Investment trust buys four California marinas - Trade Only Today

Investment trust buys four California marinas

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Orlando, Fla.-based CNL Lifestyle Properties purchased four marinas in California from the existing operator for $55 million, expanding its marina portfolio to 19.

CNL Lifestyle Properties leased the four marinas, which have a total of 1,984 boat slips, to former owner Almar Management Inc., which will continue to operate them under long-term, triple-net leases, the Orlando Business Journal reports.

The marinas involved in the deal are Anacapa Isle Marina in Oxnard, Calif.; Ventura Isle Marina in Ventura, Calif.; Ballena Isle Marina in San Francisco Bay in Alameda, Calif.; and Cabrillo Isle Marina in San Diego.

CNL Lifestyle Properties' other marinas are in states including Michigan, Tennessee, Ohio, Kentucky, Texas, New Jersey and Arkansas.

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