It’s official.
Pacific Park, home to the nation’s first solar-powered Ferris wheel, has been sold to CNL Lifestyle Properties, Inc. for $34 million, officials with the real estate investment trust said Wednesday.
The amusement park, which attracts more than 4 million visitors annually will continue to be operated by its previous owner, Santa Monica Amusements, under a net-lease agreement.
General Manager Mary Ann Powell, who has been managing Pacific Park for 13 years, will continue to be responsible for all operations as well as the development and execution of the park’s long-term plans. Powell serves on the board of directors for the Santa Monica Chamber of Commerce.
“Business conditions made this a favorable time to sell the park,” Powell said.
The park, located on the historic Santa Monica Pier, consists of 2-acres and features family-style entertainment with 12 rides, including a roller coaster, 18 midway games and other attractions.
“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. “This is an iconic property in a city with significant character; we are very pleased to have it in our portfolio.”
CNL Lifestyle Properties owns the ground lease and physical assets of Pacific Park.
As owner and operator of the pier, the City Council in December had to approve the sale. City Hall was expected to receive a transfer premium payment of $1.4 million.
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.
Powell said her team will continue to honor the legacy of the pier and support the local community. The park is one of the city’s largest youth employers and a significant sales tax generator, she said. As a sign of its commitment to the pier and its traditions, Pacific Park donated $20,000 to the struggling Twilight Dance Series, which helped save the 26-year-old summer concert series.
“Pacific Park has been a key player in establishing the Santa Monica Pier as a world-class destination and local favorite. We look toward a seamless transition between the city, new owners, pier tenants and park management team,” said Kent Smith, chairman of the Board of Directors of the Pier Restoration Corp. “The new owners are committed to an uninterrupted transition in park management and ongoing operations, which will serve our pier guests and tenants to the fullest.”
