CNL Income Properties Inc. has completed its acquisition of Wild Waves & Enchanted Village in Federal Way as part of a seven-park deal worth $312 million, the company disclosed in regulatory filings Monday.
CNL, a real estate investment trust based in Orlando, Fla., on April 6 bought the parks from an affiliate of PARC Management LLC. CNL then leased the properties back to PARC Management, which will operate the facilities, according to CNL filings with the Securities and Exchange Commission.
Earlier this year, New York-based Six Flags Inc. sold the seven parks to PARC Management of Jacksonville, Fla.
In addition to Wild Waves, the seven-park deal included facilities in Denver; Buffalo, N.Y.; Oklahoma City; Houston; and Concord, Calif.
CNL bought the parks for $290 million in cash and a $22 million note with a 10-year term, SEC filings show.
Wild Waves is a 67-acre theme and water park in Federal Way with 55 rides.
Puget Sound Business Journal (Seattle) - 8:43 AM PDT Monday, April 9, 2007
Monday, April 9, 2007
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