  We present observations of comet-like main-belt object P/2010 R2 (La Sagra)
obtained by Pan-STARRS 1 and the Faulkes Telescope-North on Haleakala in
Hawaii, the University of Hawaii 2.2 m, Gemini-North, and Keck I telescopes on
Mauna Kea, the Danish 1.54 m telescope at La Silla, and the Isaac Newton
Telescope on La Palma. An antisolar dust tail is observed from August 2010
through February 2011, while a dust trail aligned with the object's orbit plane
is also observed from December 2010 through August 2011. Assuming typical phase
darkening behavior, P/La Sagra is seen to increase in brightness by >1 mag
between August 2010 and December 2010, suggesting that dust production is
ongoing over this period. These results strongly suggest that the observed
activity is cometary in nature (i.e., driven by the sublimation of volatile
material), and that P/La Sagra is therefore the most recent main-belt comet to
be discovered. We find an approximate absolute magnitude for the nucleus of
H_R=17.9+/-0.2 mag, corresponding to a nucleus radius of ~0.7 km, assuming an
albedo of p=0.05. Using optical spectroscopy, we find no evidence of
sublimation products (i.e., gas emission), finding an upper limit CN production
rate of Q_CN<6x10^23 mol/s, from which we infer an H2O production rate of
Q_H2O<10^26 mol/s. Numerical simulations indicate that P/La Sagra is
dynamically stable for >100 Myr, suggesting that it is likely native to its
current location and that its composition is likely representative of other
objects in the same region of the main belt, though the relatively close
proximity of the 13:6 mean-motion resonance with Jupiter and the (3,-2,-1)
three-body mean-motion resonance with Jupiter and Saturn mean that dynamical
instability on larger timescales cannot be ruled out.
