Robert Rivani has acquired the Lincoln Theatre building at 551 Lincoln Road in Miami Beach for $37 million. The property, a historic Art Deco structure, is currently anchored by H&M and includes tenants such as Swatch and Tapelia Spanish Cuisine. The deal was brokered by Danny Finkle and Evan Lahr of JLL.
The seller, Savitar Realty Advisors led by Clifford Stein, purchased the building in 2010 for $21.5 million. H&M signed a lease for over 35,000 square feet in 2012, following the relocation of the New World Symphony to its current venue nearby.
Lincoln Theatre was originally designed by Thomas Lamb and completed in 1936. It operated as a cinema until the 1980s before being acquired by the New World Symphony for $1.4 million in 1988.
Rivani also owns The Rivani at 1691 Michigan Avenue, located two blocks east of Lincoln Theatre. Playboy recently signed a ten-year lease for 20,000 square feet to relocate its headquarters from Los Angeles once renovations are completed next year. The planned upgrades include concierge service, a fitness center, spa facilities, a Japanese restaurant, and a speakeasy.
Last year, Rivani’s firm bought the Michigan Avenue property and its ground lease for $62.5 million—$46.7 million less than its previous sale price of $109.2 million in 2016. The land remains owned by the city of Miami Beach.
Rivani has recently sold two commercial spaces leased to Gekko Japanese steakhouse and RosaNegra Miami Mexican restaurant for $38.2 million combined, as well as a South of Fifth commercial building leased to Catch seafood restaurant for $28.2 million earlier this year.
“An affiliate of Miami-based Rivani, formerly called Black Lion, bought Lincoln Theatre, a historic Art Deco building at 551 Lincoln Road,” according to the press release.
