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July 17, 2019
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AZ Creative Office Campus Sells for $46 Mil

6/25/19

In a recent AZ office buy, Strategic Office Properties, a wholly owned subsidiary of TPG Real Estate, purchased The Circuit, a 185k sf, adaptive re-use office project in Tempe, for $46 mil ($249/sf). The property is located at the intersection of the Loop 101 and Loop.

Situated on 16 acres at 615 S. River Dr in Tempe, The Circuit is 100% occupied by two national credit tenants: Oscar, the countryís fastest growing health insurance startup, leasing 139.7k sf, and On Q Financial, a leading online provider of mortgage tools, leasing 44.6k sf.

The Circuit was sold by EverWest Real Estate Investors and CarVal Investors, who completed a $14 mil redevelopment of the asset between July 2014 and September 2016. The renovation transformed the project from a 1982-built semiconductor building into an ultra-modern office concept.

Directed by design and architecture firm Gensler, interior amenities at The Circuit include 17-foot ceilings, 14-foot floor-to-ceiling windows and more than 60 skylights to maximize natural light. The Circuit also features a host of indoor-outdoor amenities such as glass roll-up doors, large landscaped patios and outdoor entertainment areas. The projectís parking ratio, at 7:1,000, is approximately 40% higher than most other office buildings in the market.

EverWest and CarVal were represented in the deal by Chris Toci of Cushman & Wakefield. EverWest has an active track record of successful creative office renovations spanning major markets across the West. In addition to The Circuit, these include LINQ in Redondo Beach, California; Junction 23 in Denver, Colorado; The Quad in Scottsdale, Arizona; and UpCycle in Austin.




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