The Jo-Ann Fabric and Craft Store property in Glendale has traded hands for $17.7 million.
The 33,700-square-foot building at 1000 South Central Ave. was purchased by Aria Investments LLC of Glendale, according to an announcement Wednesday by Marcus & Millichap Inc.
“Quality net-leased listings are in high demand and will remain so throughout the year,” said Sheila Alimadadian, associate director of Marcus & Millichap’s National Retail Group in Newport Beach, who represented the buyer. “This offering attracted a great deal of attention from a wide range of buyers.”
The property was sold by Capital Real Estate Advisors in Los Angeles. The deal was recorded March 24.
The seller purchased the building in 2012 for $9 million when the space was vacant. Six months later, Jo-Ann Fabrics signed a 15-year net lease, which began in December.
Semiconductor manufacturer Semtech Corp. reported mixed results in its fiscal first quarter, but stronger sales helped it beat revenue projections.
The Camarillo company reported net income of $7.9 million (12 cents a share) for the quarter ended April 27, compared with net income of $14.8 million (22 cents) in the same period a year earlier. Revenue fell 18 percent to $132.9 million.
Analysts on average expected profits of 30 cents a share on revenue of $130.3 million, according to Thomson Financial Network.
The company said strong sales of its chips for use in consumer-electronics and business-computing products helped it exceed revenue projections.
Shares closed up 78 cents, or more than 3 percent, to $23.21 on the Nasdaq.