August 29, 2012
On the 29th of August U.S. Bank and Artis, based in Canada, announced that they closed a $ 43 million loan for Artisâ€™ acquisition of MAX at Kierland office building from Scottsdale, Arizona.
The building was built in the year of 2008 and is of 258,312 square feet, Class A. It consists of 6 stories Class A office room built on 6.7 acres of land and has been certified by LEED and has been designed a 100% Energy Star. It is the 3rd deal of the U.S. Bank closed with Artis.
In 2011 Canadian investors have been making up 35% of all foreign investments in US commercial real estate, while only 4 years ago it was only 19%. John Besse, EVP of Commercial Real estate from U.S. Bank declared that in the recession period, Canadian REITs, stayed strong, and today they have a very good position to gain new property. He also said that the best prospects for their portfolio are in the U.S.
For eight years now, Artis has had an aggressive but yet disciplined growth strategy, creating a portfolio of commercial real estate in Canada and the United States, focusing mainly on the West of Canada.
Artis is a Canadian investment trust offering funds in office, retail and industrial real estate. Artisâ€™ commercial real estate includes no less than 20.4 million square feet of leasable area in 196 properties. Portfolio: 4.9% located in Saskatchewan, 8.4% in British Columbia, 15.3% in Ontario, 17.7% in Manitoba and 24.8% in the U.S.
U.S. Bank has $ 353 billion in assets and is the parent company of U.S. Bank National Association, which is the 5th largest commercial bank in the U.S. The company has 3,080 banking offices in 25 states and has 5.085 ATMs, providing a complete line of banking, insurance, investment, brokerage, mortgage, payment and trust services to their customers, institutions and businesses.