ORION Investment Real Estate announced Tuesday the sale of The Cornerstone shopping center in Tempe, Ariz., located on the NEC of Rural Road and University Drive adjacent to Arizona State University. The 117,351-square-foot center sold for $28,556,152 to Cornerstone Retail, L.L.C., a commercial real estate entity affiliated with YAM Properties which was founded by Valley businessman Bob Parsons.
The transaction was negotiated by Ari Spiro, Sean Stutzman and Andrew Harrison of ORION Investment Real Estate based in Scottsdale.
The Cornerstone is part of a five-building complex located at one of the most recognizable intersections in the Southeast Valley. The property is adjacent to ASU’s University Center and Athletic Performance Center. The shopping center which was 90 percent occupied at the time of the sale, is anchored by Tempe Improv and is home to notable tenants including ASU, Buffalo Wild Wings, Fast Med Urgent Care, and Raising Canes.
ORION’s President Ari Spiro noted, “This is a landmark property at the gateway to Tempe and Arizona State University on a 10.7 acre lot. Locations like this rarely trade. Tempe is undergoing a building boom with no less than half a dozen cranes dotting the skyline.”
The Seller in the transaction was Cornerstone Center 99, LLC, an Arizona limited liability company, owned by ACF Property Management Inc. based in Sherman Oaks, California.