Phoenix sees diverse real estate developments, including a 60-unit low-income senior and veteran apartment community by Pennrose LLC, a $25 million mobile home park portfolio deal closed by HARRI5 Manufactured Housing & Commercial Brokerage, and Libeskind Studio Design’s plans for a 68-unit apartment community in the Roosevelt Row Arts District. The Brokery hosts a grand opening for Aura, a luxury community by Camelot Homes, while Robeks aims for significant smoothie store expansion in Arizona. Various restaurant transactions include the sale of a Chipotle property and the upcoming opening of a Noodles & Company location. Proposed projects include a warehouse in Deer Valley, reflecting the dynamic real estate landscape in Phoenix.
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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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