The Mesa City Council has greenlit a new industrial venture by Martens Development Co., named “The Brickyards on Ellsworth.” Approved unanimously, this project comprises eight buildings, spanning over 900,000 SF, on a 60 AC land parcel near Ellsworth and Pecos roads, south of Phoenix-Mesa Gateway Airport. These buildings, envisioned for manufacturing, warehousing, distribution, and employment parks, will range between 35,938 and 306,094 SF. SCD Ellsworth LLC, linked to Silver Creek Development, purchased this land for $13.9 M in 2022. Martens has previously realized projects like Elliot 202, which was fully leased to Amazon. Currently, the Valley is witnessing significant industrial growth, with Gateway Airport at its heart, emphasizing the burgeoning importance of logistics, e-commerce, and food & beverage sectors.
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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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