Robert Rivani, through his Miami-based firm Rivani (formerly Black Lion), has sold a two-story commercial unit in Miami’s Edgewater for $19.8 million. The 12,316-square-foot space at 3101 Northeast Seventh Avenue is within the Paraiso Bay condominium complex and is leased to Amara at Paraiso, a restaurant operated by Michael Schwartz’s The Genuine Hospitality Group.
The transaction was handled by a JLL team led by Alex Sharrin and Jeffrey Cicurel, who represented Rivani in the sale. According to Sharrin, “The buyer is a Chicago real estate investor ‘making their first splash in South Florida.’” The identity of the buyer has not been disclosed.
Rivani has been active in both buying and selling hospitality, retail, and restaurant properties throughout South Florida. In August, the firm acquired Lincoln Theatre at 551 Lincoln Road in Miami Beach for $37 million. The property is almost fully leased and anchored by H&M with additional tenants including Swatch and Tapelia Spanish Cuisine.
Also last month, Beverly Hills-based Playboy signed a 10-year lease for a 20,000-square-foot penthouse at The Rivani building on Michigan Avenue in Miami Beach. Playboy plans to relocate its global headquarters there but retains the option to cancel if an $800,000 incentive from the city does not materialize. Rivani purchased this building and its ground lease last year for $62.5 million from the city of Miami Beach and is investing $40 million into renovations that will add amenities such as a speakeasy lounge and sushi restaurant.
Earlier this year, Rivani sold three other commercial condos leased to high-end restaurants. These include the $28.2 million sale of a property occupied by Catch seafood restaurant in Miami Beach’s South of Fifth neighborhood; as well as units at SLS Lux Brickell (leased to Gekkõ steakhouse) and Dua Miami Hotel (leased to RosaNegra Mexican restaurant), which together brought in $38.2 million.
