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BUYER: Ax Fla Office LP, Winnipeg (principals: Armin and Cornelius Martens, Edward Warkentin and James Green), Winnipeg, Manitoba, Canada
SELLER: Ryan Cos. US Inc.
PROPERTY: 13830 Circa Crossing Drive, Brandon
PRICE: $20.5 million
PREVIOUS PRICE: $1.61 million, March 2009
LAW FIRM ON DEED: Dorsey & Whitney LLP, Minneapolis
PLANS, DESCRIPTION: Artis Real Estate Investment Trust purchased the 107,463-square-foot Mosaic Florida headquarters building for $20.5 million.
The price equated to $191 per square foot.
The four-story building, completed last year, was nationally recognized for its low energy and water consumption and environmental impact. The 7.9-acre property also features room for a future expansion of up to 11,402 square feet.
The Ryan Cos. US Inc. developed the building to house 400 employees for Mosaic, which has an agreement to lease the property until at least 2020.
Artis mortgaged the property to CIBC Inc. for $12.3 million.
The Mosaic building was purchased at the same time Artis acquired the Hartford Corporate Plaza in New Hartford, N.Y., and the Humana Building in the Phoenix metro area.
“We are very pleased with the acquisitions and believe they enhance the overall quality of Artis' portfolio,” Armin Martens, CEO of Artis., says in a press release. “All three properties are 100% leased to strong credit-rated tenants on long-term leases with contractual rent escalations. This represents an excellent opportunity to acquire great assets at very reasonable prices.”
Artis is a Canadian real estate investment trust focused on office, industrial and retail properties. Its commercial portfolio has more than 12.6 million square feet in 134 properties. The majority of those assets are in Canada, with 11.1% in the United States.
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