August 15, 2022

Raven Tribune

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Great America will be closed in 11 years as land has been purchased in Santa Clara

Great America will be closed in 11 years as land has been purchased in Santa Clara

SANTA CLARA – The ultimate games of the Great America theme park are now visible after one of the Bay Area’s largest real estate developers has purchased the land beneath the iconic Santa Clara theme park for $310 million.

The beloved theme park is set to close in 11 years.

Prologis, a massive development company whose specialties include industrial centers and logistics centers, bought the land from Cedar Fair, which was trying to cut debt, including through asset sales such as the land deal in Santa Clara.

“We chose Prologis as our partner because of its deep relationships in the Bay Area and its reputation for working closely with local communities on large developments,” said Richard Zimmerman, CEO of Ohio-based Cedar Fair.

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CBRE, a commercial real estate firm, has arranged the property deal, which will result in the park’s closure in no more than 11 years, although the exact timing is unclear.

Under the terms of the agreement, Prologis paid Cedar Fair $310 million to purchase the land. Prologis at one time agreed to lease the land back to Cedar Fair.

“Cedar Fair will continue to operate the park for up to 11 years and then close current park operations at the end of the lease term,” the company said Monday. Cedar Fair is one of the largest operators of regional theme parks in the country.