The building which houses well known restaurant, La Dolce Vita, in the Little Italy neighborhood of Cleveland, Ohio, sold on Tuesday, February 2, for $725,000 to a partnership led by restauranteur and tenant, Terry Tarantino.
The building is located at 12110 Mayfield, at the corner of Mayfield and Murray Hill, and houses the restaurant and 10 apartment units above it, with attached parking. The new ownership group expects to spend significant money upgrading the property.
The former owners, JDI Murray Hill, had retained Terry Coyne of Grubb and Ellis to sell the property. JDI Murray Hill had formerly been the lender, but had foreclosed on the building and had taken ownership in the December of 2009.
Mark Nasca, a Senior Vice President of JDI and a partner in the deal said, "Terry Coyne and his team were outstanding in implementing and executing the sale process. It was smooth and well run and concluded with an outcome which made our partnership very happy."
For more information on the property, visit http://www.terrycoyne.com/ourproperties/detail.asp?id=238
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