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The City Of Glendale Acquires 34,000 SF Retail Property For $24 Million From Aria Investments LLC
SOLD
$24,000,000
California
See Similar DealsRetail34,000 SF
Sold 08/22/2025
SOLD
The City Of Glendale Acquires 34,000 SF Retail Property For $24 Million From Aria Investments LLC
1000 South Central Avenue
See Similar DealsRetail34,000 SF
Sold 08/22/2025
Summary
CALIFORNIA
Asset Type:Retail
Price Per Square Foot:$705
Total Square Footage:34,000 SF
Transaction Type:Sale
The City of Glendale acquired a retail property located at 1000 South Central Avenue in Glendale. The asset spans 2.4 acres and comprises a total square footage of 34,000. The sale price of the property was $24,000,000, which translates to a price per square foot of $706.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $24,000,000
- Property Address: 1000 South Central Avenue
- Market: Glendale
- Acres: 2.4
- Square Footage: 34,000
- Price per Square Foot: $706
- Buyer: The City of Glendale
- Seller: Aria Investments LLC
- Broker: Sheila Alimadadian - Marcus & Millichap
Sheila Alimadadian of Marcus & Millichap represented the seller, Aria Investments LLC, and facilitated the transaction. The buyer plans to redevelop the site into a park and recreation center, transforming the former Joann store into community space.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$1,279,999.99
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$85,266.94
Cash-on-Cash Return-1.27%
Monthly Debt Service$113,772.24
Annual Debt Service$1,365,266.93
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