Robert Rivani has sold a two-story commercial condo in Miami’s Edgewater neighborhood for $19.8 million, continuing to reduce his portfolio of restaurant spaces in the area. The 12,316-square-foot property, 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.
A team from JLL led by Alex Sharrin and Jeffrey Cicurel represented Rivani in the transaction. 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 either Rivani or the brokers.
Rivani’s firm, previously known as Black Lion and now called Rivani, remains active in South Florida’s hospitality and retail real estate market. In August, Rivani acquired Lincoln Theatre at 551 Lincoln Road in Miami Beach for $37 million. This Art Deco building is nearly fully leased and includes tenants such as H&M, Swatch, and Tapelia Spanish Cuisine.
That same month, Playboy signed a 10-year lease to become the anchor tenant at The Rivani—a seven-story mixed-use building at 1691 Michigan Avenue near Lincoln Road—where it plans to relocate its global headquarters to Miami Beach. However, Playboy may cancel its lease if it does not receive $800,000 in incentives from the city of Miami Beach.
Last year, Rivani purchased both this building and its ground lease for $62.5 million; the land is owned by the city of Miami Beach. A $40 million renovation project is underway that will add features including a speakeasy lounge and sushi restaurant.
Since January, Rivani has completed three other sales involving commercial condos leased to upscale restaurants: a $28.2 million sale of a property occupied by Catch in Miami Beach’s South of Fifth neighborhood; as well as spaces at SLS Lux Brickell (leased to Gekkõ) and Dua Miami Hotel (leased to RosaNegra Miami), which together fetched $38.2 million.
