Great America Sells Land for $310M; Will Close Within 11 Years

Cedar Fair, L.P., the owner of California’s Great America amusement park, has sold its Santa Clara site to logistics real estate-specialist Prologis for $310 million. Great America will continue to operate for up to 11 years, and then will shut down at the end of the lease term.

Cedar Fair intends to use proceeds from the sale to accelerate progress on reducing debt by investing in high-return projects within its portfolio such as upgrading resort properties. Prologis says they have no specific plans for use of the land quite yet.

“We chose Prologis as our partner because of their deep ties in the Bay Area and their reputation for working closely with local communities on large developments,” said Cedar Fair CEO Richard A. Zimmerman. “For our investors, the sale and lease agreements allow us to monetize a high-value asset in the heart of Silicon Valley at a very attractive multiple.”

When Great America closes it will be the end of a long run in Santa Clara, as the park has been in operation since 1976.