Six Flags Corporation
Six Flags Astroworld, a property of the Six Flags Corporation, was a high-profile attraction in operation as a theme park in Houston since 1968. By the early 2000s, the park had begun to under-perform budget. Unlike most theme parks, Astroworld was located in a densely populated urban area near the city center. The surrounding area was adjacent to the Texas Medical Center, Reliant Stadium, and Reliant Arena. In addition the whole area was rapidly improving and featured direct access to the recently completed METRORail system. Due to its poor performance as an amusement park, and the rapid upswing in development property values in the area, the Six Flags Corporation decided to sell the property. KMD Studley’s Marshall V. Davidson Jr., played a leading role in the sale of the Astroworld property.
The Six Flags Corporation wished to sell Astroworld quickly, but did not want to incur the expense and time of subdividing the property. To maximize the number of potential uses and buyers, Davidson and the team analyzed the benefits of single property, property division, and joint-venture sale as well as long-term lease. Following the analysis the team contacted prospective local, national, and international buyers to create a competitive bidding environment.
Through careful targeting of qualified buyers, twelve parties made bids on the property. By maximizing the number of potential uses and buyers, and exposing the property to previously qualified local, national and international interests, Davidson and the team maximized the value of the park and sold it as an undivided tract in just nine months, thus exceeding Six Flags Corporation’s expectations.
Six Flags Astroworld,
Grand Prairie, Texas