Wes Swenson, CEO of Novva Data Centers, secured 165 AC of southeast Mesa land at a state auction with a winning bid of $62.7 M, matching the property’s appraised value. The land, situated near Warner and Ellsworth roads, will likely be the site for Novva’s inaugural Arizona project. While Swenson intends to potentially establish data centers on this land, he is also considering other industrial uses. After finalizing plans with the city of Mesa, Novva anticipates breaking ground by 2025. Phoenix metro, including Mesa, is witnessing a boom in the data center sector with major tech companies like Apple, Meta, and Google investing in the region, underscoring its growing significance in the data center industry in the U.S.
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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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