The Rialto Theatre Owners Seek Buyers To Revitalize Historic Landmarked Property

Rialto Theatre landowner, The Jebbia Family Trust, and its trustee, Wells Fargo Bank, are working with the city of South Pasadena, Calif., to secure new ownership that has the vision and financial wherewithal to revive the historic property while respecting its national landmark status, according to NGKF Capital Markets, which was tapped to market the property.

“The site, with its iconic architecture, could become the centerpiece of South Pasadena’s downtown renaissance,” said Matthew Dobson, managing director with NGKF Capital Markets.

“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,” noted Josh Levy, senior managing director, NGKF Capital Markets.

One of the last remaining single-screen movie houses in the greater Los Angeles Area and a National Historic Landmark, the Rialto at 1019 Fair Oaks Avenue, once part of the original Route 66, offers a live theater stage with office and retail space and is fully leased long-term to Landmark Theaters. Currently red-tagged for needed maintenance, the property sits two blocks from South Pasadena’s Mission Street shopping district and is located only a block from Comerica Bank, which recently restored its 1920s era building to its original glory.

“We’re very excited about the sale and are prepared to work collaboratively to get the Rialto doors open again,” said South Pasadena City Manager Sergio Gonzalez.

South Pasadena is long known for its abundant arts events, home to The South Pasadena Music Center & Conservatory, the Fremont Centre Theatre for performing arts, many art galleries and frequent festivals. The restoration of The Rialto is highly popular among the City Council, local Chamber of Commerce and the community. Residents have moved forward to form the Friends of the Rialto to help support the preservation of the theater.

Recent theater revitalizations have occurred in the greater Los Angeles area. The Fox Theater in Pomona, Calif., reopened in 2009 after being redeveloped into a multi-venue entertainment complex by the city. Fine Arts Theater in Beverly Hills was purchased this year by philanthropist Paula Kent Meehan who plans to restore and reopen it.

About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 320 offices in established and emerging property markets on six continents.

With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visitwww.ngkf.com.

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