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Power REIT Acquires Southern Colorado Greenhouse Cultivation and Processing Facility in Highly Accretive Transaction
May 24, 2021 11:24 ET | Source: Power REIT Power REIT Old Bethpage, New York, UNITED STATES
Old Bethpage, New York, May 24, 2021 (GLOBE NEWSWIRE) Power REIT (NYSE-AMEX: PW and PW.PRA) (“Power REIT” or the “Trust”) today announced that it has acquired a 35-acre property located in Huerfano County, Colorado (the “Property”) through a wholly owned subsidiary (“PropCo”). The Property is strategically located in a part of southern Colorado that offers a very favorable business setting and growing environment for efficient and sustainable greenhouse cultivation.
The property currently has multiple greenhouses and support buildings which will be upgraded through a redevelopment plan that Power REIT will fund along with the new construction of additional greenhouse space. Upon completion, the Property w