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