California’s Great America may be living on limited time.
But at least they’re making the most of it.
According to the East Bay Times, the park is expanding their days of operation in the coming year.
Cedar Fair, the company that owns the park, announced their country-wide slate of new activities and attractions.
Not just for Great America, but for all of the parks they own across the country.
And included among those is the tidbit that California’s Great America will be expanding their days of operation.
Starting in January, the park will be open year-round on weekends.
The East Bay Times quotes Barb Granter, Great America’s general manager:
With our expanded operating calendar in 2023, guests will have more opportunities to experience all that Great America has to offer
California’s Great America to close within 11 years
Great America has been a South Bay staple for decades.
And now, after nearly 50 years in operation, the park will be closing for good.
According to NBC Bay Area, the ground was almost literally sold out from under them.
Great America sale profits Cedar Fair
Cedar Fair, the current owners, sold the park to a Bay Area Real Estate Developer Prologis, and they made quite the profit.
They originally bought the land Great America sits on in 2019 for approximately $150 million.
Now, in 2022, they’ve sold it for a cool $310 million.
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.
According to the particulars of the deal, they expect to permanently close within the next 11 years.
The Future of Great America is Uncertain
No plans for the land’s future have been solidified just yet, but Prologis is still considering their options.
NBC Bay Area quotes a representative from Prologis:
As we look past the lease expiration, we look forward to working with local government on the long-term plan, which we’ll do through collaborative discussions with the city and local community
Prologis’ website says the company primarily focuses on investing in warehouses.
In fact, they’re one of the largest industrial real estate companies in the world.
Owning over 5,000 properties in 19 countries.
Since their business appears to focus on industrial warehouses near large population centers, it is possible they will convert Great America into a sort of warehouse district for nearby companies.
Affordable housing appears to be out of the question.
NBC Bay Area quotes Zimmerman, again:
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
SFGate notes that Cedar Fair’s stock has fallen 40% in the past 5 years.