Highstreet Ventures Inc., a Canada-based developer, acquired an 18-acre site in Buckeye, Arizona, for $9.3 million to build a 510-unit apartment complex featuring studios, one-bedroom, and two-bedroom units with a clubhouse and pool. The site is within Buckeye’s Verrado area and part of a 2,100-acre hub called The Landing, which the city plans to develop as a major activity corridor. Nearby developments include a Costco-anchored shopping center, a proposed mixed-use project, and a power center led by Vestar. In other news, major developments in the Phoenix area include expansions in retail, restaurants, wellness studios, and data centers, as well as a manufacturing facility expansion by Bright Innovation Labs in Coolidge. These projects reflect the region’s growing appeal as a commercial, residential, and industrial hub.
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A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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