Peoria, Arizona is collaborating with the state to develop thousands of acres of land for future growth, spurred by major semiconductor investments nearby. The city aims to designate 8,300 acres for development, focusing on areas like the North Peoria Gateway and the Peoria Innovation Core. These plans include a mix of residential and commercial spaces along Loop 303. Additionally, Peoria is eyeing the development of a Peoria Airpark for aviation and industrial purposes, potentially generating thousands of jobs and significant tax revenue. By updating its general plan and attracting major projects like Stadium Point and The Trailhead, Peoria aims to enhance its economic landscape and provide more local job opportunities, reducing residents’ need to commute.
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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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