**City of Glendale Acquires Former JoAnn Fabrics Site for $24M to Develop New Park**
Marcus & Millichap has announced the successful $24 million sale of a vacant 33,818-square-foot commercial property in Glendale, California. The site, formerly occupied by JoAnn Fabrics, is located on a 2.4-acre parcel at the intersection of S. Central Avenue and Chevy Chase Drive.
Sheila Alimadadian, Senior Director of Investments at Marcus & Millichap’s Orange County office, represented both the seller, Aria Investments LLC, and the buyer, the City of Glendale.
“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,” Alimadadian stated.
She also noted the property’s swift transaction timeline. “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,” she said.
Originally built in 1966 and renovated in 2013, the building had been leased to JoAnn Fabrics for more than 11 years. The City of Glendale plans to transform the site into a community park and recreation center.
