Marcus & Millichap closed the $24-million sale of a vacant 33,818-square-foot commercial site most recently occupied by JoAnn Fabrics in Glendale. Sheila Alimadadian, senior director investments in Marcus & Millichap’s Orange County office, represented the seller, Aria Investments LLC, and procured the buyer, the City of Glendale, which plans to develop a park and recreation center on the 2.4-acre site at S. Central Avenue and Chevy Chase Drive.
“The city outpaced competing bids from supermarket chains, medical users, and other prospective buyers by offering a fast close, competitive pricing that included closing costs, and a public-benefit vision for the site,” said Alimadadian.
She continued, “The property was vacant for less than 30 days prior to going under contract and subsequently closed in just 30 days with a 15-day due diligence period.”
Built in 1966 and renovated in 2013, the building had been leased to JoAnn Fabrics for more than 11 years.
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