The Real Deal Miami

Cipriani restaurant in Brickell sells for $7.6M

11K sf space last sold for $3.2M in June 2011

April 27, 2015 11:15AM
By Katherine Kallergis

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Cipriani and Fabio Faerman

Cipriani and Fabio Faerman

Icon Brickell’s Cipriani restaurant traded hands for $7.6 million, The Real Deal has learned.

The 11,071-square-foot Italian restaurant sold for $780 per square foot, Fabio Faerman of Fortune International/FA Commercial told TRD. It last sold for $3.2 million in June 2011, Miami-Dade property records show.

MDR Icon, a group of Spanish investors, purchased the three-story retail space last week. The sale includes covered and open air terraces, storage, direct river-walk access and bathrooms. Faerman represented both parties.

FX Icon C1 sold the restaurant at 465 Brickell Avenue. Jeffrey and Corey Chen are listed on the seller’s corporate filings. Jeffrey Chen is the chef and owner of Momi Gyoza Bar and Momi Ramen, both in Brickell.

The Cipriani hospitality company has restaurants in Abu Dhabi, Dubai, Los Angeles, New York and Hong Kong, among other locations. The Miami location was designed by Florentine architect Michele Bonan and includes striped Venetian flooring, Murano chandeliers and floor-to-ceiling windows. The site was sold off market.

Cipriani has about 17 years out of 20 left on its lease, Faerman said. The restaurant seats more than 400.

The Related Group’s Icon Brickell, at 475 Brickell Avenue, includes three towers and 1,793 units. It was designed by Phillippe Starck and Arquitectonica, and completed in 2008. It’s located on the south side of the Miami River.