Pacific Park, Santa Monica, California, has been sold to CNL Lifestyle Properties, a real estate investment trust with a portfolio of 122 properties in the United States and Canada.
Pacific Park is the two-acre amusement park on the Santa Monica Pier that offers family-friendly entertainment with 12 rides, 18 midway games, an oceanfront food plaza, entertainment and specialty shops.
CNL now owns the ground lease and physical assets of Pacific Park, while previous owner Santa Monica Amusements continues to operate the park on a day to day basis, lead by current CEO Mary Ann Powell.
Apparently Santa Monica Amusements always considered it a long-term objective to sell the park. Actively for sale for the last few years, the timing for the CNL deal was right and the current financial arrangements are sound. The structure of the sale allows Powell the option to purchase the membership interests in Santa Monica Amusements within a year of closing.
“Business conditions made this a favourable time to sell the park,” highlights Powell. “We identified CNL Lifestyle Properties as a long-term partner and good market fit.”
As the major tenant on the iconic Santa Monica Pier outside Los Angeles, the two-acre amusement park contributes to drawing more than four million annual visitors every year. It is also one of Santa Monica’s largest youth employers as well as and one of the city’s significant tax generators.
CNL Lifestyle Properties’ other parks in North America include Elitch Gardens (Denver, Colorado), Frontier City (Oklahoma City, Oklahoma), White Water Bay (Oklahoma City), Waterworld (Concord, California), Wild Waves & Enchanted Village (Seattle, Washington), Darien Lake (Buffalo, New York), Splashtown (Houston, Texas) and Magic Springs and Crystal Falls (Hot Springs, Arkansas). The company is currently looking for an operator to run these properties following the termination of a lease deal with PARC Management.
In November, CNL entered into an agreement with Amusement Management Partners to manage a number of FECs including Zuma Fun Centers in Charlotte, North Carolina; Knoxville, Tennessee; North Houston, Texas and South Houston, Texas; Mountasia Family Fun Center (North Richland Hills, Texas), Fiddlesticks Fun Center (Tempe, Arizona), Funtasticks Fun Center (Tucson, Arizona) and Camelot Park (Bakersfield, California).