June 1, 2023 Breaking News, Latest News, and Videos

Pacific Park Officially Sold for $34mil:

CNL Lifestyle Properties Inc., a real estate investment trust (REIT) focused on lifestyle properties, has acquired Pacific Park amusement park from Santa Monica Amusements LLC for $34 million. The amusement park, located on the historic Santa Monica Pier in southern California, will continue to be operated by Santa Monica Amusements under a net-lease agreement.

Pacific Park is a two-acre amusement park on the Santa Monica pier that offers family-style entertainment with 12 rides, 18 midway games, as well as multiple attractions, an oceanfront food plaza, entertainment, and specialty shops.

“Pacific Park matches our strategy of owning properties that are located in or near large population centers,” said Byron Carlock, president and CEO of CNL Lifestyle Properties, in a statement. “This is an iconic property in a city with significant character; we are very pleased to have it in our portfolio.”

The Park is a unique property located on a nationally known historic Pier and attracts more than 4 million visitors annually. CNL Lifestyle Properties also owns three marinas, three ski resorts, two resort village properties, one family entertainment center, one water park, and six golf courses in California. The acquisition of Pacific Park boosts the company’s amusement park portfolio to 22 nationally.

CNL Lifestyle Properties owns the ground lease and physical assets of Pacific Park. The Park will be leased by tenant Santa Monica Amusements and will continue to be run by CEO and General Manager Mary Ann Powell. Powell has been managing Pacific Park for 13 years and will continue to be responsible for all operations as well as the development and execution of the park’s long-term plans.

“We are excited about the partnership with CNL Lifestyle Properties, which allows us to continue to develop the vision of the Park,” Powell said. “Our goal and objective as the management team is to continue to maintain the Park’s stellar safety record and continually improve operations while enhancing the guest’s experience.”

For park visitors, employees and the Santa Monica community, the operations of the Park will not be impacted by this transaction.

Report from CNL Properties Release

in News
Related Posts

Free Meals for WGA Members During Strike at Bob’s Big Boy and Swingers Diner

June 1, 2023

June 1, 2023

Comedian and Host Drew Carey Is Paying For Meals For Striking WGA Members By Dolores Quintana As the Writers Guild...

(Video) Recap of The 8th Annual “Mainopoly” Tour of Main Street Restaurants

June 1, 2023

June 1, 2023

Come along the most recent Mainopoly tour of Main Street to check out its restaurants and shops. @smmirrornews Come tour...

Mystery Surrounds Closure of Michelin Recommended Restaurant Savida in Santa Monica

June 1, 2023

June 1, 2023

Santa Monica’s Beloved Crudo and Seafood Restaurant Abruptly Shuts Down on April 27 By Dolores Quintana After being awarded a...

Salvation Army to Distribute 2,000 Donuts at Santa Monica Promenade

May 31, 2023

May 31, 2023

Donuts Will Be Distributed at Various Locations Throughout the City. The Salvation Army Santa Monica will commemorate its 130-year anniversary...

Santa Monica Requests $6M To Expand Memorial Park

May 30, 2023

May 30, 2023

An Expansion Project Would Combine the 10.3-acre Park With an Adjacent 2.9 Acre Property. By Zach Armstrong The city of...

Get Ready For Cinematic Despair: American Cinematheque Presents Bleak Week

May 30, 2023

May 30, 2023

Explore the Darkest Depths of Humanity in a Gripping Showcase of Bleak Cinema Get ready for a captivating week of...

Sexual Assault Suspect in Custody After Stabbing Victim’s Friend

May 30, 2023

May 30, 2023

The Suspect Is Responsible for Another Recent Assault. On Saturday, May 27, 2023, at approximately 7:30 p.m., officers from the...

Mail and Package Thieves Detained by Santa Monica Police

May 30, 2023

May 30, 2023

The Suspect Possessed Counterfeit U.S. Postal Service Arrow Keys. Shortly before midnight on May 20, officers from the Santa Monica...

Pandemic-Induced Rent Debt Crisis Threatens Housing Stability

May 28, 2023

May 28, 2023

Low-Wage Workers and Communities of Color Disproportionately Affected By Dolores Quintana  Rental debt is an out-of-control problem that has worsened...

Spanish Revival Home On Market For Nearly $20M

May 26, 2023

May 26, 2023

The Property is Nestled Behind Gates and Features Eight Bedrooms By Zach Armstrong Over top of the Riviera Country Club,...

Santa Monica Ranked One of the Least Affordable U.S. Cities

May 26, 2023

May 26, 2023

Several Metrics Graded on a 100-point Scale to Make the Ranking. By Zach Armstrong The City of Santa Monica was...

(Video) Homelessness Exacerbated by Santa Monica Rail and Bus System

May 26, 2023

May 26, 2023

The METRO and public bus system has reportedly been a large factor in Santa Monica’s homeless population. @smmirrornews Homelessness in...

Health Advisory: Los Angeles County Health Warns Against Swimming This Weekend

May 26, 2023

May 26, 2023

Public Health Issues Caution as Bacterial Levels Exceed Health Standards  The Los Angeles County Department of Public Health cautions residents...

Women’s Boutique Closing After More Than 60 Years

May 25, 2023

May 25, 2023

Sumiko Started on Main Street in Santa Monica in 1962. By Zach Armstrong Women’s clothing boutique Sumiko is closing after...

With New Metro System, Santa Monicans Can Reach East L.A. Without Transfers

May 25, 2023

May 25, 2023

Riders Could Save as Much as 20 Minutes Going Downtown. By Zach Armstrong The Regional Connector transit project, a 1.9...