Avison Young’s Tom Viscount facilitated a 50,570-square-foot new-to-market industrial lease on behalf of PlantLab, an international vertical farming company, at the new Bridge Point Powerline Road distribution park at 1981 N. Powerline Road in Pompano Beach, Florida. The lease represents the Amsterdam, Netherlands-based company’s second U.S. location – it’s first on the east coast – and brings the 521,560-square-foot Bridge development to 100% leased.
“After presenting a variety of options, PlantLab ultimately chose Bridge Point Powerline as the ideal location location because of its proximity to the distribution center of their primary client, Sysco-owned FreshPoint, and it meets the company’s clear height requirements to maximize the amount of produce they’re able to grow per square foot of floorspace,” said Viscount, Principal with Avison Young and PlantLab’s exclusive agent in Florida. “Due to the location being new construction, PlantLab was able to secure certain features necessary for their unique indoor, vertical farming concept for large distributors.”
PlantLab merges knowledge on plant physiology with mathematical models and state-of-the-art technology to operate custom-built indoor farms at commercial properties worldwide. The company is committed to providing the freshest produce possible and reducing environmental impact by using 95% less water, 99% less land, and no pesticides. Therefore, operating a location near their main South Florida-based client will further advance their goals by reducing travel time from site to site.
According to Avison Young second-quarter 2022 research, Broward County’s industrial market enjoyed another quarter of healthy net absorption and declining vacancy, with absorption on track to surpass the total for both 2019 and 2020 thanks to tenants swooping up new industrial product, particularly in Pompano Beach. Despite new deliveries, Pompano Beach’s vacancy rate was 4.8% as of second quarter, near the county’s overall 4.5%.