Press Releases
Marcus & Millichap Closes $24M Sale of Prime Glendale Commercial Site
August 22, 2025
GLENDALE, Calif., Aug. 21, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the $24 million sale of a vacant 33,818-square-foot commercial site most recently occupied by JoAnn Fabrics in Glendale, California.
“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,” said Sheila Alimadadian, senior director investments in Marcus & Millichap’s Orange County office. “This quick timeline reflects strong demand for well-located infill sites in Southern California’s high-barrier-to-entry submarkets. The offering generated significant interest from a wide range of prospective buyers, including developers, investors, owner-users, and national tenants, resulting in multiple qualified offers within the first two weeks.” Alimadadian 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,” added Alimadadian.
Built in 1966 and renovated in 2013, the building had been leased to JoAnn Fabrics for more than 11 years. Prior to that, it operated as an Albertsons with a Sav-On Pharmacy. The site offers more than 468 feet of frontage along S. Central Avenue and Chevy Chase Drive, with visibility to over 40,000 vehicles per day and proximity to multiple transit options.
“The combination of a prime location, fast timeline and a public benefit made this transaction unique,” Alimadadian concluded. “It’s rare to see a vacant big-box retail site in a market like Glendale turn into a community park, and even rarer for it to happen this quickly.”
“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,” said Sheila Alimadadian, senior director investments in Marcus & Millichap’s Orange County office. “This quick timeline reflects strong demand for well-located infill sites in Southern California’s high-barrier-to-entry submarkets. The offering generated significant interest from a wide range of prospective buyers, including developers, investors, owner-users, and national tenants, resulting in multiple qualified offers within the first two weeks.” Alimadadian 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,” added Alimadadian.
Built in 1966 and renovated in 2013, the building had been leased to JoAnn Fabrics for more than 11 years. Prior to that, it operated as an Albertsons with a Sav-On Pharmacy. The site offers more than 468 feet of frontage along S. Central Avenue and Chevy Chase Drive, with visibility to over 40,000 vehicles per day and proximity to multiple transit options.
“The combination of a prime location, fast timeline and a public benefit made this transaction unique,” Alimadadian concluded. “It’s rare to see a vacant big-box retail site in a market like Glendale turn into a community park, and even rarer for it to happen this quickly.”
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
