A prominent 500 block property and sites in the Theater District sold yesterday. Wil Partners LLC sold 537 Main Street to XII Property Management LLC for $1.05 million. The renovated, three-story, 9,540 sq.ft. building is located on Roosevelt Plaza across from the Hyatt. The sellers, who owned Raclettes Restaurant, renovated the former Arby’s restaurant to include restaurant space and a stunning two-level residence on the upper floors. Graylynn now occupies the first floor.
To the north, Pearl Franklin Holdings LLC, a partnership between Chris Jacobs and Ellicott Development, purchased 736 Main Street and 538 Pearl Street in the Theater District. 740 Main Street Inc. sold the properties for $2.786 million. In a separate transaction, the partnership bought 554 Pearl Street from Alex and Mark Schmidt for $364,000.
The properties include two one-story buildings and parking lots and are prime for redevelopment. 736 Pearl includes a one-story, 15,200 square foot building formerly occupied by Schmidt Auto Glass that also has prominent Main Street frontage. The partners say they will be seeking a new tenant for the site. Across Main Street, Jacobs’ Avalon Development has renovated four buildings for commercial use.
538 Pearl includes a building that houses Hertz Car Rental. Hertz is expected to remain as a tenant.