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1.8M SF Houston Business Park Picked by Artis
Artis Real Estate Investment Trust (“Artis” or the “REIT”) entered into a conditional agreement to sell Park 8Ninety, an industrial property located in the Greater Houston Area, Texas. The site is located at the intersection of Beltway 8 and US 90A.
The REIT is under contract to sell Park 8Ninety to KKR for $234.2 million, representing a price per square foot of $128. The transaction is expected to close in the second quarter of 2024.
Park 8Ninety was developed in five phases between 2017 and 2022 and comprises 12 buildings that total 1,823,410 square feet of leasable area. They were developed in partnership with Trammell Crow Company, but Artis bought out its partner and has been the sole owner.
Artis is a diversified Canadian real estate investment trust with a portfolio of industrial, office and retail properties in Canada and the United States. Artis’s vision is to become a best-in-class real estate asset management and investment platform focused on value investing.
- ◦Sale/Acquisition
