Rivani Sells Wynwood Jungle Retail Building in Miami for $26M

Prominent real estate investor Robert Rivani has sold the Wynwood Jungle retail building in Miami for $25.7 million, property records show. 

Tabani Group purchased the 39,000-square-foot property between 75 and 43 Northwest 23rd Street, west of North Miami Avenue. The deal is equal to almost $660 per square foot.

Tenants on the ground floor include Häagen-Dazs and doughnut purveyor The Salty. Fabel, an upscale restaurant on the rooftop, recently shuttered. About half of the leasable space remains available, according to a listing. 

Frost Bank supplied a $15.7 million mortgage to the Dallas-based buyer, an investor specialized in retail and multifamily asset classes. 

Rivani purchased the property for $13.3 million in 2021. 

Under his ownership, Wynwood Jungle has been embroiled in two lawsuits. One involved a steakhouse from Goat Hospitality owner Derek Gonzalez that ultimately did not open. Rivani sued this year, alleging he is owed $9.1 million in back rent, Business Journals reported. 

Restaurateur Brian Swanson sued, claiming the landlord provided only 6,158 square feet, instead of 7,751 square feet stipulated in the lease, The Real Deal reported. Rivani contended that the suit was a ploy to break the lease.

The transaction represents the latest sale for Rivani, who has been offloading retail properties typically after signing leases with high-end restaurants. Last year, the investor sold the space housing Bad Bunny’s Gekko in Brickell, and Amara at Paraiso in Edgewater and Catch in Miami Beach for $86 million. 

Representatives for Tabani Group and Rivani did not immediately respond to a request for comment. 

Julia Echikson can be reached at jechikson@commercialobserver.com.