The Alterra 700 and Grizzly are very comparable but have a few differences. I’ve had a ‘08 Grizzly 700 as well as most models of Arctic Cat over the years.
The Grizzly will have a bit more power. I found the ride of the Grizzly stiffer than the Alterra. The Alterra has a standard 2” hitch and most other brands don’t offer anything there. They both have 4x4 locked but newer ACs don’t offer this anymore. Both are going to be very reliable. Eps on both is smooth and easy. The Grizzly is pretty easy to work on but I found the AC a little more open and accessible.
If I didn’t get the Alterra 550 XT I would have looked for a Grizzly 700 over the other brands as they are very similar and have what I like in an ATV.