The Circuit Adaptive Reuse Trades for $46M

The adaptive reuse project in Phoenix was redeveloped into a creative office project three years ago.

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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