Glendale Unified walks away from realty swap

Glendale school officials are no longer looking to swap several of their properties — including their administration building — for another Glendale property after the potential exchange with a Burbank developer fell through.

Chandler Pratt & Partners approached Glendale school officials last March with an interest in swapping properties.

What followed were closed-door negotiations as school officials considered trading properties totaling 3.5 acres of the district’s land, including the administration building located in the heart of Glendale, for a 3.6-acre commercial site on the outskirts of Glendale on Grandview Avenue across from Pelanconi Park.

The commercial property, located at 1011 Grandview Avenue and featuring two office buildings and a three-story parking structure, was priced at $17.5 million, according to a district report.

However, negotiations came to a close on Tuesday when school officials announced they could not agree to the terms presented by Chandler Pratt & Partners, although they did not divulge exactly what terms they could not accept.

“Chandler Pratt presented the terms and conditions of the proposed exchange and, after receiving guidance and direction from the board … we notified Chandler Pratt that we would not be able to meet those conditions that were presented to us,” said Sam Manoukian, the Realtor hired by Glendale Unified to negotiate the deal, during a school board meeting.

Manoukian added that while school officials must be transparent in dealings such as a property swap, “everything in the private world is not [transparent],” he said.

“Understandably, there’s certain things that they need to keep confidential,” he said, referring to Chandler Pratt.

Although Manoukian suggested the developer return with another proposal that would better fit with the district’s guidelines, they declined, he said.

“As of this moment, that opportunity is no longer there,” Manoukian said.

School board members indicated they were indifferent about the property swap not materializing, at least for now.

“If it comes back, it comes back,” said school board member Greg Krikorian. “We’ll see what happens.”

The failed proposal follows a successful property exchange Glendale Unified made with the same developer last year when the school district gave up its former teacher training facility at 319 N. Central Ave.

That site, where construction crews are currently working, will feature a mixed-use structure with 94 residential units and 1,987 square feet of ground-level commercial space.

Glendale Unified officials said they made a $4 million profit in that property swap.