Cushman & Wakefield Arranges 35,000 SF Industrial Lease

Cushman & Wakefield has arranged a 35,000-square-foot lease at Palm Beach Park of Commerce with Vetio Animal Health, the largest contract development and manufacturing organization dedicated to pet health in North America. The St. Louis-based company, which currently operates from a 40,000-square-foot facility within the Class A industrial park, is nearly doubling its footprint to support its growth.

The Cushman & Wakefield South Florida Industrial Team of Executive Managing Director Christopher Thomson, Executive Managing Director Chris Metzger, Executive Managing Director Rick Etner, Senior Director Matt McAllister and Associate Alex VanDresser negotiated the lease on behalf of the landlord, MDH Partners.

Palm Beach Park of Commerce is a 1,200-acre, master-planned industrial park that will comprise 6.5 million square feet of high-quality warehouse and distribution space upon completion. Vetio will occupy 35,000 square feet in a 220,000-square-foot building at 15335 Park of Commerce Blvd., which was completed in 2019. The lease brings the building to 84% occupancy.

“Palm Beach Park of Commerce is one of South Florida’s newest premier industrial parks, well-suited for a wide variety of users from distribution companies to manufacturers like Vetio Animal Health,” said Thomson. “We are pleased to have helped this growing company expand in Palm Beach County, despite competitive market conditions, while quickly bringing this Class A building to full occupancy on behalf of our client, MDH Partners.”

Vetio is currently implementing a multi-million-dollar capital investment program to build out the space. The Business Development Board of Palm Beach County, Inc. assisted Vetio with expedited permitting with Palm Beach County.

The new facility will support Vetio’s growing liquid dermatology business and marks the introduction of solid dosage supplement development and manufacturing to its growing portfolio of animal care products. The company currently employs approximately 100 professionals in South Florida and plans to add 40 or more jobs with the completion of the new space.

The eight-member South Florida Industrial team led by Metzger, Etner and Thomson negotiated just over 13 million square feet of sale and lease transactions valued at more than $262 million in 2020.

 

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