Power REIT (NYSEAM:PW) entered into an agreement to acquire approx 66 acre parcel with approx 522,530 square feet of greenhouse and processing space in Michigan for $18.5 million on May 25, 2021. Power REIT has an approximately 75-day due diligence period followed by a 30-day period to close the transaction which can be extended by up to 30 additional days. Power REIT is actively working to finalize its due diligence and hopes to expedite the closing although there can be no assurance as to when or if the transaction will close. This transaction received court approval.
Power REIT (NYSEAM:PW) completed the acquisition of 556,146 Square Foot Cannabis Greenhouse Cultivation and Processing Facility for $18.39 million on September 9, 2021. As a part of the transaction 556,000 square feet was acquired.