DMB Associates Inc. sold a 3.21 AC parcel in its $1B One Scottsdale development to Denver’s Grand Peaks for $22.75 M. Grand Peaks aims to erect a 5 story building with 280 apartments and a 6.5 story parking garage. One Scottsdale’s master site plan includes provisions for 1,250 units on 120 AC, with multiple developers involved. The luxury condo project Portico by Belgravia Group Ltd is over 70% sold, with a second phase planned. One Scottsdale, also featuring non-residential projects, has 40 AC left for potential further developments.
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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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