An industrial facility in Phoenix, spanning nearly 250,000 square feet, was acquired for $20.4 million by a real estate investor and developer based in Newport Beach, California. The facility, designed for distribution and logistics, features various amenities and is strategically located near the Loop 202 and 59th Avenue. The buyer expressed satisfaction with the property, emphasizing its alignment with the region’s economic needs. The acquisition is part of the buyer’s extensive portfolio, which includes completed and upcoming projects across Arizona, California, and Nevada. Industrial building sales in the region slowed in 2023, reaching approximately $1.6 billion by Q3, according to CBRE Group Inc. data.
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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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