{"id":1004333444,"date":"2019-06-25T07:57:13","date_gmt":"2019-06-25T15:57:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004333444"},"modified":"2019-06-25T07:57:13","modified_gmt":"2019-06-25T15:57:13","slug":"metro-phoenix-creative-office-sells-for-46m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/metro-phoenix-creative-office-sells-for-46m\/","title":{"rendered":"Metro Phoenix Creative Office Sells for $46M"},"content":{"rendered":"
\"The<\/a>

The Circuit. Image courtesy of EverWest Real Estate Investors <\/em><\/p><\/div>\n

Strategic Office Properties, a TPG Real Estate subsidiary, has purchased The Circuit, a 185,000-square foot office property in Tempe, Ariz. EverWest Real Estate Investors and CarVal Investors sold the adaptive reuse project for $46 million. Chris Toci of Cushman & Wakefield worked on behalf of the sellers.<\/p>\n

Located at 615 S. River Drive on 16 acres at the intersection of loops 101 and 202, the former manufacturing facility is now a single-floor creative office space. Following a $14 million redevelopment process that took a little more than two years to complete, the 1982-built asset currently houses two national credit tenants. Oscar, a health insurance startup, leases 139,700 square feet and mortgage tools provider On Q Financial occupies the remaining 44,600 square feet.<\/p>\n

Amenities at the Gensler-designed building include 17-foot ceilings, 14-foot floor-to-ceiling windows and more than 60 skylights that maximize natural light. The Circuit also features landscaped patios, outdoor entertainment areas and a parking ratio of seven per 1,000 square feet, which is roughly 40 percent higher than other office buildings in the same market.<\/p>\n

EverWest has an active track record of office renovations in major markets across the West, including The Quad in Scottsdale, Ariz., which is approximately 8 miles northwest. A Vancouver REIT purchased the 14-building property<\/a> in 2017. <\/p>\n","protected":false},"excerpt":{"rendered":"

EverWest and CarVal Investors completed the sale of The Circuit, a 185,000-square foot, fully occupied adaptive reuse project in Tempe, Ariz. <\/p>\n","protected":false},"author":238,"featured_media":1004333447,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,1601,15],"tags":[39825,32799,40101,33012,36767],"class_list":["post-1004333444","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-phoenix","category-west","tag-chris-toci","tag-cushman-wakefield","tag-everwest-real-estate-investors","tag-gensler","tag-tpg-real-estate"],"acf":[],"yoast_head":"\nMetro Phoenix Creative Office Sells for $46M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/metro-phoenix-creative-office-sells-for-46m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Metro Phoenix Creative Office Sells for $46M\" \/>\n<meta property=\"og:description\" content=\"EverWest and CarVal Investors completed the sale of The Circuit, a 185,000-square foot, fully occupied adaptive reuse project in Tempe, Ariz.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/metro-phoenix-creative-office-sells-for-46m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2019-06-25T15:57:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/06\/TheCircuit-Hero.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Laura Valean\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/metro-phoenix-creative-office-sells-for-46m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/metro-phoenix-creative-office-sells-for-46m\/\",\"name\":\"Metro Phoenix Creative Office Sells for $46M - 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