79M For Eco-Friendly Ariz. Office

Law360, New York (May 30, 2012, 7:41 PM EDT) -- Winnipeg, Manitoba-based real estate investment trust Artis REIT has snagged an eco-friendly office tower in Scottsdale, Ariz., from Clarion Partners and Trammell Crow Co. for $79 million, the company announced Wednesday.

While the purchase was financed in cash, Artis said it plans to put a new mortgage on the property at a later date, which the current deal's broker CBRE Group Inc. will help secure. The transaction gives the REIT a LEED-certified building to add to its growing portfolio of U.S.-based office and industrial properties....
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