Robert Rivani, through his Miami-based firm Rivani, has sold a two-story commercial unit in Miami’s Edgewater for $19.8 million. The 12,316-square-foot space is located at 3101 Northeast Seventh Avenue within the Paraiso Bay condominium complex and is currently leased to Amara at Paraiso, a restaurant operated by Michael Schwartz’s The Genuine Hospitality Group.
The sale was facilitated by JLL brokers Alex Sharrin and Jeffrey Cicurel, who represented Rivani in the transaction. According to Sharrin, the buyer is a real estate investor from Chicago entering the South Florida market for the first time. The identities of the buyer were not disclosed by either Rivani or the brokers.
Rivani has been actively trading hospitality and retail properties across South Florida. In August, he acquired Lincoln Theatre at 551 Lincoln Road in Miami Beach for $37 million. The historic Art Deco building is nearly fully leased, with anchor tenant H&M and additional tenants including Swatch and Tapelia Spanish Cuisine.
Also last month, Playboy signed a 10-year lease as anchor tenant for The Rivani, a mixed-use building at 1691 Michigan Avenue near Lincoln Road. Playboy intends to move its global headquarters to Miami Beach but may withdraw if $800,000 in city incentives are not granted.
Rivani purchased that property and its underlying ground lease last year for $62.5 million from the city of Miami Beach and is investing an additional $40 million into renovations. Planned improvements include adding a speakeasy lounge and sushi restaurant.
Since January, Rivani has divested three other commercial condos leased to upscale restaurants. These included a $28.2 million sale of a property occupied by Catch seafood restaurant in South of Fifth neighborhood; another sale involving SLS Lux Brickell space leased to Gekkõ—a Japanese steakhouse co-owned by Bad Bunny and David Grutman—and a unit at Dua Miami Hotel leased to RosaNegra Miami. The latter two units fetched a combined $38.2 million.
