EverWest Real Estate Investors and CarVal Investors have sold the Circuit, a 185,000-square-foot adaptive reuse project for $46 million. The property is located at Loop 101 and Loop 202 in Tempe, Arizona, and was sold to a subsidy of TPG Real Estate.

The sellers acquired the property in 2014, and over three years, invested $14 million to redevelop the asset into a creative office property. As a result, the property is 100% leased to a roster of credit tenants.

Chris Toci of Cushman & Wakefield represented the seller in the deal.

 

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.