The property's buyer, Prologis, Inc., is a Bay Area real estate company. Prologis could not be immediately reached for comment.
Cedar Fair said it began looking into "maximizing the value" of its existing properties in 2021 and the sale is part of that strategic plan. Cedar Fair purchased the land at California's Great America in 2019 from the City of Santa Clara. The company owns and operates amusement and water parks throughout the lower 48 states, with revenues at more than $1.3 billion annually, according to their website.
The sale is an attempt to bring down debt, according to the company.
"Cedar Fair intends to use proceeds from the land sale transaction to accelerate progress on its strategic priorities of reducing debt to achieve its $2 billion target," a spokesperson for the company said. This will involve upgrading other properties as well.
Cedar Fair is based in Sandusky, Ohio.
This story contains 218 words.
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