Packaging Corp. of America has acquired a 364,700-square-foot warehouse in Glendale, Arizona, for nearly $74 million, marking one of the largest industrial deals in metro Phoenix this year. The Illinois-based company, a leading producer of containerboard products, bought the facility from 151 Logistics LLC. The new building, part of the Woolf Logistics Center, was developed in 2023 and is rail-served. Although Packaging Corp. has not disclosed its plans for the facility, it adds to their existing presence in the Phoenix area. This sale is notable for being the highest dollar amount for a single building in the region so far this year.
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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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