The Trailhead, a long-anticipated mixed-use development in Peoria’s northwest Valley, celebrated its groundbreaking ceremony with city officials and local leaders. This 903,000-square-foot project, located at 83rd Avenue and Happy Valley Road, will offer diverse amenities, including 140,000 square feet of retail space anchored by a Safeway, 350 multifamily housing units, and a renovated church. Leases with two full-service restaurants have been secured, with more announcements expected soon. The development, designed with input from the community, aims to address the area’s need for retail options and dining experiences while becoming a central hub within the Happy Valley Corridor. Scheduled for completion by year-end, The Trailhead represents a significant investment in Peoria’s growth and community infrastructure.
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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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