![]() ![]() “The sale and lease agreements allow us to monetize a high-value asset in the heart of Silicon Valley at a very attractive multiple,” Zimmerman said in a press release. “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,” Cedar Fair CEO Richard Zimmerman told the Mercury News.ĭespite being one of the biggest amusement park operators in the country, Ohio-based Cedar Fair is selling the land as part of a plan to reduce its debt brought on by the pandemic shutdowns that devastated theme parks across the country. So far, no official closure timeline has been released. But the lease deal also has a contingency that allows Prologis to end the deal early by giving Cedar Fair two years' notice. ![]() As part of the deal, park operator Cedar Fair will have the option to extend the lease by five years for a total of 11 years. San Francisco-based developer Prologis agreed to immediately lease the land back to Great America for six years. ![]() As of right now, there is no exact plan in place for the land. The land will eventually be redeveloped into offices, industrial complexes, housing, and/or a host of other possibilities. The prime land in Santa Clara where the amusement park sits has been sold for $310 million dollars. Silicon Valley theme park Six Flags Great America will eventually be closing after a high-value land deal with a Bay Area mega-developer. ![]()
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