T. Arakawa, in his unpublished note, constructed and studied a theta lifting from elliptic cusp forms to automorphic forms on the quaternion unitary group of signature $(1, q)$. The second named author proved that such a lifting provides bounded (or cuspidal) automorphic forms generating quaternionic discrete series. In this paper, restricting ourselves to the case of $q=1$, we reformulate Arakawa's theta lifting as a theta correspondence in the adelic setting and determine a commutation relation of Hecke operators satisfied by the lifting. As an application, we show that the theta lift of an elliptic Hecke eigenform is also a Hecke eigenform on the quaternion unitary group. We furthermore study the spinor $L$-function attached to the theta lift.