Phoenix-based U-Haul Holding Co. is planning a large self-storage facility at the northwest corner of Lower Buckeye Road and 59th Avenue in west Phoenix. The facility will consist of 1,111 storage units across a three-story and a one-story building, totaling about 134,126 SF. It will offer truck and trailer rentals, moving supplies, and other amenities. U-Haul, which is in “expansion mode,” acquired the property for $7 million in October 2022. The self-storage industry in Phoenix grew by 28% from 2019 to 2022, with around 1.6 million SF of space expected to be available 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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