Developer buys land leased to Great America in Santa Clara; park remains open for now
SANTA CLARA (BCN/CBS SF) -- 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 owners 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 developer. Prologis could not be immediately reached for comment.
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 its 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.