Realty Income Corp. has formed a strategic partnership with South San Francisco-based vertical farming startup Plenty Unlimited to develop up to $1B of properties in the rapidly expanding indoor farming sector.
Vertical farming facilities are usually two- to three-story buildings that feature floor-to-ceiling racks holding leafy vegetables or fruits grown in climate-controlled settings with intense lighting in 24/7 operations (think data centers with radicchio instead of servers).
The emerging indoor agriculture industry is positioning itself as a direct-to-market produce supplier—facilities will be developed to service consumers within a 50-mile radius—that can deliver fresh produce from "farm" to table within a day of harvesting, while generating far greater yields per acre than traditional outdoor agriculture.
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