California’s Great America, a Bay Area amusement park that has entertained families for nearly five decades, is set to close permanently in the near future.
Cedar Fair, owner and operator of the park, announced Monday that it has sold the property to Bay Area real estate developer Prologis for $310 million. Nestled between Route 237 and Highway 101, the 112-acre property is adjacent to Levi’s Stadium and has its own light rail station. The deal stipulates that the park will close sometime within the next 11 years, although the exact timing has not yet been announced.
Santa Clara Park, which opened in 1976 and currently features over 50 attractions, has been a mainstay for generations of Bay Area residents, including some famous ones. Golden State Warriors star Steph Curry was recently spotted participating in a three-point challenge at the park just days after winning his fourth NBA championship.
According to a press release announcing the sale, Cedar Fair is one of the largest amusement park operators in the world. The Company owns 13 properties including Knott’s Berry Farm, another valued California park. Cedar Fair purchased the land under Great America from the City of Santa Clara in 2019 for $150 million after previously leasing it.
Perhaps tellingly, Cedar Fair (NYSE: FUN) stock is down nearly 40% over the past five years but is up 1.54% on Monday.
FILE: The Patriot roller coaster takes riders through a 360-degree loop at Great America amusement park in Santa Clara, California on March 31, 2017.
Anda Chu/Bay Area Newsgroup via Getty Images
“The purchase and lease agreements allow us to monetize a high quality asset in the heart of Silicon Valley at a very attractive price,” said Richard A. Zimmerman, President and CEO of Cedar Fair, in the press release.
It was not disclosed what Prologis, the new owner, plans to do with the property after the rides closed.