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Chula Vista water park sold for $15M

The Knott's Soak City water park, at 2052 Entertainment Circle in Chula Vista 91911, has been sold for $15 million, cash.

The buyer was Sea World LLC, 500 Sea World Drive, San Diego 92109. The seller of the property (assessor's parcels 645-020-13, 16, 17 and 18) was Knott's Berry Farm, a California general partnership, with Cedar Fair L.P. (NYSE: FUN) as its managing general partner, in turn with Cedar Fair Management Inc. (Management) as general partner. Matthew A Ouimet is president and CEO of Management.

The transaction included the 32.65-acre park and an additional 9.67 acres of vacant land. Soak City opened in 2000 by Knott's Berry as its third water park. The first two, at Buena Park and Palm Springs, remain in the company's hands.

SeaWorld Parks & Entertainment, parent of SeaWorld San Diego, has already announced the Chula Vista water park will undergo major renovations this fall and winter, and open in spring 2013 as its third Aquatica park, joining similar facilities in Orlando and San Antonio.

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