A 7-acre portion of the Prasada North shopping center in Surprise has sold for $32 million in an off-market deal. The site includes 34,000 square feet of retail space with tenants like Shake Shack, Starbucks, and Portillo’s Hot Dogs. The sale allows the current developer to “crystallize value” and “de-risk” the asset while ensuring long-term alignment with the new owner’s vision. The 350,000-square-foot Prasada North is 89% leased and will feature major tenants such as Target, Nordstrom Rack, and Arizona’s first Sierra Trading Post. This project is part of the larger Village at Prasada, a 700,000-square-foot retail center that has seen significant leasing success. Other nearby retail developments include the Verrado Marketplace in Buckeye and additional shopping centers in the West Valley.
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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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