Robert Rivani, through his Miami-based firm Rivani (formerly Black Lion), has sold a two-story commercial unit in Miami’s Edgewater neighborhood for $19.8 million. The 12,316-square-foot property, located at 3101 Northeast Seventh Avenue within the Paraiso Bay condominium complex, is leased to Amara at Paraiso, a restaurant operated by Michael Schwartz’s The Genuine Hospitality Group.
The sale was brokered by JLL representatives Alex Sharrin and Jeffrey Cicurel. According to Sharrin, the buyer is a Chicago real estate investor entering the South Florida market for the first time. The identity of the buyer was not disclosed by Rivani or the brokers.
Rivani has been active in both acquiring and selling hospitality, retail, and restaurant properties in South Florida. In August, he acquired Lincoln Theatre on Lincoln Road in Miami Beach for $37 million. This Art Deco building is nearly fully leased with tenants such as H&M, Swatch, and Tapelia Spanish Cuisine.
Also last month, Playboy signed a 10-year lease for a 20,000-square-foot penthouse at The Rivani building at 1691 Michigan Avenue in Miami Beach. However, this agreement is contingent upon the city of Miami Beach providing $800,000 in incentives; otherwise Playboy can cancel the lease. Rivani had purchased this building and its ground lease last year for $62.5 million from the city of Miami Beach and is investing an additional $40 million into renovations that will add amenities like a speakeasy lounge and sushi restaurant.
Since January, Rivani has sold three other commercial condos leased to high-end restaurants. These include a $28.2 million sale of a building occupied by Catch seafood restaurant in Miami Beach’s South of Fifth area and two units sold for a combined $38.2 million: one at SLS Lux Brickell leased to Gekkõ—a Japanese steakhouse owned by Bad Bunny and David Grutman—and another at Dua Miami Hotel leased to RosaNegra Miami.
