Schnitzer Properties received approval from Chandler City Council on April 4 to rezone over 85 acres for the development of a two-phased industrial business park. The rezoning, adopted unanimously, facilitates the construction of Ryan Commerce Center and Hamilton Commerce Center, comprising over 1.3 million square feet. The first phase, Ryan Commerce Center, is slated to start by spring 2025, followed by the second phase, Hamilton Commerce Center. The project, split by the Southern Pacific Railway line, has received clearance from Chandler’s Airport Commission and Planning and Zoning Commission. Schnitzer Properties aims to accommodate approximately 30 tenants across seven buildings, contributing to Chandler’s economic development amidst its 90% built-out status.
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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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