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.
Located at 1019 Fair Oaks Ave., the Rialto Theater was built in the 1920s and is one of the nation's last remaining single-screen movie theaters. Known for its iconic architecture, the theater is located near the Mission Street shopping district and sits on the original Route 66. Currently, the building is red-tagged for maintenance, so any potential buyer will need to invest capital into the building.”The property needs to be brought up to modern safety standards, the exterior revitalized and the mechanicals modernized to bring back its ornate sparkle," Levy tells GlobeSt.com. "We do not have a number to do this or a time frame." South Pasadena's residents are fully supportive of the revitalization of the building, and have formed the Friends of the Rialto to support the revitalization of the property.
In addition to the revitalization of landmark properties, the city is also seeing developers looking for new construction opportunities. Mack Urban recently partnered with Mill Creek Development Co. and equity partner Cigna Investment Management to build a mixed-use property in Pasadena's playhouse district. The development has already broken ground and will cost $50 million.
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