originally posted on 6/27/2022 6:32:00 PM
Cedar Fair, L.P., a leader in regional amusement parks, water parks and immersive entertainment, announced June 27 that it has sold the land at its California’s Great America amusement park and plans to close the park. Cedar Fair elected to sell the land to Prologis, Inc. a Bay Area-based logistics real estate company, for approximately $310 million with a lease agreement. The company will continue to operate the park for a period of up to 11 years and then will close existing park operations at the end of the lease term.
The land sale was the outcome of a strategic review initiated by Cedar Fair in 2021 to explore potential avenues to maximize the value of its extensive asset portfolio. Cedar Fair purchased the land at California’s Great America in 2019 from the city of Santa Clara after the state of California dissolved redevelopment agencies, requiring the city to cede its ownership of the property to pay off existing debt. Prior to that transaction, the company leased the land from the city for more than 40 years.
#ACENewsNow