A $250 million development project is underway in west Phoenix, involving the acquisition of nearly 100 acres of land. The project includes a 1.3 million-square-foot industrial park, along with 14,000 square feet of restaurant and retail space on approximately seven acres. The first phase, featuring four buildings with a total of 670,000 square feet, is expected to begin construction in 2023. A second phase will include a 556,000-square-foot warehouse, with LGE Design Build leading the construction. The project aims to make use of vacant land along the Loop 101 in Phoenix and potentially serve as a western gateway to the city, bringing job opportunities to the area.
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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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