Black Lion's Strategic Exit from Brickell: Robert Rivani Sells Premium Restaurant Spaces for $38M

Miami Commercial Real Estate: Black Lion's Calculated Market Exit

In a stunning display of market timing, Robert Rivani's Black Lion Investment Group has completed its exit from Miami's coveted Brickell district after selling two premium commercial condominium units for a combined $38.2 million. These high-profile spaces, leased to upscale restaurants Gekkõ and RosaNegra Miami, represent the culmination of Rivani's pandemic-era investment strategy that has consistently generated substantial returns in Miami's luxury commercial real estate market.

The first property, an 8,000-square-foot commercial unit featuring a spacious 3,000-square-foot patio on the ground floor of the prestigious SLS Lux Brickell condominium at 805 South Miami Avenue, is currently home to Gekkõ. This Japanese steakhouse concept is a collaboration between international music sensation Bad Bunny and Miami Beach hospitality entrepreneur David Grutman. The second unit, located at Dua Miami Hotel at 1300 South Miami Avenue, encompasses 9,000 square feet with an additional 4,600-square-foot patio and houses the upscale Mexican restaurant RosaNegra Miami.

Strategic Acquisition and Profitable Divestment

The sales represent a masterclass in commercial real estate investment strategy. Property records reveal that separate entities managed by Fortune Christie's International Real Estate's Kevin Waissmann acquired each property for $19.1 million. While Waissmann confirmed his representation of the buyer, he maintained confidentiality regarding their identity.

The transactions were brokered by Fabio and Sebastian Faerman of FA Commercial, who represented Black Lion in both the original acquisitions and these recent sales. The firm initially purchased these properties for significantly lower amounts—$13.5 million in 2021 and $10 million in 2023, respectively—resulting in a remarkable combined profit of nearly $15 million in a relatively short timeframe.

Robert Rivani, who relocated his company from Los Angeles to Miami during the height of the COVID-19 pandemic, shared his strategic vision: "This is exactly what I envisioned when I made my first move into the Miami market. Back when the world hit pause and restaurants were sitting empty during the pandemic, I doubled down because I knew Miami wasn't just going to bounce back, it was going to boom."

Black Lion's Broader Miami Portfolio Transformation

These sales are part of a larger pattern of strategic divestments by Black Lion following an aggressive commercial condo acquisition phase between 2021 and 2023. The company has been systematically selling its restaurant portfolio at substantial profits while pivoting toward new investment opportunities.

In January 2025, Black Lion sold a two-story commercial building in Miami Beach leased to upscale seafood restaurant Catch. El Paso-based River Oaks Properties acquired the property at 200 South Pointe Drive within the Continuum on South Beach condominium complex for $28 million—an impressive $17 million above Black Lion's 2023 purchase price of $11.5 million.

Similarly, last year, the investment firm sold a 6,500-square-foot ground-floor space in the iconic Zaha Hadid-designed One Thousand Museum condominium in downtown Miami for $7.9 million. This transaction represented a $1.5 million gain just months after Black Lion had acquired the commercial unit for $6.3 million.

Black Lion's Remaining Miami Assets and Future Focus

Despite these significant divestments, Black Lion maintains a substantial footprint in Miami's premium commercial real estate market. The company's current portfolio includes:

• Wynwood Jungle, a retail plaza in Miami's trendy Wynwood district

• Ground-floor commercial space at One Ocean condominium in Miami Beach's exclusive South Of Fifth neighborhood

• A commercial unit at Paraiso Bay condominium in Miami's Edgewater neighborhood, currently leased to restaurant Amara at Paraiso (this property is actively being marketed for sale)

The Rivani: Black Lion's $50M Miami Beach Transformation Project

Moving forward, Black Lion has shifted its strategic focus to a landmark $50 million renovation project on Miami Beach's iconic Lincoln Road. The company acquired a six-story office and retail building along with a ground lease at 1691 Michigan Avenue for $63 million in 2024.

This ambitious project, renamed "The Rivani," represents the company's vision for the future of luxury commercial spaces in Miami. The renovated property will feature an impressive array of amenities including a concierge service, spa facilities, meditation room, fitness center, salon, café, and an exclusive Japanese restaurant with a speakeasy concept.

Insights: Understanding Black Lion's Miami Investment Strategy

Why did Robert Rivani target Miami during the pandemic?

Rivani recognized Miami's resilience and potential for explosive growth post-pandemic, particularly in the luxury commercial real estate sector. While many investors retreated from hospitality-focused properties during COVID-19 lockdowns, Rivani strategically acquired prime restaurant spaces at advantageous prices, correctly anticipating Miami's rapid recovery and subsequent boom.

How does Black Lion identify profitable commercial opportunities?

Black Lion focuses on premium commercial spaces in iconic luxury buildings that appeal to high-end restaurant concepts. By targeting ground-floor retail in prestigious residential developments like SLS Lux Brickell and One Thousand Museum, they ensure visibility and built-in affluent clientele.

What explains the substantial price appreciation in Black Lion's properties?

Several factors contributed to their remarkable returns: strategic timing (buying during pandemic uncertainty), location selection (premium Brickell and South Beach addresses), quality tenants (partnerships with celebrity restaurateurs), and Miami's overall luxury market growth since 2021.

Is Black Lion exiting the Miami market?

No, they're strategically reallocating capital. While selling certain restaurant properties at peak valuation, they're simultaneously investing heavily in transformational projects like The Rivani on Lincoln Road, suggesting continued confidence in Miami's long-term growth potential but with a pivot toward more diversified commercial concepts.

How does the commercial condo model work in Miami's luxury buildings?

Unlike traditional retail leases, commercial condos offer ownership of specific units within mixed-use developments. This arrangement provides restaurateurs and investors with greater control over the space while benefiting from the prestige and built-in customer base of luxury residential buildings.

By continually refining their portfolio and demonstrating remarkable market timing, Robert Rivani and Black Lion Investment Group have established themselves as significant players in Miami's evolving commercial real estate landscape. Their pandemic-era investment strategy has yielded exceptional returns while positioning the company for future growth in one of America's most dynamic luxury markets.