UPDATED, June 8, 3:30 p.m.: Robert Rivani’s Black Lion Investment Group purchased the Wynwood Arcade and the nearby Amara at Paraiso property in Miami’s Edgewater for more than $25 million combined, as the firm doubles down on South Florida.
The two sales mark another sign of rising demand for retail and restaurant properties in Miami.
East End Capital sold the Wynwood Arcade, a nearly 23,000-square-foot retail and restaurant building at 50 Northwest 24th Street in Miami’s Wynwood for $13.3 million, Dwntwn Realty Advisors’ Tony Arellano and Devlin Marinoff told The Real Deal. The two brokers had the property listed for $14.5 million.
The adaptive re-use project is home to the popular Salty Donut craft doughnut and coffee shop; as well as Three, a restaurant; and No. 3 Social, a rooftop lounge.
Black Lion, based in Los Angeles, plans to invest more than $1 million into the Wynwood Arcade, adding outdoor dining on the north and south lawns and the remaining space on the rooftop, according to Arellano and Marinoff.
Black Lion hired Kobi Karp to design the interiors of the Wynwood Arcade with a jungle theme, similar to the Faena Hotel, Rivani said. He’s also in talks to bring a new nightlife concept on the rooftop, in addition to 3 Social, and plans to sign additional food and beverage concepts on the first floor.
The Wynwood Arcade is about 65 percent leased, he said.
The company also paid $12.1 million for the Amara at Paraiso building, at 3101 Northeast Seventh Avenue, in Miami’s Edgewater. Coconut Grove-based Related sold the 12,300-square-foot restaurant building, which is part of its Paraiso luxury condo complex fronting the bay. Miami restaurateur and chef Michael Schwartz operates the restaurant, Amara at Paraiso.
Fabio Faerman and Sebastian Faerman of FA Commercial represented the buyer and seller of the Amara building, which was listed for $20 million last year.
Black Lion also owns the Brickell Bay Boardwalk project in Miami, and the Crystal Cove Commons in North Palm Beach, with plans to acquire more real estate in South Florida.
“We want to have as many high-profile properties as possible” in the Miami area, Rivani said.