A new large industrial building, Thunderbird Commerce Park, is set to be completed by early 2025 near Scottsdale Airport, addressing the shortage of industrial space in the Northeast Valley submarket. With 243,360 square feet, the $60 million project aims to meet the needs of modern tenants in various sectors including pharmaceuticals, aerospace, electric vehicles, and semiconductors. Featuring 51 truck doors, 32-foot clear heights, and other amenities, it promises to be a significant addition to Scottsdale’s industrial landscape. Developed by Creation Equity on an 18-acre site secured through a 99-year ground lease, the project targets completion in late 2024 or early 2025. Additionally, Creation Equity is involved in other projects across the Phoenix metro, including Midway Commerce Center in Chandler and Ten85 in Buckeye. Nearby, Mack Real Estate Group plans to start early construction on a massive industrial park at Loop 101 and Bell Road, further enhancing the region’s industrial offerings.
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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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