Cornerstone Retail, LLC, an affiliate of YAM Properties, purchased The Cornerstone, a 117,351 square-foot retail center located at NEC Rural Rd & University Dr in Tempe.
The property was 90-percent occupied at the time of the sale. Icon Lasik and IHOP are scheduled to open in the coming months.
Founded by Bob Parsons, YAM Properties is a commercial real estate investment group which now owns +/-372,000 square-feet of space in the downtown Tempe area. Properties include The Cornerstone, Centerpoint on Mill, Tempe Town Center, and Hayden Station.