Black Lion Buys SLS LUX Brickell’s Ground-Floor Retail for $13.5M
L.A.-based Black Lion Investment Group is expanding its retail Miami portfolio, buying the ground-floor retail of the SLS LUX Brickell condo building for $13.5 million.
The group plans to lease the 11,000-square-foot space at 8 SE Eighth Street, formerly home to sushi restaurant Katsuya, to another high-end establishment, the South Florida Business Journal reported.
The Related Group and The Allen Morris Company developed the 57-story tower in collaboration with sbe Hotel Group. Located in the heart of Miami’s business district along Brickell Plaza, the building opened in 2018 and comprises 450 apartments as well as 70 hotel rooms.
The purchase marks Black Lion’s third Miami transaction this year, all in retail assets. The L.A. company acquired retail complex Wynwood Arcade for $13.25 million, The Real Deal reported. In nearby Edgewater, it bought the building housing the upscale Latin American restaurant Amara at Paraiso for $12.1 million, per TRD. Both deals closed in June.
Led by President Robert Rivani, Black Lion Investment Group plans to spend an additional $50 to $100 million in Miami, the Chain Store Age reported. “Miami, and Brickell in particular, is on a trajectory to evolve into the Manhattan of the Southern United States,” Rivani told the news outlet.
Across the country, the group’s portfolio mostly includes suburban retail properties, including the 116,625-square foot Crystal Cove Commons, an outdoor shopping center in North Palm Beach, as well as some urban retail, such a boutique retail property at 8460 Santa Monica Boulevard in West Hollywood, Calif., its website shows.