CNL Income Properties buys 7 former Six Flags


ORLANDO, Fla. -- 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, CNL said in a news release.

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.

PARC managers said they want the parks to focus more on regional markets as well as guest safety and satisfaction.

"As we complete the transaction, we are looking forward to the opportunity to refocus these parks on regional economies," said Randal H. Drew, president and CEO of PARC Management.

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.