Cedar Fair released a statement this week announcing the sale of the Santa Clara park for $310 million. Great America has been around since 1976. the Mercury News reported.
Cedar Fair also has an option to extend the lease agreement with Prologis by up to five additional years for a total of as many as 11 years, the SEC documents show. Cedar Fair says it looked to sell the park since 2021, hoping to reduce its debt and invest more money in its other resort properties. In the end, Cedar Fair chose to sell Great America to San Francisco-based real estate company, Prologis.
"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," CEO Richard Zimmerman said. "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.
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