Robert Rivani has sold a two-story commercial space in Miami’s Edgewater neighborhood for $19.8 million. The 12,316-square-foot unit, 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.
Rivani’s firm, previously known as Black Lion and now called Rivani, completed the transaction with the help of a JLL team led by Alex Sharrin and Jeffrey Cicurel. According to Sharrin, the buyer is a Chicago-based real estate investor entering the South Florida market for the first time. The identity of the buyer was not disclosed by Rivani or his brokers.
Rivani has been active in South Florida’s hospitality and retail property markets. In August, he acquired Lincoln Theatre on Lincoln Road in Miami Beach for $37 million. This historic Art Deco building is nearly fully leased and includes tenants such as H&M, Swatch, and Tapelia Spanish Cuisine.
Also last month, Rivani secured Playboy as an anchor tenant for The Rivani at 1691 Michigan Avenue in Miami Beach. Playboy signed a ten-year lease for a 20,000-square-foot penthouse but may cancel if city incentives totaling $800,000 are not approved. Rivani bought this building and its ground lease last year for $62.5 million from the city of Miami Beach and is investing $40 million in renovations that will add features like a speakeasy lounge and sushi restaurant.
Since January, Rivani has sold three other commercial condos leased to upscale restaurants. These include Catch in Miami Beach’s South of Fifth neighborhood ($28.2 million), Gekkõ at SLS Lux Brickell (a Japanese steakhouse owned by Bad Bunny and David Grutman), and RosaNegra Miami at Dua Miami Hotel; these latter two units sold together for $38.2 million.
