Two Sigma, a financial services firm from New York City, made a significant acquisition in the Southeast Valley by purchasing the 202 Business Park in Gilbert for $51.6 million, marking the highest industrial sale price of 2024 so far. Financed through Rialto Capital Management, Two Sigma put down $15.4 million in cash for the purchase. The park, home to various tenants including ENMAR Hardwood Flooring and Heliae, attracted the attention of investors due to its prime location near Chandler Municipal Airport. Despite a slowdown in industrial building sales in metro Phoenix in 2023, the Southeast Valley remains a hotspot for industrial development, particularly around the Phoenix-Mesa Gateway Airport.
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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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