SOUTH PASADENA, CA—The Jebbia Family Trust hasdecided to seek new ownership for the RialtoTheatre in South Pasadena. Along with its trustee,Wells Fargo Bank, the Jebbia Family Trust ispartnering with the city to find a buyer with the capital torevitalize the historic building, which is a registerednational landmark.

The sellers have hired Newmark Grubb KnightFrank capital markets team to market theproperty. According to the brokerage team, the sale and developmentof the property will be “the centerpiece” of South Pasadena'songoing renaissance. “The area's residents are great backers of thearts and the city remains supportive of redevelopment plans thatare not only thoughtful of the theater's rich history but alsocreate viable and sustainable uses onsite,” says JoshLevy, senior managing director, NGKF Capital Markets.

Located at 1019 Fair Oaks Ave., the Rialto Theater was built inthe 1920s and is one of the nation's last remaining single-screenmovie theaters. Known for its iconic architecture, the theater islocated near the Mission Street shopping district and sits on theoriginal Route 66. Currently, the building isred-tagged for maintenance, so any potential buyer will need toinvest capital into the building.”The property needs to be broughtup to modern safety standards, the exterior revitalized and themechanicals modernized to bring back its ornate sparkle," Levytells GlobeSt.com. "We do not have a number to do this or a timeframe." South Pasadena's residents are fully supportive of therevitalization of the building, and have formed the Friends of theRialto to support the revitalization of the property.