The Pier 121 Marina and East Hill Park in Lewisville, Texas is one of nine marina properties recently acquired by CNL Income Properties. Part of CNL’s investment strategy is the purchase of lifestyle real estate, including water parks, ski resorts, golf courses and amusement parks.

CNL Income Properties, Inc. is committed to being the pre-eminent lifestyle property landlord in the country, according to President and CEO Byron Carlock and Vice President of Investments Baxter Underwood. Specifically, CNL seeks to achieve this status by catering to its target demographic—the baby boomer. “Our REIT is focused exclusively on the aging boomers of the U.S., and where they will spend their money upon retirement. We believe baby boomers will spend it on leisure activities,” Underwood says.

To that end, CNL recently acquired three sets of leisure properties that fit succinctly in its overall strategy. At the end of 2006, the REIT acquired nine marina properties scattered across the United States for approximately $106 million from subsidiaries of the management firm Marinas International. The properties constitute the first significant marina purchase to be made by a REIT. At the same time, CNL Income also entered into a purchase agreement with Booth Creek Ski Properties to purchase four ski resorts for approximately $170 million. By January, the REIT had announced its entry into a $312 million acquisition agreement for seven Six Flags, Inc. properties purchased from an affiliate of PARC Management, LLC.

This assortment of properties fits within CNL’s strategy of acquiring destination, retail, ski, golf, marina, outdoor lifestyle, wellness and attractions assets. “These are all asset categories that enhance the quality of life,” Carlock says. “Our target demographic will increasingly utilize these types of properties.

“There has been a demographic shift in American society unlike any other time period we’ve seen before,” Carlock continues. “The age of 70 is the new 40. People are rebalancing their life, and mixing vocations with avocation. These assets are venues that allow them to do that. It takes real estate to balance these activities. We want to be the landlord that caters to that.”