Robert Rivani continued to shrink his Miami commercial condo portfolio with the $19.8 million sale of a two-story space in Miami’s Edgewater leased to a Michael Schwartz restaurant.
His Miami-based firm Rivani, formerly called Black Lion, sold the 12,316-square-foot unit at 3101 Northeast Seventh Avenue within the Paraiso Bay condominium complex, a press release states. The space is occupied by Amara at Paraiso, a Latin-infused restaurant owned and operated by Schwartz’s The Genuine Hospitality Group.
A JLL team led by Alex Sharrin and Jeffrey Cicurel represented Rivani, the release states. The buyer is a Chicago real estate investor “making their first splash in South Florida,” Sharrin said in a statement. Rivani and the brokers declined to reveal the buyer’s identity.
Rivani is among the most active firms selling and buying hospitality, retail and restaurant properties in South Florida. Last month, Rivani dropped $37 million for Lincoln Theatre, a historic Art Deco building at 551 Lincoln Road in Miami Beach. The 98 percent leased property is anchored by fashion retailer H&M. Other tenants include Swatch and Tapelia Spanish Cuisine.
Also in August, Rivani landed Beverly Hills-based Playboy as the anchor tenant for The Rivani, a seven-story, mixed-use building at 1691 Michigan Avenue, just off Lincoln Road. The iconic media brand is planning to move its global headquarters to Miami Beach.
Playboy signed a 10-year lease for a 20,000-square-foot penthouse space at The Rivani. But the high-profile tenant can cancel the agreement if the city of Miami Beach declines to provide $800,000 in incentives.
Last year, Rivani purchased that building and a ground lease underneath the land for $62.5 million. The land is owned by the city of Miami Beach. Rivani is also spending $40 million to renovate the building, which will include a speakeasy lounge and a sushi restaurant.
Since January, Rivani has sold three other commercial condos leased to high-end restaurants, starting with the $28.2 million sale of a commercial building in Miami Beach’s South of Fifth neighborhood occupied by seafood restaurant Catch.
In May, the firm sold a space at SLS Lux Brickell leased to Gekkõ, a Japanese steakhouse owned by musician Bad Bunny and Miami Beach-based hospitality mogul David Grutman, and a space at Dua Miami Hotel leased to Mexican restaurant RosaNegra Miami. The units sold for a combined $38.2 million.
