The Rialto Theatre in downtown South Pasadena will undergo renovations by its new owner, a team led by Izek Shomof, which recently acquired the national landmarked site from Wells Fargo Private Bank’s Real Estate Asset Management group, as corporate trustee for the Jebbia Family Trust. NGKF Capital Markets represented the sellers in the transaction.
“This is a big win for the city of South Pasadena, its residents, and lovers of historic property to have this iconic building restored and reutilized,” said Matthew Dobson, a managing director with NGKF Capital Markets, who represented the seller along with NGKF Senior Managing Directors Josh Levy and Hook McCullough. “Wells Fargo, on behalf of the Jebbia Family Trust, was sensitive to the building’s significance when selecting a buyer and wanted to ensure the asset would transfer to a group with a track record of renovating and owning national landmark assets.”
Mr. Shomof is no stranger to historic revitalizations. On the board of the Historic Core Business Improvement District for downtown Los Angeles, Mr. Shomof helped to transform the 600 block of South Spring Street in the historic downtown with the redevelopment of four properties. He also is leading a group of investors to resurrect the King Edward Hotel and the Baltimore Hotel in downtown L.A., along with repositioning the Sears Tower in Boyle Heights, a former major distribution hub for the retailer.
Once part of the original Route 66 and a National Historic Landmark, the Rialto Theatre at 1019 Fair Oaks Avenue in South Pasadena is one of the last remaining single-screen movie houses in the greater Los Angeles area. Inside, it offers a live theatre stage flanked by office and retail space. Built in 1925, it had been red-tagged in 2010 for years of much needed maintenance, which the new owners will address in its months-long redevelopment of the theater and facade.
The property is located two blocks from South Pasadena’s Mission Street shopping district and just a block from other recently restored 1920s era buildings, now back to their original glory.
“We’re thrilled to have the opportunity to work with the new ownership to revive one of the city’s most recognizable buildings, and appreciate the process the Jebbia family and their advisers went through to find an appropriate buyer that is respectful of the building’s history,” said South Pasadena City Manager Sergio Gonzalez.
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