Plans for the Gateway Commerce Center II in Mesa, spanning nearly 28 acres, are progressing after receiving approval from the city’s Planning & Zoning Board. The center will house two industrial buildings totaling over 235,000 square feet, with modified plans featuring an industrial building for multiple tenants and a trans-load building for truck trailer transfers. Wetta Ventures, the developer, acquired the land for approximately $7 million. The project is situated near the Pecos Industrial Rail Access and Train Extension (PIRATE) by Union Pacific. Wetta Ventures has a history of successful projects in the Valley, including a commercial aircraft maintenance facility at Gateway Airport.
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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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