Rialto Theatre landowner, The Jebbia Family Trust, and its trustee, Wells Fargo Bank, are actively seeking new ownership for the historic property in South Pasadena, California. The owners are working with NGKF Capital Markets to market the property in partnership with the city to find a buyer with the capital to revitalize the building, which is a registered national landmark. While an asking price for the property was not disclosed, The Pasadena Star-News noted that according to a South Pasadena Chamber of Commerce report, repairs on the neglected property could cost from $4 million to $18 million.
"We obviously are excited about the potential of the building changing ownership with the possibility of reopening the doors again as a theater in some form," said South Pasadena City Manager Sergio Gonzalez. "The city has been working collaboratively to get it reopened again."
"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," added Josh Levy, senior managing director, NGKF Capital Markets.
Located five blocks south of the 110 freeway, The Rialto Theatre opened for vaudeville and movies on October 17, 1925, with Ray Metcalfe playing the 2 manual, 10 rank Wurlitzer pipe organ and with the Rialto Orchestra accompanying the world premiere of Universal's "What Happened to Jones" starring Reginald Denny. The Rialto Theatre was one of the last theatres to be designed by noted theatre architect Lewis Arthur Smith, who died the following year. The Jebbia family has owned the theatre since the 1930s; in the 1960s it was leased to Mann Theatres, then Landmark Theatres took over in 1976 and showed arthouse and classic movies. Landmark closed the Rialto Theatre with "The Simpson Movie" on August 19, 2007.
For more news and information visit Blumberg Capital Partners.