Benzinga | May 24, 2021 11:26AM EDT

Power REIT Acquires Southern Colorado Greenhouse Cultivation And Processing Facility. BZ NOTE: Shares Were Earlier Halted On Code News Pending

ower REIT (AMEX:PW) ("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 will comprise approximately 102,800 square feet of greenhouse and related space. Power REIT's total capital commitment for the project is approximately $3.9 million including the property acquisition cost. The Property also has ample acreage for future expansion which Power REIT intends to finance.