Gentle Strength site in Tempe sold for $3.2M - East Valley Tribune: Tempe

Gentle Strength site in Tempe sold for $3.2M

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Posted: Wednesday, May 25, 2011 2:18 pm

An empty Tempe lot that once housed the Gentle Strength Cooperative and later was the site of the failed Mosaic condo tower has been sold. Brookfield Asset Management of Toronto bought the parcel at the northwest corner of University Drive and Ash Avenue for $3.24 million. Brookfield also owns an office complex and parking garages at 100 and 150 W. University Drive in the adjacent Centerpoint on Mill.

The lot Brookfield acquired housed Gentle Strength until it moved in 2007 to make way for Mosaic, a 21-story tower that would include a Whole Foods. The deal collapsed in the recession and was one of many high-profile projects affected by the bankruptcy of its lender, Phoenix-based Mortgages Ltd.

ML Manager, the successor of Mortgages Ltd., sold the land in a deal brokered by CB Richard Ellis. Brookfield has not announced plans or a timeline for the property.

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