PHOENIX—CBRE has negotiated the sale of Tempe Towne Centre located at 20 E. University in Tempe, AZ. The 21,737-square-foot multi-tenant, class A office property commanded a sale price of $5.25 million and was 95% occupied at time of sale.

Barry Gabel and Chris Marchildon with CBRE's Phoenix office, in conjunction with CBRE's National Loan Sale Advisory Group, represented the seller, Brookfield Asset Management of Toronto, Ontario, Canada. The buyer was Tempe-based Tempe Towne Center LLC, a holding company owned by YAM Management, who negotiated on their own behalf. This purchase marks YAM Management's second property at the prominent University and Mill intersection, having previously acquired Centerpoint on Mill in the fall of 2013.

“This transaction is just another indicator of the unique strength of the Tempe market and the continued improvement of the Phoenix-metro area in general,” said CBRE's Gabel. “With its infill location and strong tenant rent roll, Tempe Towne Centre is an excellent investment opportunity in a thriving submarket and compliments the buyers other recent purchase of Centerpoint on Mill just west of the building.”