Great America theme park to close after SF developer buys land

The days of great America are numbered.

The Santa Clara amusement park will close in 11 years at the latest after a Bay Area real estate developer bought the land the park sits on for $310 million.

In a press release Monday, Cedar Fair, one of the nation’s largest theme park operators, said it sold the Great America land – adjacent to Levi’s Stadium – to San Francisco developer Prologis in a bid to get out of debt. As part of the agreement, Prologis will lease the land to Cedar Fair to continue operating the popular theme park “for up to 11 years” before closing permanently when the lease expires.

news from mercury reported that the lease is for six years and includes an option for Cedar Fair to extend the contract for an additional five years.

“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 Richard A. Zimmerman, President and Chief Executive Officer. direction of Cedar Fair, in a press release. “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.”

The sale comes just three years after Cedar Fair purchased the land from the city of Santa Clara after leasing the land from the city for more than 40 years.

Ricardo Cano is a writer for the San Francisco Chronicle. Email: [email protected]: @ByRicardoCano

Harold B. McConnell