Black Lion Pays $19M for South Beach Retail Condo
Black Lion Investment Group purchased the ground retail floor of a South Beach condominium for $19 million, the latest in a string of retail purchases throughout Miami.
The Los Angeles-based Black Lion purchased the retail component of the Marea building, the company’s founder, Robert Rivani, announced on Instagram. The seven-story building, located at 801 South Pointe Drive, sits at the tip of Miami Beach, facing Alton Road.
The retail floor spans 18,260 square feet, according to records, and is partially occupied by restaurants Red Steakhouse and KoSushi. Half of the space remains empty, seller Americo Emilio Dagostini told Commercial Observer.
Dagostini’s firm, A&D Group Realty, paid $19.1 million for the retail component in 2015 soon after the building was completed, records show.
The neighborhood, popular among tourists, is home to buzzy restaurants such as Major Food Group’s Carbone and David Grutman’s Papi Steak.
Black Lion has snapped up marquee retail properties across Miami this year.
In June, the real estate investment firm bought the Wynwood Arcade for $13.25 million as well as the building housing the upscale Latin American restaurant Amara at Paraiso for $12.1 million in nearby Edgewater.
The following month, the firm purchased the 11,000-square-foot ground-floor retail component of the SLS LUX Brickell condo tower, formerly occupied by sushi restaurant Katsuya, for $13.5 million.
Up north in Palm Beach Gardens, the L.A. company sold The Crystal Cove Commons, a retail and office center for $36.2 million, per records.
Julia Echikson can be reached at Jechikson@commercialobserver.com.