The Gilbert Planning Commission recommended approval for Gilbert Spectrum Building 8, the last building pad site within a 64-acre business park, marking progress towards its completion. The 100,901-square-foot warehouse office project received unanimous approval for its site plan, landscaping, and other specifications. Designed by Balmer Architectural Group and with a general contractor listed as Graycor Construction Co., the building offers potential as a spec office/warehouse or a build-to-suit project. Notable tenants in the park include S&M Moving Systems, Banner Industries, and Northrop Grumman Corp., with the latter expanding within the park. Meanwhile, Cavan Commercial proposes the “Pecos 17 Commerce Park” in Mesa, featuring smaller buildings tailored for flex light industrial or office space, aiming to support young businesses’ growth.
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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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