The Beloved Bay Area theme park will close permanently in the near future

California’s Great America, a Bay Area amusement park that has entertained families for nearly five decades, will close its doors for good in the near future.

Cedar Fair, owner and operator of the park, announced Monday that it has sold the land to Bay Area real estate developer Prologis for $310 million. The 112-acre property is nestled between Route 237 and Highway 101, right next to Levi’s Stadium, and has its own dedicated light rail stop. The agreement stipulates that the park will close within the next 11 years, although the exact timing has not been announced.

Santa Clara Park, which opened in 1976 and currently boasts more than 50 attractions, has been a generational mainstay for Bay Area residents, including some famous ones. Golden State Warriors star Steph Curry was recently spotted participating in a three-point challenge at the park just days after winning his fourth NBA championship.

According to a press release announcing the sale, Cedar Fair is one of the largest amusement park operators in the world. The company owns 13 properties, including Knott’s Berry Farm, another popular California park. Cedar Fair bought the land under Great America from the city of Santa Clara in 2019 for $150 million, having previously leased it.

Perhaps tellingly, Cedar Fair (NYSE: FUN) stock is down nearly 40% over the past five years, but jumped 1.54% on Monday.

FILE: The Patriot roller coaster takes passengers on a 360-degree loop at California’s Great America amusement park in Santa Clara on March 31, 2017.

Anda Chu/Bay Area News Group via Getty Images

“The sale and lease agreements allow us to monetize a high-value asset in the heart of Silicon Valley at a very attractive multiple,” Cedar Fair President and CEO Richard A. Zimmerman said in the statement. Press release.

It has not been announced what Prologis, the new owner, plans to do with the property after the rides close.

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