Robert Rivani has expanded his real estate holdings on Miami Beach’s Lincoln Road by acquiring the historic Lincoln Theatre building for $37 million. The Art Deco property, located at 551 Lincoln Road, is currently anchored by fashion retailer H&M. The transaction was brokered by Danny Finkle and Evan Lahr of JLL.
The seller, an affiliate of Savitar Realty Advisors led by Clifford Stein, purchased the building in 2010 for $21.5 million. H&M signed a lease for 35,240 square feet at the site in 2012. Other tenants in the nearly fully leased building include Swatch and Tapelia Spanish Cuisine.
Lincoln Theatre was designed by Thomas Lamb and completed in 1936. It operated as a cinema until the 1980s before being acquired by the New World Symphony in 1988 for $1.4 million, where performances were held for over twenty years.
The property sits about two blocks east of another Rivani-owned asset: The Rivani at 1691 Michigan Avenue. This seven-story mixed-use building recently secured Playboy as its penthouse tenant under a 10-year lease covering 20,000 square feet. Playboy plans to move its headquarters from Los Angeles to this location next year following approximately $40 million in renovations.
Rivani’s firm purchased The Rivani and its ground lease last year for $62.5 million, significantly below its previous sale price of $109.2 million recorded in 2016. The land beneath is owned by the city of Miami Beach.
Once renovations are complete, The Rivani will include amenities such as concierge service, a fitness center, spa facilities, a Japanese restaurant, and a speakeasy.
In addition to these acquisitions, Rivani recently sold two commercial spaces within Brickell mixed-use projects leased to Gekko Japanese steakhouse and RosaNegra Miami Mexican restaurant for $38.2 million combined. Earlier this year, he sold another commercial property leased to Catch seafood restaurant in Miami Beach’s South of Fifth neighborhood for $28.2 million.
