Robert Rivani has expanded his presence on Miami Beach’s Lincoln Road by acquiring the historic Lincoln Theatre building for $37 million. The property, located at 551 Lincoln Road, is currently anchored by fashion retailer H&M and was sold by an affiliate of Savitar Realty Advisors, led by Clifford Stein. JLL’s Danny Finkle and Evan Lahr brokered the transaction.
H&M has occupied a 35,240-square-foot space in the building since 2012. Other tenants include Swatch and Tapelia Spanish Cuisine, with the property reported to be 98 percent leased. The Art Deco structure was designed by architect Thomas Lamb and completed in 1936. It functioned as a cinema until the 1980s before being purchased by the New World Symphony in 1988 for $1.4 million.
The Lincoln Theatre is situated near another property owned by Rivani: The Rivani at 1691 Michigan Avenue. This seven-story mixed-use building recently secured Playboy as its penthouse tenant under a 10-year lease for 20,000 square feet. Playboy plans to relocate its headquarters from Los Angeles once renovations—expected to cost around $40 million—are finished next year.
Rivani acquired The Rivani and its ground lease last year for $62.5 million, which was significantly below its previous sale price of $109.2 million in 2016. Once upgrades are complete, amenities will include concierge service, a fitness center, spa facilities, a Japanese restaurant, and a speakeasy.
In addition to these acquisitions, Rivani recently sold two commercial spaces in Brickell leased to Gekko Japanese steakhouse and RosaNegra Miami Mexican restaurant for $38.2 million combined. In January, he also sold a commercial building in Miami Beach’s South of Fifth neighborhood leased to Catch seafood restaurant for $28.2 million.
