CNL Lifestyle Properties Inc. has bought the Pacific Park amusement park on the Santa Monica Pier for $34 million from Santa Monica Amusements LLC, which will continue to manage the facility.
CNL, an Orlando, Fla. real estate investment trust specializing in lifestyle properties, said Wednesday that it now owns the lease and physical assets of Pacific Park. The facility will be operated under a net-lease agreement by Santa Monica Amusements Chief Executive Mary Ann Powell, who has been running the park for 13 years.
Pacific Park is a two-acre amusement park on the historic pier that offers 12 rides, midway games, an oceanfront food plaza and specialty shops.
“Pacific Park matches our strategy of owning properties that are located in or near large population centers,” CNL Chief Executive Byron Carlock, said in a statement. “This is an iconic property in a city with significant character; we are very pleased to have it in our portfolio.”
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