The City Of Glendale Acquires 34,000 SF Retail Property For $24 Million From Aria Investments LLC
1000 South Central Avenue
$24,000,000
$705/SF
Building Size
34,000 SF
Asset Type
Retail
Closing
Aug 22, 2025
AI
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.
Players
Glendale Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.66%
Cash-on-Cash
-0.19%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93