Robert Rivani, through his Miami-based firm Rivani (formerly Black Lion), has sold a two-story commercial unit in Miami’s Edgewater neighborhood for $19.8 million. The 12,316-square-foot space, 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.
The sale was brokered by JLL’s Alex Sharrin and Jeffrey Cicurel. According to Sharrin, the buyer is a Chicago real estate investor entering the South Florida market for the first time. The identities of the buyer and further financial details were not disclosed by Rivani or the brokers.
Rivani has been active in both acquiring and selling hospitality and retail properties across South Florida. In August, his firm acquired Lincoln Theatre at 551 Lincoln Road in Miami Beach for $37 million. This historic Art Deco building is nearly fully leased, with H&M as its anchor tenant and other businesses such as Swatch and Tapelia Spanish Cuisine also occupying space.
That same month, Rivani secured Playboy as an anchor tenant for The Rivani, a mixed-use property at 1691 Michigan Avenue near Lincoln Road. Playboy signed a decade-long lease for a 20,000-square-foot penthouse with plans to relocate its global headquarters to Miami Beach. However, this agreement could be canceled if the city 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 has allocated $40 million toward renovations that will add amenities like a speakeasy lounge and sushi restaurant.
Since January, Rivani has sold three other commercial condos leased to high-end restaurants. These include the $28.2 million sale of a building occupied by Catch in Miami Beach’s South of Fifth neighborhood; another unit at SLS Lux Brickell leased to Gekkõ—a Japanese steakhouse owned by Bad Bunny and David Grutman—and one at Dua Miami Hotel leased to RosaNegra Miami. Those two units sold together for $38.2 million.
