Robert Rivani has expanded his real estate holdings on Miami Beach’s Lincoln Road with the $37 million purchase of the Lincoln Theatre, a historic Art Deco building currently anchored by fashion retailer H&M. The acquisition was brokered by JLL’s Danny Finkle and Evan Lahr.
The property, located at 551 Lincoln Road, was sold by an affiliate of Savitar Realty Advisors, led by Clifford Stein. According to public records, Savitar acquired the building in 2010 for $21.5 million. H&M has been a tenant since signing a 35,240-square-foot lease in 2012. Other tenants in the nearly fully occupied building include Swatch and Tapelia Spanish Cuisine.
Lincoln Theatre was designed by architect Thomas Lamb and completed in 1936. It operated as a cinema until the 1980s before being purchased by the New World Symphony for $1.4 million in 1988. The symphony used it as a performance space for over two decades before moving to its current home at the Frank Gehry-designed New World Center.
Rivani also owns The Rivani, a seven-story mixed-use building at 1691 Michigan Avenue near Lincoln Road. Playboy recently signed a ten-year lease for 20,000 square feet to move its headquarters there from Los Angeles next year after renovations are completed. The renovation project is expected to cost about $40 million and will add amenities such as concierge service, a fitness center, spa, Japanese restaurant, and speakeasy.
Rivani’s firm acquired the Michigan Avenue building and its ground lease for $62.5 million last year—a price notably lower than the $109.2 million sale recorded in 2016—while the land remains owned by the city of Miami Beach.
In recent months, Rivani has sold other commercial properties in Miami-Dade County: two Brickell retail spaces leased to Gekko Japanese steakhouse and RosaNegra Miami Mexican restaurant were sold for $38.2 million; another commercial building leased to Catch seafood restaurant in South of Fifth sold for $28.2 million.
