Six Flags Inc. said Thursday it is selling seven amusement parks to Jacksonville, Fla. company PARC 7F-Operations Corp. in a $312 million, primarily cash deal.

Six Flags Magic Mountain in Valencia and it neighboring water park Hurricane Harbor are not part of the sale, the New York City-based theme park operator said.

The parks being sold are Six Flags Darien Lake in Buffalo, N.Y., Six Flags Elitch Gardens in Denver, Frontier City and White Water Bay in Oklahoma City, SplashTown in Houston, Waterworld USA in Concord, Calif. and Wild Waves and Enchanted Village in Seattle.

PARC said it plans to sell the parks to the Orlando, Fla. real estate investment trust CNL Income Properties Inc., which will in turn lease them back to PARC.

The sale is part of a debt-reducing strategy Six Flags announced late last year. Six Flags also sold its Houston-based AstroWorld theme park last summer for $77 million.

Shares in Six Flags were up 51 cents to $5.94 in midday trading Thursday.