Robert Rivani has expanded his presence on Miami Beach’s Lincoln Road with the acquisition of the historic Lincoln Theatre building for $37 million. The property, located at 551 Lincoln Road, is currently anchored by fashion retailer H&M.
The purchase was handled through an affiliate of Rivani’s Miami-based firm, previously known as Black Lion. JLL’s Danny Finkle and Evan Lahr brokered the transaction. The seller, Savitar Realty Advisors led by Clifford Stein, had acquired the building in 2010 for $21.5 million.
H&M occupies a 35,240-square-foot space in the building under a lease signed in 2012. Other tenants include Swatch and Tapelia Spanish Cuisine, according to information from the press release. The occupancy rate stands at 98 percent.
Lincoln Theatre was designed by architect Thomas Lamb and completed in 1936. It operated as a cinema until the 1980s before being purchased by New World Symphony for $1.4 million in 1988. The symphony used it for performances for over two decades before moving to its current location at the Frank Gehry-designed New World Center.
The newly acquired Lincoln Theatre is situated about two blocks east of another Rivani-owned property: The Rivani at 1691 Michigan Avenue, just off Lincoln Road. Playboy recently signed a ten-year lease for a penthouse space totaling 20,000 square feet and plans to relocate its headquarters there from Los Angeles next year after renovations are complete.
Rivani’s firm bought The Rivani building and its ground lease last year for $62.5 million—a figure that was significantly below its previous sale price of $109.2 million in 2016—while the land remains owned by the city of Miami Beach. Planned upgrades to The Rivani include concierge service, a fitness center, spa facilities, a Japanese restaurant, and a speakeasy.
In recent months, Rivani has also sold two commercial spaces leased to Gekko Japanese steakhouse and RosaNegra Miami Mexican restaurant in Brickell for $38.2 million combined. Additionally, he sold a commercial property leased to Catch seafood restaurant in South of Fifth for $28.2 million earlier this year.
