The former Motorola and Onsemi campus in Phoenix has received final zoning approvals for a new industrial campus, permitting various commercial and industrial uses on about 70 acres. Once a semiconductor hub employing thousands, most of the site’s demolition is expected to conclude by Q4 2024. Rebranded as AZUL Development, the site overseen by Baker Development Corp. offers potential for 2 million square feet of space, with extensive power infrastructure and adaptable zoning. With infrastructure work completed, the property is poised for immediate development, attracting multinational corporations with its prime location near the airport and transportation routes. Rezoning and site preparation have accelerated discussions with potential employers, positioning the site as an attractive prospect for corporate campuses and data centers alike.
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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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