CECIL COUNTY, MD-CNL Lifestyle Properties, a lifestyleproperties REIT, has made inroads in the Mid-Atlantic region withthe acquisition of two marinas on the Maryland side of theChesapeake. CNL acquired the marinas from Covenant Cove Marine for$7 million, boosting the company’s marinas portfolio to 21.
The assets are Bohemia Vista Yacht Basin and Hack’s PointMarina, located on the water in Cecil County. CNL also entered intoa partnership with Aqua Marine Partners, to operate the propertiesunder long-term triple net leases.
These transactions are smaller than what the REIT typicallyacquires, Byron Carlock, president and CEO of CNL LifestyleProperties, tells GlobeSt.com. However, they are important becausethey represent a toehold for the REIT in the Chesapeake area andthey led to a relationship with a new marina operating partner, hesays. "We are a net lease landlord and this transaction gives us anew tenant relationship."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
