Gary Rhodes, Corporate Director of Communications at Cedar, tells KALW that although they no longer own the land at the park, guests should expect no immediate changes at Great America from this transaction. Cedar first acquired the land in 2019 and had previously owned the land from the City of Santa Clara for more than 40 years.
The land was sold to Prologis, Inc. a Bay Area-based logistics real estate company for approximately $310 million with a lease agreement.
Cedar is one of the largest amusement-resort operators in the world. Their parks are located across the nation, including another popular California park, Knott’s Berry Farm.
The sale was due to a strategic review by Cedar in 2021 to maximize the value of the company’s assets and minimize debts. Cedar plans to use the proceeds from the transaction to meet its two-billion dollar target. Cedar plans to invest in park upgrades, as well as high-return projects.
Prologis tells KALW that as they look past the lease expiration, they plan to work with the local government on the long-term plan and collaborate with the local community for the land's future use.
