RIVANI Acquires Historic Lincoln Theatre Building in Miami Beach for $37 Million
Robert Rivani's acquisition of the historic Lincoln Theatre building at 551 Lincoln Road for $37 million signals a strategic investment in revitalizing Miami Beach's cultural and retail landscape while expanding his $250 million South Florida portfolio.
Robert Rivani, President of RIVANI, has acquired the historic Lincoln Theatre building at 551 Lincoln Road in Miami Beach for $37 million, a transaction that underscores ongoing confidence in the area's retail and hospitality potential. The property, famously anchored by H&M, represents one of the most iconic locations on Lincoln Road and is expected to play a pivotal role in rejuvenating the pedestrian promenade as a cultural hub.
Secured at well below market value, the 1935 Art Deco property spans 35,240 square feet and is currently 98% leased to premier tenants including H&M, Swatch, Chilli Beans, and Tapelia Spanish Cuisine. H&M occupies approximately 84% of the building as its flagship Miami Beach store, while Swatch recently completed a full renovation and reopened in July of this year. The building has received nine prestigious awards, including the ULI Visionary Project of the Year Award.
Rivani emphasized the strategic importance of the acquisition, stating, "This is one of the most iconic properties on Lincoln Road and has the potential to reignite the area as the cultural heartbeat of the city." He added, "Our continued investment in Miami Beach is a strategic commitment to its long-term future, and 551 Lincoln is a cornerstone of our vision to make Lincoln Road great again." The sale was brokered by JLL's Danny Finkle and Evan Larh.
The acquisition follows Rivani's recent announcement that Playboy will relocate its global headquarters to the penthouse at RIVANI's flagship project at 1691 Michigan Avenue, further solidifying his footprint in Miami Beach. With ongoing development and anticipated zoning changes in the Lincoln Road area, demand for prime retail and hospitality locations continues to rise, positioning this investment for potential long-term growth.
Rivani has amassed over $250 million in prime South Florida assets over the past few years, with $150 million invested specifically in Miami Beach. His portfolio includes acclaimed destinations such as Amara at Paraiso, the upcoming GAIA, the fully leased Wynwood Jungle, and RIVANI, a transformative 'Class X' office building. Notable transactions this year include the $28.2 million sale of Catch Miami Beach, setting a Florida record for a freestanding restaurant, and a $38.25 million all-cash sale of two premier restaurant spaces within SLS Lux Brickell and Dua Miami Hotel.