PHOENIX—ORION Investment Real Estate announces the sale of The Cornerstone shopping center in Tempe located on the northeast corner of Rural Road and University Drive adjacent to Arizona State University. The 117,351-square-foot center sold for $29 million to Cornerstone Retail, L.L.C., a commercial real estate entity affiliated with YAM Properties which was founded by Valley businessman and Go Daddy founder Bob Parsons. 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, CA.
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% 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 tells GlobeSt.com, “The buyer is active in the Tempe submarket, owning close to 400,000 square feet. We thought this asset was a natural, strategic fit. And both sides walked away extremely happy. The seller bought this property 15 years ago at a fraction of the price. I don't think you could find a more recognizable asset at a more recognizable intersection in the state. 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.”
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