Marina Dock Age

CNL Lifestyle Properties Inc., a real estate investment trust (REIT) based in Orlando, Fla., has acquired two Maryland marinas from Covenant Cove Marine Inc. The $7 million transaction increases the company’s portfolio of marinas to 21.

In addition to the purchase, CNL Properties entered into a strategic agreement with Aqua Marine Partners (AMP) to operate the two marinas under triple net leases.

The marinas purchased by the REIT are Bohemia Vista Yacht Basin and Hack’s Point Marina, which are located only two miles from each other by water. Both marinas are located in Cecil County, Md., which is in the Northern Chesapeake area.

The marinas offer customers a variety of year-round amenities, including a pool, bathhouse, launch ramps, ship stores, extensive winterization services, and winter storage. In addition, there is an onsite boat dealership, brokerage, and service yards. The two marinas will add 239 more wet slips to the CNL Lifestyle Properties portfolio.

Andrew Sturner, founder and CEO of AMP, said the new partnership is one that benefits both parties. “The investment in Bohemia Vista Yacht Basin and Hack’s Point Marina extends the reach of the Aquamarina portfolio up the east coast of the United States, providing boaters and their families with the opportunity to enjoy the highest quality marina experience,” Sturner said.

CNL Lifestyles Properties now owns 21 marinas in the United States located in strong recreational areas across the country. The company most recently acquired four marinas in California: Anacapa Isle Marina in Oxnard; Ventura Isle Marina in Ventura; Ballena Isle Marina in Alameda, which is near San Jose; and Cabrillo Isle Marina in San Diego.