Artis Real Estate Investment Trust has entered into a new joint venture agreement with Nuveen Real Estate for the development of Park Lucero East, a USD 58 million state-of-the-art industrial development project in the Greater Phoenix Area, Arizona. The project is expected to comprise three Class A industrial buildings totaling approximately 561,000 square feet. Artis will develop the project as a 10% general partner. Construction is expected to commence in first quarter of 2021.