Cedar Fair, one of the country’s leaders in regional amusement parks, water parks, and immersive entertainment, announced today that they have sold the land at California’s Great America amusement park and will be closing the park. The land was sold to Prologis, Inc., a logistics real estate company, for approximately $310 million with a lease agreement. The park will operate for a period of up to 11 years and then will close at the end of the lease term.
Cedar Fair purchased the land at California’s Great America in 2019, and they intend to use proceeds from the land sale transaction to accelerate progress on reducing their debt to achieve its $2 billion targets. This means investing in high-return projects such as upgrading resort properties and unitholder distribution.
“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 President and 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. The transaction also provides us with a substantial sum of incremental capital which we intend to use to further advance our strategic priorities and generate enhanced returns for our unitholders.”
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Emily Ann has always loved the theme parks, and is now so happy she gets to create content around them for ThrillGeek! She considers herself a huge theme park foodie, as well as finding unique items across the parks. Would die for HHN.