Robert Rivani has sold a two-story restaurant space in Miami’s Edgewater neighborhood for $19.8 million, continuing to reduce his commercial condo holdings in the city. The 12,316-square-foot unit is located at 3101 Northeast Seventh Avenue within the Paraiso Bay condominium complex and is leased to Amara at Paraiso, a restaurant operated by Michael Schwartz’s The Genuine Hospitality Group.
A team from JLL, led by Alex Sharrin and Jeffrey Cicurel, represented Rivani in the transaction. According to Sharrin, “The buyer is a Chicago real estate investor ‘making their first splash in South Florida.’” Neither Rivani nor the brokers disclosed the identity of the purchaser.
Rivani’s firm, formerly known as Black Lion and now called Rivani, remains active in buying and selling hospitality-related properties across South Florida. In August, Rivani acquired Lincoln Theatre at 551 Lincoln Road in Miami Beach for $37 million. The historic Art Deco building is nearly fully leased with H&M as its main tenant; other occupants include Swatch and Tapelia Spanish Cuisine.
That same month, Beverly Hills-based Playboy signed a 10-year lease for a 20,000-square-foot penthouse at The Rivani—a mixed-use building owned by Rivani at 1691 Michigan Avenue near Lincoln Road—with plans to relocate its global headquarters to Miami Beach. However, Playboy retains an option to cancel if Miami Beach does not provide $800,000 in incentives.
Rivani purchased The Rivani 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 such as a speakeasy lounge and sushi restaurant.
Since January this year, Rivani has sold three other commercial condos occupied by high-end restaurants: Catch in Miami Beach’s South of Fifth neighborhood fetched $28.2 million; spaces leased to Gekkõ steakhouse (owned by Bad Bunny and David Grutman) at SLS Lux Brickell; and RosaNegra Miami at Dua Miami Hotel were sold together for $38.2 million.
