The ride is nearly over for the Six Flags America and Hurricane Harbor amusement park in Prince George’s County, Maryland. 

An aerial view of Six Flags America in Prince George’s County, Maryland

The park is planning to close after this year’s operating season on Nov. 2, Six Flags Entertainment Corp. announced Thursday. 

Six Flags CEO Richard Zimmerman said it determined the park is “not a strategic fit” in its long-term growth plan. The company said it retained CBRE to market the 500-acre property for sale as a redevelopment play.

“After reviewing a number of options, we believe that marketing the property for redevelopment will generate the highest value and return on investment,” Zimmerman said in a statement. “We anticipate strong interest in the property and will continue to strategically pursue portfolio optimization opportunities as we work to unlock the full value of our portfolio.” 

The park sits just off MD-193 in Bowie, about 14 miles east of D.C. It opened as a Six Flags park in 1999, but the property had previously operated as a wildlife preserve since 1974, The Washington Post reported. 

The park has 70 full-time employees who will be laid off when it closes, with severance and benefits, Six Flags said. Zimmerman called it a “difficult decision” and said the company will work to support its employees. 

The Charlotte-based company said in November it would consider selling some parks after its $8B merger with Cedar Fair Entertainment. Six Flags operates 27 amusement parks, 15 water parks and nine resort properties across North America. 

Prince George’s acting County Executive Tara Jackson and the Prince George’s County Economic Development Corp. didn’t respond to requests for comment.

The closure is the latest in a series of blows to the economy of one of America’s richest majority-Black counties. 

Earlier this week, the NFL’s Washington Commanders announced the team plans to leave the county’s Northwest Stadium, which is located about 7 miles west of Six Flags, in 2030 to play in a new stadium at D.C.’s RFK Stadium site. Jackson said the county will work on a “bold vision” to redevelop the Northwest Stadium site. 

In March, President Donald Trump said he would halt the planned move of the FBI headquarters to Greenbelt. 

The county also lost a major private employer in tech company 2U, which had occupied more than 300K SF in New Carrollton before going into bankruptcy and then moving to a smaller space in Northern Virginia. And it has more than 30,000 federal jobs and additional contracting jobs that could be at risk from Trump’s cuts to federal agencies. 

Continental Realty Corporation (CRC) has completed the sale of Governors Commons, a neighborhood shopping center located at 7311 Governor Ritchie Highway in Glen Burnie, Maryland, for $9.57 million.

The recent disposition follows three previous parcelization executions at the asset resulting in a total gross sale price of $20.35 million. CRC acquired the center in 2019 for $16.2 million. Dean Zang and David Crotts of Marcus & Millichap represented CRC in this sales transaction.

“Governors Commons is the latest in a series of successful shopping center divestments by CRC in recent quarters,” said Haley Donato, CRC’s Senior Vice President of Asset Management & Finance. According to Donato, a significant driver of the success of the Governors Commons sale was the team’s expertise in subdividing and selling pad sites, which created significant cap rate arbitrage. CRC sold separate paid sites occupied by PNC Bank and Bubba’s 33, as well as a Gavigan’s Furniture freestanding anchor at a blended 5.3 percent cap rate.

RIPCO Real Estate has secured a $25.4 million bridge loan for New York-based developers Cape Advisors, Inc.

The loan will fund the acquisition and extensive repositioning of a 135-unit multifamily property located in College Park, near the University of Maryland. The loan was placed by Adam Hakim, Executive Managing Director, and James Murad, Managing Director, who lead RIPCO’s Capital Advisory team.

Cape Advisors plans to transform the existing student housing building into a high-quality multifamily project with modern finishes and enhanced amenities. The property is located at 4800 Berwyn House Road.

The bridge loan, provided by RMWC, a national commercial real estate lender, will support Cape Advisors’ plan to renovate the property, which will include a complete overhaul of individual units. The renovation will also introduce a mix of one- and two-bedroom units, with a focus on high-end furnishings for approximately half of the units.

Marcus & Millichap completed the sale of JSB Apartments, a 48-unit apartment property located in Waldorf, Maryland. The property sold for $6.3 million. 

Marty Zupancic and Ryan Murray, investment specialists in Marcus & Millichap’s Washington D.C. office, had the exclusive listing to market the property on behalf of the seller, RGB Holding, LLC, and procured the buyer, Lloyd Grosklags, Crain Flats Owner, LLC. “We extend our thanks to the seller for their partnership and are confident that the buyer’s value-add strategy will unlock the full potential of this property, benefiting both residents and the surrounding community,” said Zupancic. 

JSB Apartments, located at 2165-2169 Crain Highway, features 48 junior one-bedroom floor plans across 41,728 square feet. The property is just 30 minutes from Washington, D.C., and the complex is adjacent to the 150-acre Waldorf Station development, which is planned to include a grocery store, a state-of-the-art fitness facility and a diverse array of retail establishments.