Rivani Buys H&M-Leased Building on Miami Beach’s Lincoln Road for $37M

About a week after luring Playboy to Miami Beach’s Lincoln Road, Robert Rivani has bought another building on the shopping promenade for $37 million, the investor announced. 

The 35,240-square-foot, Art Deco building at 551 Lincoln Road is 98 percent occupied, with H&M as the anchor tenant. Other tenants include Swatch, Chilli Beans and Tapelia Spanish Cuisine.

“551 Lincoln is a cornerstone of our vision to make Lincoln Road great again,” Rivani said in a statement, though a representative for the investor said there are no immediate changes planned for the four-story property, which last traded for $21.5 million in 2010. 

JLL’s Danny Finkle and Evan Larh brokered the recent sale. The seller, an individual tied to the late Charles Stein, co-founder and CEO of Hardwicke Companies, could not be reached for comment.

Last week, Playboy, the iconic adult magazine, announced plans to relocate its headquarters from the West Coast to an office building near the strip owned by Rivani.

Lincoln Road is getting a facelift, with the Florida Legislature and the City of Miami Beach approving a $12 million plan for pedestrian and other upgrades this year. Alo, the buzzy activewear brand, purchased a retail condo with plans to open a store and private club, while the hospitality group behind celebrity hot spot Delilah has inked a lease.

Rivani has made a name for himself for attracting big name retail operators to Miami. Catch, a high-end restaurant chain, and Gekkõ, a steakhouse owned by superstar Bad Bunny and hospitality mogul David Grutman, opened at Rivani-owned properties, which the investor has since sold.

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