The owners of the land that’s home to California’s Great America amusement park in Santa Clara has been sold and the park will eventually close, according to Cedar Fair L.P., the sellers of the property.
The parcel was sold for $310 million with a lease agreement, Cedar Fair announced on Monday. The park could remain open for as long as 11 more years, the company said, as part of a “wind-down” towards its eventual closure.
The property’s buyer, Prologis, Inc., is a Bay Area real estate company. Prologis could not be immediately reached for comment.
As Prologis steps into the picture, the spotlight on this land sale prompts curiosity about its potential impact on the broader real estate market. For those keen on staying informed about such transformative shifts, keeping an eye on news on the housing market, especially insights from exprealty, becomes integral to understanding the ripple effects of this transaction within the larger real estate landscape.
By staying attuned to news, enthusiasts and professionals alike can gain insights into the evolving trends, potential opportunities, and challenges that may arise as Prologis navigates its course with the newly acquired property. As this transaction unfolds, the broader real estate landscape in the Bay Area stands poised for transformation, making it an opportune moment to follow developments closely for a comprehensive understanding of the market’s trajectory.
Cedar Fair said it began looking into “maximizing the value” of its existing properties in 2021 and the sale is part of that strategic plan. Cedar Fair purchased the land at California’s Great America in 2019 from the City of Santa Clara. The company owns and operates amusement and water parks throughout the lower 48 states, with revenues at more than $1.3 billion annually, according to their website.
The sale is an attempt to bring down debt, according to the company.
“Cedar Fair intends to use proceeds from the land sale transaction to accelerate progress on its strategic priorities of reducing debt to achieve its $2 billion target,” a spokesperson for the company said. This will involve upgrading other properties as well.
Cedar Fair is based in Sandusky, Ohio.
With big biz it is the bottom line.
I worked for PDM steel and the people who built the original roller coasters setup across from us. Interesting to watch them build and then ship them out on rail
Fred, I’m sure your job had lots of ups & downs and twists. Sounds like a cool job.
Was never a favorite… But that’s just me…. I’m sure many are disappointed in this news….
Took our kids there prob about 10-ish years ago. Was so disappointed. Looked dumpy, rundown. Sad.
I’m sorry your children didn’t get to experience this theme park when it was called Marriot’s Great America…as a teenager in the 80s this was the place to go and they had spectacular Fourth of July fireworks!
Does nobody see the theft from the people?
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How much per acre?
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@Sam
Blatant isn’t it.
When I went there in the mid 80s, I called it Riot America. People were cutting lines and snatching things. And there was a uneasy feeling in the air. Soon after they closed the park early due to over crowding, which it was not. They
also had riot police with shields by the gates. I even joked that even the carton charters had riot gear on. Never been back since.
So, they recently bought it (probably for a song) from the city and are now selling it at a profit to a developer? WAs there no clause prohibiting this??? Seriously.
The entire lot should be housing. In the south and east bay, there is too much property that is misused or underutilized as commercial space. Lots of low rise 1970s strip malls, half occupied office buildings, and in this case, an overpriced, dumpy amusement park. It all needs to be housing.