California’s Great America Amusement Park Changes Hands; uncertain future

The owner of California’s Great America has sold the famous South Bay amusement park.

Cedar Fair released a statement this week announcing the sale of the Santa Clara park for $310 million to Prologis, a San Francisco-based real estate company. Great America has been around since 1976.

The pending sale means the park’s gates could close in six years, under the terms of a real estate agreement filed Monday with federal regulators.

“We kind of expected this to happen,” said Christian Malesic, CEO and president of Silicon Valley Central Chamber of Commerce. “With land prices in Slicon Valley going up, up, up and there seems to be no stopping, it’s hard for a park that covers as much land as Great America to generate the kind of revenue it has. need to do this remains open.”

Cedar Fair also has the option to extend the lease agreement with Prologis for up to five additional years for a total of 11 years, according to SEC filings. However, Prologis has the option of terminating the lease early subject to 2 years’ notice.

Cedar Fair says it has been looking to sell the park since 2021, hoping to reduce its debt and invest more money in its other resort properties.

“We chose Prologis as our partner because of their strong ties in the Bay Area and their reputation for working closely with local communities on major developments,” said CEO Richard 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.”

Prologis provided the following statement to KTVU:

“Prologis is delighted to make this investment in Santa Clara. As an experienced real estate company based in the Bay Area, we know the local community and businesses well. We look forward to working with the local government on the long term plan for the land. , which will be done through collaborative discussions with the city and local community.”

In the meantime, a spokesperson for Great America said park visitors won’t see any changes to park procedures. In fact, the park plans to “roll out a full suite of immersive entertainment, seasonal festivals, and culinary events as planned and for years to come.”

Harold B. McConnell