SANTA CLARA — The land beneath the Fantastic America amusement park in Santa Clara has formally been bought by a mega-developer in a deal that starts the clock ticking on the eventual shutdown of the leisure complex.
The buy was formally concluded on June 29, in accordance to a deed submitted with the Santa Clara County Recorder’s Office environment.
Prologis, performing as a result of an affiliate, paid $310 million for the land at 1 Excellent The usa Parkway, the county property documents clearly show.
The buy was finished as a result of an all-money transaction, a critique of the county data demonstrates. Prologis is one particular of the nation’s largest genuine estate development and expense firms.
California’s Good The us LLC, an affiliate of amusement park operator Cedar Reasonable, bought the home, according to the public documents.
San Francisco-primarily based Prologis also agreed to lease back again to Cedar Good the just-purchased chunk of land.
The expression of the lease is 6 several years, in accordance to a Cedar Fair regulatory filing this week. Cedar Fair has the suitable to prolong the lease for as a lot as five several years, which usually means the amusement park would close no afterwards than 11 yrs from now.
Cedar Fair’s yearly rental payment to Prologis commences out at around $12.2 million and will improve by 2.5% each individual year, in accordance to the SEC documents.
Ohio-based Cedar Good is a person of the nation’s premier operators of regional amusement parks. These organizations ended up devasted by the financial fallout from wide-ranging shutdowns ordered by governing administration agencies to battle the coronavirus.
It is possible that the Fantastic The usa amusement park could shut as shortly as two a long time from now.
“The lease is matter to a ideal in favor of Prologis to terminate the lease early by furnishing at minimum two years’ prior recognize,” Cedar Honest stated in the SEC filing on June 27.