Power REIT Acquires Properties in Colorado for Greenhouse Cannabis Cultivation in Highly Accretive Transaction - Land.Net News
Power REIT (NYSE-AMEX: PW and PW.PRA) (“Power REIT” or the “Trust”) today announced that it has acquired two adjacent property parcels totaling 4.0 acres in Crowley County, Colorado (the “Property”) through a wholly owned subsidiary (“PropCo”). The Property is strategically located in a very favorable business setting of Southern Colorado that offers a growing environment for efficient and sustainable greenhouse cultivation.
As part of the transaction, Power REIT has agreed to fund the construction of an approximately 38,440 square foot greenhouse cultivation facility. Power REIT’s total capital commitment for the project is approximately $2.95 million including the land acquisition cost.
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