The vacated Joann store in Glendale sold to the city, which will build a rec center at the site.
A 34K SF retail property in Glendale most recently occupied by craft store Joann sold for $24M. The property was vacant for less than 30 days before going under contract, according to a release from Marcus & Millichap.
Joann closed all its locations nationwide earlier this year as part of its bankruptcy.
The property generated “significant interest” from a variety of interested potential buyers, including developers, investors, owner-users and national tenants, according to M&M. The sale closed in 30 days following a 15-day due diligence period.
Sheila Alimadadian, senior director of investments in Marcus & Millichap’s Orange County office, represented the seller, Aria Investments LLC. Alimadadian also procured the buyer, the city of Glendale, which will develop a park and recreation center on the 2.4-acre site at 1000 S. Central Ave.
PEOPLE
Newmark hired Wayne Gearey as head of geographic information services and economic data analytics. Gearey has spent more than two decades helping occupiers use geospatial and economic data to inform critical decisions, from site selection and workforce planning to long-term location strategy.
He most recently served as an executive at CoStar Group and Homes.com, where he helped design “data platforms integrating real estate, demographic and 3D intelligence,” according to a release.
Gearey will collaborate closely with leaders across Newmark’s occupier solutions business, with a focus on developing a unified GIS platform to drive business development. He is part of Newmark’s technology team and reports to Newmark Chief Information Officer Sridhar Potineni.
***
Parkview Financial has hired Audrey Smith as legal director. Smith is based in the firm’s Los Angeles office and reports directly to CEO Paul Rahimian.
In this role, Smith oversees all legal functions at Parkview with a particular focus on loan originations, loan management and investor relations. Smith also plays a role in improving portfolio performance and shaping credit policies.
Before joining Parkview in 2025, Smith served as senior legal counsel at Man Group, where she managed all legal matters related to the firm’s transactional real estate practice.
SALES
CBRE announced the sale of a 26K SF office property at 5015 Shoreham Place in San Diego. San Diego Lighthouse Bible Church acquired the property for $13.5M.
CBRE’s Matt Pourcho, Anthony DeLorenzo, Matt Harris and Casey Sterk represented the private seller, Shoreham LLC. The single-story building features on-site showers, an outdoor patio with seating and electric vehicle charging stations.
CONSTRUCTION AND DEVELOPMENT
CH Realty Partners secured full entitlements for Beaumont Pointe, a 622-acre industrial and commercial development now approved in the city of Beaumont. CHRP will begin construction in early 2026 on Phase 1 of the development, consisting of 2M SF of industrial space in two buildings. In total, Beaumont Pointe will develop more than 5.3M SF of industrial and commercial space.
FINANCING
Thrive Living closed on project financing to build a 290-unit affordable housing development in East Hollywood. The project at 1141 N. Vermont Ave. will feature a mix of apartments affordable to households earning up to 80% of the area median income. The project received expedited approvals through Executive Directive 1. The project is being built without public subsidies and is using modular construction.
JPMorgan Chase is providing a $65M construction loan through the workforce housing solutions group in its community development banking group. This is the second construction financing partnership between Thrive and JPMorgan. Other partners include real estate investment firm A. Walker & Co. and Basis Investment Group. The financing was arranged by Walker & Dunlop.
1141 N. Vermont Ave. marks Thrive’s fourth project in LA.