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The Rialto Theatre Trades Hands

SOUTH PASADENA, CA—A group led by Izek Shomof buys the Rialto Theater from the Jebbia Family Trust with plans to revitalize the historic building.

By Kelsi Maree Borland | Updated on January 13, 2015

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.

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