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.
Click here for the full article.