SOUTH PASADENA, CA—The Jebbia Family Trust has decided to seek new ownership for the Rialto Theatre in South Pasadena. Along with its trustee, Wells Fargo Bank, the Jebbia Family Trust is partnering with the city to find a buyer with the capital to revitalize the historic building, which is a registered national landmark.

The sellers have hired Newmark Grubb Knight Frank capital markets team to market the property. According to the brokerage team, the sale and development of the property will be “the centerpiece” of South Pasadena’s ongoing renaissance. “The area’s residents are great backers of the arts and the city remains supportive of redevelopment plans that are not only thoughtful of the theater’s rich history but also create viable and sustainable uses onsite,” says Josh Levy, senior managing director, NGKF Capital Markets.

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