Power REIT (NYSEAMERICAN:PW) has completed the acquisition of two greenhouse properties in southern Colorado through two wholly owned subsidiaries for US$3.75 million.
As quoted in the press release:
The acquisitions represent combined straight-line annual rent estimated to be approximately $700 thousand, which translates to an approximate 18.7% yield.
The acquisitions complement Power REIT’s existing high-quality real estate related to transportation infrastructure, alternative energy and Controlled Environment Agriculture (“CEA”). CEA uses innovative methods to grow plants in optimized indoor growing environments for a given crop. Power REIT intends to focus on CEA related real estate for growing various crops, including cannabis.