Basketball star Kevin Durant's family office and an investment partner were selected to purchase a former amusement park property outside Washington, D.C.
Durant's group, 35V, and Atlanta-based development firm TPA Group are expected to take over as new owners of the roughly 500-acre Six Flags America property in Bowie, Maryland, Prince George's County Executive Aisha Braveboy said in a statement Wednesday. Deal terms and exact plans for a possible redevelopment weren't disclosed.
"This is a major step forward for Prince George's County and a meaningful opportunity to elevate this property into a destination development that reflects the expectations of our residents and strengthens economic development in our County," Braveboy said.
The move comes as Six Flags seeks to optimize its portfolio of theme parks. On Monday, the amusement park operator confirmed it completed its previously announced sale of six U.S. parks to Kansas City, Missouri-based real estate investment trust EPR Properties. Those parks "comprise the substantial majority of a $315 million portfolio investment," EPR said in a statement.
The six locations in that deal are Valleyfair in Minnesota, Worlds of Fun in Missouri, Michigan's Adventure in Michigan, Schlitterbahn Waterpark Galveston in Texas, Six Flags St. Louis in Missouri and Six Flags Great Escape in New York.
The sale of Six Flags La Ronde in Montreal is expected to close this quarter.
"This divestiture reflects Six Flags' disciplined approach to portfolio optimization and the decisive action we are taking to concentrate our capital and operational focus on properties with the greatest long-term growth potential," Six Flags President and CEO John Reilly said in a statement on the deal with EPR.
The Maryland park ended operations last fall, and real estate services firm CBRE marketed it for sale.
Durant plays for the Houston Rockets. The development would mark the Maryland native's latest venture in his home state.
The parties involved in the deal for the Six Flags America property did not immediately respond to CoStar News' emailed requests seeking a comment.