Great America/Cedar Fair Asking $110M for Great America

Cedar Fair, the owner of Great America Theme Park is reportedly asking north of $110 Million for the park and the land lease it has with the city of Santa Clara for the 181 acre parcel the park sits on. The annual minimum rent for the land lease is $5.3M and runs through 2039. At the same time, Cedar Fair is working to reduce the property’s assessment for tax purposed to $44M.

This is interesting because it highlights how the value of a property can vary so widely between buyers. To the 49ers, the deal represents an opportunity to get Cedar Fair out of the way on its march to getting a stadium to help the franchise increase its overall value. To any other party looking at the site, there are two basic options, a) taking over a theme park with declining revenue, or b) developing the site with only a 30-year window to recover their investment. Both options seem to be less than appetizing..

It will be interesting what sort of deal the parties can negotiate, if any, but it’s fairly clear right now that the 49ers don’t have to worry about to many other buyers jumping into the fray.

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