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.
By Francisco Alvarado for www.therealdeal.com
Read the full story at www.therealdeal.com
Parking mogul Andrew Mirmelli and partner pick up South Beach garage for $20M