ORLANDO, Fla. (AP) — A Florida-based real estate investment trust said Monday it bought seven former Six Flags Inc. properties for $312 million.
CNL Income Properties Inc. acquired the theme parks from PARC 7F Operations Corp. for $290 million in cash and a note receivable for $22 million. CNL will lease the properties to PARC, which will operate the parks under long-term, triple-net lease agreements.
PARC acquired the properties from Six Flags in a related $312 million stock purchase immediately prior to the sale of the properties to Orlando-based CNL, the release said.
The parks acquired in the transaction are: Darien Lake in Buffalo, N.Y.; Elitch Gardens in Denver; Frontier City & White Water Bay in Oklahoma City; Splashtown in Houston; Waterworld in Concord, Calif.; and Wild Waves & Enchanted Village in Seattle.