Robert Rivani’s namesake firm added another Miami Beach property to its portfolio, acquiring an office and retail building at the gateway to the South of Fifth neighborhood for $32 million.
Rivani purchased the eight-story building at 404 Washington Avenue, which includes 61,000 square feet of leasable office and retail space and a four-level parking garage for a total of 157,000 square feet. The sale price works out to $204 per square foot.
Miami-based BridgeInvest provided a $29.5 million acquisition loan to Rivani, which was arranged by Berkadia’s Brad Williamson, Scott Wadler and Michael Basinski, according to the broker. The loan breaks down to $188 per square foot.
BridgeInvest’s Adrie Moses-Bailey, Beck Granelli and Jon Gitman led the financing.
Property records show Dominion Partners LP, an entity affiliated with The Trump Group led by brothers Eddie and Jules Trump, has owned the property since 1999, when it paid $13.8 million for the building.
The building was developed by Taylor & Mathis for The Portofino Group and completed in 1995. Designed by Bermello, Ajamil & Partners, it became a South Beach landmark for its distinctive glass-block tower and Art Deco-inspired architecture.
Perhaps the most iconic tenant to formerly take space on the ground floor was China Grill, a pan-Asian restaurant that opened there in 1995 and was frequented by A-list celebrities. It reopened at Bal Harbour Shops this year following a 14-year hiatus.
Office and retail tenants now include Major Food Group’s event space on the ground floor, billionaire David Tepper’s hedge fund Appaloosa Management, billionaire Apollo co-founder Josh Harris’ investment firm 26North, Universal Music Group, Modern Luxury’s Miami Magazine and Ocean Drive Magazine, public relations firm Carma Connected, Universal Music Group and a Marriott Vacation Club sales gallery.
The acquisition adds to Rivani’s growing South Beach portfolio, which includes the Lincoln Theatre building on Lincoln Road, the firm’s flagship office at 1691 Michigan Avenue, the retail space leased to Greek-Mediterranean restaurant GAIA at Marea, and the Philippe Chow property at One Ocean. Rivani previously owned the building leased to Catch at the Continuum before selling it last year for $28.2 million.
Last month, Miami Beach commissioners approved a ballot referendum for Rivani’s $50 million expansion and a 106-year lease extension at 1691 Michigan Avenue, which will also house Playboy’s headquarters.
Rivani plans to tear down the garage’s sixth level and remove 250 parking spaces to create 47,000 square feet for office space, three rooftop padel courts and a members club restaurant. In exchange for the lease extension, the investor is offering the city an annual rent increase of at least $500,000 and $1.5 million in public benefit.
