So far in 2023, the Phoenix metro has seen about 81 industrial sales compared to 163 in the first part of 2022. Some of the most recent and largest sales in the Valley include a Circle K distribution center, a planned Frito-Lay distribution facility and a newly developed commerce park, among others. The 249,904-square-foot class A Circle K center sold for $38.2 million to Texas-based real estate investor Stonelake Capital Partners, investor Cohen Asset Management acquired a planned Frito-Lay distribution warehouse for $28.6 million, and a 130,422-square-foot facility also sold to CapRock Partners for about $12 million.
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Frequently asked questions
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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