Saturday, December 09, 2006

Marinas International Agrees to $106 Million Sale Leaseback of 9 Marinas

CoStar Group - December 8, 2006

CNL Income Properties Inc. agreed to acquire nine marina properties for $106 million from subsidiaries of Marinas International. As part of that agreement, CNL anticipates making a loan for approximately $40 million, which will be collateralized by five additional marina properties.

The names and locations of the properties to be purchased are as follows.

• Crystal Point Marina, Point Pleasant, NJ
• Manasquan River Club, Point Pleasant, NJ
• Harbors View Marina, Ketchum, OK
• Lake Front Marina, Port Clinton, OH
• Sandusky Harbor Marina, Sandusky, OH
• Beaver Creek Resort, Somerset, KY
• Burnside Marina, Monticello, KY
• Harborage Marina, Saint Petersburg, FL
• Pier 121 Marina and Easthill Park, Lewisville, TX

The loan properties are as follows.

• Emeryville Marina, Emeryville, CA
• Scott's Landing Marina, Grapevine, TX
• Silver Lake Marina and Park, Grapevine, TX
• Twin Coves Marina and Park, Flower Mound, TX
• Paradise Cove, Grapevine, TX

CNL will leaseback all nine purchased properties on a long-term triple-net basis to an affiliate of Marinas International. The leases for all properties are expected to have a 20-year initial term, with four 5-year renewal options. The minimum annual rent for these properties is expected to be approximately $8.6 million in the initial year. Sphere: Related Content

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