SOUTH PASADENA, CA—A group led by Izek Shomof has purchased the historic Rialto Theatre from Wells Fargo Private Bank's Real Estate Asset Management group, which acted as a corporate trustee for the Jebbia Family Trust. The buyer plans to invest significant capital to revitalize the theater, although there is no information available on how much it plans to invest. The sales price for the property is also undisclosed. 

In July, GlobeSt.com reported that the Jebbia Family Trust had brought the historic property to market, seeking a buyer with the capital and ability to restore the property. “We had an incredibly diverse cross-section of interest and, from launch, there was no shortage of passion for the project,” Matthew Dobson, managing director with Newmark Grubb Knight Frank, tells GlobeSt.com. Dobson represented the sellers in the transaction along with senior manging directors Josh Levy and Hook McCullough, and declined to provide an additional comment or information about the sale.

The seller chose the buyer, in part, because of Shomof's experience revitalizing historic properties. He sits on the board of Historic Core Business Improvement District in Downtown Los Angeles, and he was involved in the redevelopment of four historic properties on the 600 block of South Spring Street. He is also involved in the redevelopment of the King Edward Hotel, the Baltimore Hotel and the Sears Tower in Boyle Heights. 

The Rialto Theatre was built in 1925, and is designated a historic building. In 2010, it was tagged by the city for much needed maintenance. The new owners will take care of the required renovations as part of revitalizing the property.