Vanishing Risk Premium or Buyer Beware

I read through a supplement to a major non-traded REIT’s prospectus over the weekend (yes, exciting life). It has bought interests in water parks in Wisconsin and Ohio (that includes hotels) and a sky lift in Tennessee. Maybe I am missing something, but how many months a year is a water park in Wisconsin viable. This is REIT is paying a 5.5% yield. I am not against these investments, but to me, these investments represent opportunities that warrant more than return than a 1% over a ten-year Treasury.