Realty Income and Plenty have entered into a strategic real estate alliance to support the development of Plenty’s indoor vertical farms. Realty Income will acquire and provide development funding for properties that will house Plenty’s indoor farms. These properties will be leased to Plenty under long-term net leases. The agreement provides for up to $1B of development opportunities. As the initial transaction of the alliance, Realty Income has agreed to acquire the land and provide development funding for the first farm of Plenty’s indoor vertical farm campus near Richmond, Virginia. Plenty expects the future multi-farm campus to deliver more than 20 million pounds of produce across multiple crops annually. The first farm to be developed on the campus will grow strawberries with Plenty partner Driscoll’s and initially serve the Northeast market.
Published first on TheFly
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