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Tuesday, Oct 3, 2023

Greenlake Investment Management to Open Ziplines at Pacific Crest

A South Pasadena commercial real estate investment firm plans to reopen a 300-acre property in the Angeles National Forest that features a zipline course next month.

Greenlake Investment Management bought the property, which included ziplines and a wedding venue, last year after its former owner, Wrightwood Guest Ranch, declared bankruptcy, according to general manager Adam Bondeson. The purchase price was for $8.5 million, according to bankruptcy filings.

Greenlake closed the course, called Ziplines of Pacific Crest, while making physical improvements. Bondeson said he expects to draw in 200 customers per weekend in the summer, which would be an increase from what it saw before the firm bought it.

“My understanding was that it was doing relatively well, but there’s definitely room for improvement,” Bondeson said.

The firm, which was founded in 2008, expects the ziplines to generate between $1.2 million and $1.5 million in revenue annually, Bondeson said.

Greenlake is also considering building a ropes course next year, which Bondeson said would draw in younger customers.

What sets the zipline course apart is the fact that it doesn’t have any poles, but instead uses the natural environment for the course, Bondeson said.

“We’ve got a really special property, and the ziplines are very unique, especially in Southern California, because they’re built in the trees,” Bondeson said. “You get a canopy feel; you’re seeing it from a perspective you don’t normally see.”

Caroline Anderson covers retail, restaurants, and hospitality for the Los Angeles Business Journal. To contact her, email canderson@labusinessjournal.com or on Twitter at @caroline_mander.

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