Black Lion doubles down on Miami with purchase of Wynwood Arcade, Amara at Paraiso

Los Angeles firm paid more than $25M for two Miami properties

Miami /
Jun.June 08, 2021 02:30 PM
Robert Rivani of Black Lion Investment Group and Wynwood Arcade. (LinkedIn, Cushman & Wakefield)

Robert Rivani of Black Lion Investment Group and Wynwood Arcade. (LinkedIn, Cushman & Wakefield)

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.





    Related Articles

    arrow_forward_ios
    Michael Comras and Marc Roberts with Google Street View of the properties at 60 Northeast 11th Street, 6901 Biscayne Boulevard, 2222 Northwest Fifth Avenue and 172 West Flagler Street all in Miami (Google Maps, University of Miami)
    Miami the medical pot mecca? Michael Comras, Marc Roberts seek to open dispensaries
    Miami the medical pot mecca? Michael Comras, Marc Roberts seek to open dispensaries
    R & B Realty’s Shelby Rosenberg and The Gateway at Wynwood (R & B Realty Group, iStock)
    Lease roundup: The Gateway at Wynwood scores three new tenants
    Lease roundup: The Gateway at Wynwood scores three new tenants
    Edgewater Tower (iStock)
    Miami board rejects Aimco’s proposal for waterfront Edgewater tower
    Miami board rejects Aimco’s proposal for waterfront Edgewater tower
    409 Southeast Eighth Street in Fort Lauderdale with Related Group CEO Jorge Pérez and President Jon Paul Pérez and Henry Pino, principal at Alta Development (Google Maps, Alta Development)
    Jorge Pérez’s Related, Henry Pino pay $15.5M for Fort Lauderdale dev site
    Jorge Pérez’s Related, Henry Pino pay $15.5M for Fort Lauderdale dev site
    A photo illustration of 85 Northeast 27th Street (top) and 100 Northeast 28th Street (bottom) (LoopNet, iStock)
    Block Capital sells two Wynwood buildings for $19M
    Block Capital sells two Wynwood buildings for $19M
    From left: Scott Robins, Scott Srebnick and Philip Levine along with renderings of the Core Wynwood office building (left) and a proposed five-story apartment building (right) (Arquitectonica, Goldman Properties, Perkins&Will, City of Miami Beach, Public domain/via Wikimedia Commons, iStock)
    Goldman Properties, JV of Scott Robins and Philip Levine propose Wynwood projects
    Goldman Properties, JV of Scott Robins and Philip Levine propose Wynwood projects
    The tower at 2150 North Bayshore Drive in Miami with Air Communities CEO Terry Considine and Mill Creek Residential CEO William MacDonald (Mill Creek Residential, Air Communities, iStock)
    Aimco’s spinoff Air Communities pays $211M for bayfront Edgewater rental tower
    Aimco’s spinoff Air Communities pays $211M for bayfront Edgewater rental tower
    Wynwood in Miami (Google Maps, iStock)
    Here are the residential projects planned for Miami’s Wynwood
    Here are the residential projects planned for Miami’s Wynwood
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...