Creation Equity, a Phoenix-based firm, is constructing Thunderbird Commerce Park, a 243,360-square-foot industrial building near Scottsdale Airport, slated for completion by early 2025. This $60 million project aims to address the Northeast Valley submarket’s shortage of industrial space, particularly in the highly desired Scottsdale Airpark submarket. Featuring modern amenities like 51 truck doors, 32-foot clear heights, and EV charging stations, it targets tenants across various sectors including pharmaceuticals, aerospace, electric vehicles, semiconductors, distribution, and showrooms. Thunderbird Commerce Park represents Creation Equity’s commitment to developing the Phoenix metro area, adding to their portfolio of projects such as the Midway Commerce Center and Ten85.
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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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