About This Property
Pepper Pike-based Bay West Properties Ltd. has cashed in its chits for the Westlake property housing Dave & Buster's, the sports-oriented restaurant, party and video game center. And it won big, as in the $7.8 million kind of big.
The new owner is Spirit Realty Capital Inc. (NYSE: SRC). The Dallas-based real estate investment trust primarily focuses on buying properties that are net-leased to their users for essential operations, such as restaurant chains. In this case, the location visible from I-90 near Columbia Road is leased by another Dallas-based company, Dave & Buster's Entertainment Inc. (NASDAQ: PLAY), which has 99 venues around the nation.
Kyle Hartung, vice president of Lyndhurst-based Goodman Real Estate Services Group LLC, announced the transaction in an email where he reported handling the sale of the building's ground lease for a figure that worked out to $135 a square foot. He wrote that Dave & Buster's has been in the Westlake location for 15 years.
Hartung's email said he represented the seller of the property, which he did not identify, as well as Spirit.
Bay West is an affiliate of shopping center owner and developer Visconsi Cos., according to Cuyahoga County land records.
Spirit has an $8 billion portfolio, according to its most recent Securities and Exchange Commission filing, a June 2 presentation for investors and stock analysts.
Sourced from: Crain's Cleveland Business