California’s Great America in Santa Clara now has an expiration date.
The demesne driver Cedar Fair blazoned Monday that it vended the land and eventually will close the demesne.
The company vended the land for about$ 310 million to San Francisco- grounded company Prologis.
They also said they have inked a deal with the buyer to continue to run the demesne for” up to 11 times” before eventually closing it down at the end of their current parcel.
In a statement, they said the demesne should continue to look and feel the same to callers at least in the short term.
Callers to the demesne on Monday were shocked to hear the news. Several workers at the demesne said they learned the news of the trade on Monday as well.
“ It’s kind of a bummer you know, because we got kiddies then that enjoy this kind of thing, so shutting it down isn’t really good unless you open another demesne more or bigger nearly differently, ” said Jaime Gonzalez of Hayward. Gonzalez brought his kiddies to the demesne Monday to ride the rollercoasters. He said Great America is a favorite spot for his family to visit when academy is out for summer.
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“ I suppose that’s rough,” said Anthony Carranza who drove out from Santa Rosa to enjoy the lifts.” I ’ve been coming to this demesne since I was seven, so a lot of recollections with my family. This is the first time I ’ve come with just musketeers so we ’re making new recollections moment, so surely a lot of nostalgia. ”
Cedar Fair bought the land in 2019 from the megacity of Santa Clara. Prior to that time, Cedar Fair said it leased the land from the megacity for further than forty times. A representative from Cedar Fair noted in an dispatch that this new deal allows them to continue to operate” one of the most popular California entertainment destinations” by leasing back the property over a period of times.
Cedar Fair CEO and president Richard Zimmerman said in a statement that the company tried to keep Bay Area ties in this trade “ We chose Prologis as our mate because of their deep ties in the Bay Area and their character for working nearly with original communities on large developments. ”
“ For our investors, the trade and parcel agreements allow us to monetize a high– value asset in the heart of Silicon Valley at a veritably seductive multiple,” Zimmerman continued.
Bay Area reached out to Prologis as well, a representative said they presently do not have any specific plans for unborn use of the land once the demesne closes.
” As we look past the parcel expiration, we look forward to working with original government on the long– term plan, which we’ll do through cooperative conversations with the megacity and original community,” said a representative for Prologis in an dispatch.
They’ll have several times, and so will situate suckers, to figure it out.
The megacity of Santa Clara said it was just informed about the news of this trade.
” On the face, it appears California’s Great America won’t change in the short term,” said Santa Clara Mayor LisaM. Gillmor in a statement.” My stopgap and thing is to keep California’s Great America there as long as possible in the long term.”
California’s Great America has was in Santa Clara since 1976.