Newmark Knight Frank (“Newmark”) announced it has arranged a lease on behalf of OnePointOne, a Silicon Valley-based developer of vertical indoor farming, at Avondale 107, a large industrial development in Avondale, Arizona, roughly 15 miles outside of Phoenix.
Newmark’s Managing Director Robert Stephens represented the tenant in the transaction. The landlord, Eisenberg Company, was represented by an outside firm.
“It was a pleasure working with the OnePointOne team on their first expansion outside of California,” said Stephens. “The project is ideally located in the heart of the southwest valley industrial market and perfectly fit for OnePointOne as they continue to grow and revolutionize the way of farming.”
OnePointOne was founded by two brothers with the vision of creating a global network of automated vertical farms through innovations in automation, AI and plant science to ultimately grow food and develop necessary medicines to curb world hunger.
Situated at the signalized intersection of 107th Avenue and Pierce, Avondale 107 is an industrial development comprised of four buildings totaling 405,656 square feet. OnePointOne will occupy roughly 50,000 square feet of one of the buildings. There are two 80,533-square-foot buildings fronting 107th Avenue to the west and two 122,295-square-foot buildings fronting 105th Avenue to the east. The buildings will be cross docked and will range from 28 to 32-foot clear height. The project is ideally located in the heart of the southwest valley industrial market.
In the fourth quarter 2020, the greater Phoenix industrial market saw vigorous tenant demand for industrial space, balanced with a healthy pipeline of construction, both delivering to the market and currently under construction, according to Newmark Research. Net absorption measured 5.4 million square feet for the quarter, a historic high, and direct vacancy continues to remain low for the market, even with sizeable amount of speculative developments delivering.