ViaWest Group recently acquired a portfolio of industrial buildings in Gilbert, and they are nearing full occupancy. PipShip, a distribution and e-commerce company, will move to El Dorado Tech Center, expanding into a 40,000-square-foot space. The move signifies an expansion for PipShip, which currently operates near Tempe Town Lake. With this lease, ViaWest’s six properties in Gilbert are now over 98% occupied. The acquisition reflects the growing appeal of the metro Phoenix market. The southeast Valley experienced significant leasing activity and positive net absorption in the first quarter of 2024.
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Frequently asked questions
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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