Robert Rivani’s Black Lion sold one of its signature commercial condo units, a building leased to Catch restaurant in Miami Beach’s South of Fifth neighborhood, for $28 million.
The deal marks a nearly $17 million gain from its purchase price two years ago when Miami-based Black Lion paid $11.5 million for the two-story building at 200 South Pointe Drive, It is part of the Continuum on South Beach condominium complex.
El Paso, Texas-based River Oaks Properties, led by Executive Chairman Gerald Rubin, acquired the restaurant property that is leased to New York-based Catch for 15 years, according to a press release.
A JLL team led by Alex Sharrin and Jeffrey Cicurel represented Black Lion, and David Chasin and Daylin Ackerman with Pegasus Investment represented River Oaks, the release states.
Catch, owned by restauranters Tilman Fertitta, Mark Birnbaum and Eugene Remm, opened in the building in May of last year, about a decade after its previous site in Miami Beach closed.
Black Lion’s commercial condo unit portfolio is now down to four properties. In Miami, the firm owns a 13,500-square-foot, indoor/outdoor space at the Brickell SLS Hotel and Residences that is leased to Mexican restaurant RosaNegra; an 11,412-square-foot space at the SLS Luxe Brickell that is leased to Japanese steakhouse Gekkõ; and a 4,500-square-foot space at Paraiso Miami in Edgewater that is leased to Latin American fusion restaurant Amara at Paraiso.
In Miami Beach, Black Lion owns a 9,534-square-foot ground-floor commercial unit at Marea, a boutique condominium in the South of Fifth neighborhood. Gaia, a Mediterranean-style restaurant, signed a lease for the space. Black Lion paid a combined $54.6 million for the four commercial units between 2021 and 2023.
The Gekkõ and Amara properties have been on the market since 2023 with an asking price of more than $55 million. Black Lion is currently undertaking a $150 million renovation of a Miami Beach office and retail building at 1691 Michigan Avenue that’s been dubbed The Rivani. The firm paid $62.5 million for the building and a ground lease last year. The land underneath the six-story building is owned by the city of Miami Beach.
Rivani also owns a spec beachfront mansion in Malibu, California, that was destroyed by the recent wildfires plaguing Los Angeles and surrounding neighborhoods.
