Almar Management Completes $55 Million Sale Leaseback of Four California Marinas

Citybizlist South Florida - March 25, 2010

Orlando-based CNL Lifestyle Properties, Inc., a commercial real estate REIT that invests in lifestyle properties, has acquired a portfolio of four coastal marinas in California for an aggregate purchase price of approximately $55.0 million, excluding transaction costs.

The marinas were acquired through a sale-leaseback arrangement and are subject to triple-net leases with an initial term of 20 years and two 10-year renewal options. In connection with the transaction the Company assumed three existing loans collateralized by the properties with aggregate outstanding principal balances of approximately $14.0 million.

All properties are operated by Almar Management, Inc.:

Ancapa Isle Marina - Oxnard, California
438 wet slips;
Purchase Price (in thousands): $9,829

Ballena Isle Marina - Alameda, California
504 wet slips;
Purchase Price (in thousands): $8,179

Cabrillo Isle Marina - San Diego, California
463 wet slips;
Purchase Price (in thousands): $20,576

Ventura Isle Marina - Ventura, California
579 wet slips;
Purchase Price (in thousands): $16,418" Sphere: Related Content