Robert Rivani Of Black Lion Sells 51 Northwest 23rd Street Retail Plaza In Wynwood For $26M

The retail asset involved in the transaction is located at 51 Northwest 23rd Street, Wynwood, Miami, FL. It was sold for $26,000,000, encompassing a total square footage of approximately 39,000. The property has a price per square foot of $667 and was about 50% vacant at the time of the sale.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $26,000,000
• Address: 51 Northwest 23rd Street
• Market: Wynwood, Miami, FL
• Square Footage: 39,000
• Price Per Square Foot: $667
• Seller: Robert Rivani - Black Lion
• Broker: Eric Williams - Newmark

Robert Rivani executed the sale, transferring ownership of the Wynwood Jungle retail plaza to a Dallas-based investment group. This transaction marks a significant increase in asset value since Rivani's acquisition in 2021 and will facilitate his venture into a Miami Beach office acquisition, as he shifts focus from retail properties.