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| The Circuit, intersection of the Loop 101 and Loop 202, Tempe, AZ |
PHOENIX, AZ, June 24, 2019 – EverWest Real Estate Investors and CarVal Investors have
completed the $46 million sale of The Circuit, a 185,000-square-foot
adaptive re-use office project located at the intersection of the Loop 101 and
Loop 202 in Tempe, Arizona.
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| Chris Toci |
“The Circuit was
designed to attract large, creative office users and it has been a textbook
execution of that strategy,” said EverWest Managing Director for the West Coast
Amr Ceran.
“Our
successful redevelopment and lease-up here, combined with The Circuit’s
high-profile location, garnered significant institutional interest and led to a
strong sale that will bring benefit to all parties.”
“The
conversion of this project from a dated manufacturing facility to the
innovative, collaborative space you see today is truly transformational,” added
CarVal Investors Managing Director Mark Kunkel. “That bodes well for the
future of these two dynamic tenants.”
The Circuit is 100
percent occupied by two national credit tenants: Oscar, the country’s fastest
growing health insurance startup, leasing 139,700 square feet, and On Q
Financial, a leading online provider of mortgage tools, leasing 44,600 square
feet.
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| Mark Kunkel |
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.
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| Amr Ceran |
The Circuit also features a host of indoor-outdoor amenities such as glass roll-up doors, large landscaped patios and outdoor entertainment areas.
The
project’s parking ratio, at 7:1,000, is approximately 40 percent higher than
most other office buildings in the market.
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.
Contact:
Stacey Hershauer
1+ 480.600.0195
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