CA's Great America Amusement Park Sold, To Close Within 11 Years

SANTA CLARA, CA — California’s Great America amusement park in Santa Clara has been sold, and owners said it will close for good within 11 years.

Cedar Fair LP said in a news release Monday it sold the land at its popular amusement park for about $310 million to Prologis, a Bay Area-based logistics real estate company. The deal comes with a lease agreement.

The park will continue to operate for up to 11 years and then close at the end of the lease term, Cedar Fair said.

The sale comes after Cedar Fair in 2021 initiated a strategic review to explore how it can maximize the value of its assets. Cedar Fair bought the land three years ago from the city of Santa Clara after the state of California dissolved redevelopment agencies. The city was required to relinquish its ownership of the property to pay debts. Before that, the company leased the land from the city for more than four decades.

Cedar Fair, headquartered in Sandusky, Ohio, said it plans to use some of the proceeds from the deal to reduce its own debt and invest in its other projects, such as upgrading resorts.

Richard Zimmerman, president and CEO of Cedar Fair, said it chose to sell to Prologis because of that company's "deep ties in the Bay Area and their reputation for working closely with local communities on large developments."

“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," Zimmerman said in a statement. "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.”

California’s Great America opened in 1976. Today, it has more than 60 rides, live entertainment and a water park, along with restaurants and events.

Among its most thrilling rides are Delirium, Demon, Flight Deck, Pacific Surge, Patriot, RailBlazer, Rip Roaring Rapids and Xtreme Skyflyer.

The announcement came as an unwelcome surprise to many on social media.

"California’s Great America is closing because fun is set to become fully illegal in the Bay Area," tweeted one user.

"OK UMMMMM……WHAT?!?! Guess I need to get to California’s Great America soon," tweeted another.

And a third said Great America was their "favorite local theme park."

"I loved working there and going there for almost every summer. I can't believe this," the user tweeted.