| CNL Income Properties buys 7 former 6 Flags parks
ORLANDO, Fla. A Florida-based real estate investment trust today announced the purchase of seven former Six Flags properties. The 312 (M) million dollar deal includes one site in Texas -- Splashtown in Houston. C-N-L Income Properties acquired the theme parks from PARC 7-F Operations. C-N-L will lease the properties to PARC, which will operate the complexes under long-term, triple-net lease agreements. PARC acquired the properties from Six Flags in a related stock purchase. The other parks acquired in the transaction are: -- Darien Lake in Buffalo, New York -- Elitch Gardens in Denver -- Frontier City and White Water Bay in Oklahoma City -- Waterworld in Concord, California -- and Wild Waves and Enchanted Village in Seattle.
Investcorp Real Estate Group Sells Clearwater, FL Shopping Center ...
NEW YORK, April 2 /PRNewswire/ -- Investcorp Real Estate Group today announced that it has completed the sale of Cypress Point Shopping Center, a 166,933-square-foot retail property in Clearwater, Florida, to Ramco- Gershenson Properties Trust (NYSE: RPT) . Terms of the transaction were not disclosed. New York-based Investcorp acquired Cypress Point in November 2004. The property is 97% occupied and anchor tenants include Burlington Coat Factory and Fresh Markets. It is located along US Highway 19 North, the primary north-south commercial roadway in Pinellas County. Christopher Sameth, a Principal at Investcorp, said, "Our investment in Cypress Point achieved all of our investment objectives and we are pleased to realize value for our investors." Investcorp was advised on Cypress Point by Gumberg Asset Management of Ft.
Real Estate Investment Co. Buys Former Six Flags Parks
ORLANDO, Fla. -- A Florida-based real estate investment trust said Monday it bought seven former Six Flags Inc. properties, including Elitch Gardens in Denver, 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 them under long-term 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. .
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