Robert Rivani is doubling down on Miami Beach’s Lincoln Road, acquiring a former theater now anchored by fashion retailer H&M for $37 million.
An affiliate of Miami-based Rivani, formerly called Black Lion, bought Lincoln Theatre, a historic Art Deco building at 551 Lincoln Road, a press release states. JLL’s Danny Finkle and Evan Lahr brokered the deal.
The seller, an affiliate of Miami Beach-based Savitar Realty Advisors, led by Clifford Stein, paid $21.5 million for the building in 2010, records show. H&M signed a 35,240-square-foot lease at Lincoln Theatre in 2012, a year after the New World Symphony moved into its current nearby home, the Frank Gehry-designed New World Center.
Other tenants in the 98 percent occupied building include Swatch and Tapelia Spanish Cuisine, the release states.
Designed by theater architect Thomas Lamb, Lincoln Theatre was completed in 1936 and operated as a cinema until the 1980s. The New World Symphony bought the property for $1.4 million in 1988 where it held performances for a little over two decades.
Lincoln Theatre is roughly two blocks east of The Rivani, a seven-story, mixed-use building at 1691 Michigan Avenue, just off Lincoln Road, that Rivani also owns. The firm recently landed Playboy as its penthouse tenant. Los Angeles-based Playboy plans to move its headquarters from Los Angeles to The Rivani next year when roughly $40 million in renovations to the building are expected to be completed.
Playboy signed a 10-year lease for 20,000 square feet.
Rivani’s namesake firm purchased the building at 1691 Michigan Avenue and a ground lease underneath the land for $62.5 million last year. The land is owned by the city of Miami Beach. Rivani paid $46.7 million below the previous sale price of $109.2 million from 2016, records show.
Once renovations are done, The Rivani will feature concierge service, a fitness center, a spa, a Japanese restaurant and a speakeasy.
Recently, Rivani sold two commercial spaces in two Brickell mixed-use projects that are leased to Gekko Japanese steakhouse and RosaNegra Miami Mexican restaurant, respectively, for $38.2 million. In January, Rivani sold a commercial building in Miami Beach’s South of Fifth neighborhood for $28.2 million. The property is leased to seafood restaurant Catch.
