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Black Lion pounces on a restaurant space in South Beach for $12M
Los Angeles-based firm paid $958 psf for 12K sf commercial venue
For the second time in five months, Black Lion Investment Group pounced on a restaurant space in Miami Beach’s South of Fifth neighborhood.
The Los Angeles-based real estate investment firm, led by President Robert Rivani, paid $11.5 million for a 12,000-square-foot building at 200 South Pointe Drive in Miami Beach, according to a press release. Black Lion, one of the most active retail real estate investors in South Florida, paid $958 a square foot.
Phil Gutman with PGutman, LLC and Pablo Camposano with Colliers brokered the deal, the release states.
The seller is an affiliate of New York developer Bruce Eichner’s The Continuum Company, which completed the commercial site in 2014, records show. The building is adjacent to The Continuum South Beach condominium, also developed by Eichner.
In a statement, Rivani said Black Lion plans to lease the space to a new-to-market restaurant operator that he declined to name. The building was previously leased to Cibo Wine Bar and features 19-foot to 22-foot ceilings, an outdoor courtyard and a rooftop lounge, according to an online listing.
In December, Black Lion paid $19 million for the ground-floor commercial condos in Marea, a boutique condominium also in the South of Fifth neighborhood. The existing tenants are RED Steakhouse and KoSushi, and Black Lion said it plans to lease about 9,400 of available space to other fine dining restaurants.
Founded in 2014 and with more than $500 million worth of real estate deals under its belt, Black Lion is currently focused on hospitality ventures in South Florida, the release states. In the past year, the firm also acquired retail and restaurant properties in Miami. In June, Black Lion paid $12.1 million for Amara, a 12,300-square-foot restaurant operated by Michael Schwartz at Paraiso, a condominium in Miami’s Edgewater neighborhood.
Black Lion also paid $13.3 million for the Wynwood Arcade retail building in Miami’s Wynwood neighborhood. The company is rebranding the property as Wynwood Jungle. And Black Lion bought the retail condo at the SLS Lux Brickell in Miami for $13.5 million.