Fox Factory Inc., based in Duluth, Georgia, has leased a 112,000 SF warehouse in north Phoenix for over $12 million. They plan to use it as a regional assemblage manufacturing plant, creating 100 new jobs, focusing on aftermarket parts for utility task vehicles and all-terrain vehicles. The facility, called 17 North Corporate Center, is well-equipped with features such as a secured yard, high clear height, and numerous dock doors. This lease reflects the growth potential seen in the Deer Valley area of Phoenix, indicating a positive outlook for the local market.
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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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