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Black Lion Investment Group Acquires Retail Property In Miami For $13.25M

50 Northwest 24th Street
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This Retail property located in FL was sold for $13,250,000 almost 4 years ago. The brokers of the deal were Devlin Marinoff and Tony Arellano

Black Lion Investment Group, led by Robert Rivani, has acquired a retail property in Miami's Wynwood neighborhood. The property, known as Wynwood Arcade, is a luxury class A building with a total area of approximately 23,000 square feet. The transaction was completed for a sale price of $13,250,000, resulting in a price per square foot of $576. The property is located at 50 NW 24th St and adds to Rivani's impressive portfolio of properties in South Florida, which includes Amara at Paraiso, Crystal Cove Commons, and Brickell Bay Boardwalk.

Summary of transaction details:

  • Property Type: Retail
  • Transaction Amount: $13,250,000
  • Address: 50 NW 24th St
  • Market: Miami

In this deal, Black Lion Investment Group was represented by their broker, Tony Arellano from Downtown Realty Advisors. The seller of the property was East End Capital. This acquisition comes shortly after Rivani's purchase of Amara at Paraiso, demonstrating his commitment to investing in high-profile properties in the Miami area.

Robert Rivani expressed his enthusiasm for expanding his portfolio in South Florida, stating, "We want to have as many high-profile properties as possible in the Miami area." With the addition of Wynwood Arcade, Rivani further solidifies his presence in Miami's real estate market.

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Deals
  • Location
    50 Northwest 24th Street, Miami, FL 33127, USA50 Northwest 24th Street, Miami, FL 33127, USA
  • Sale Price
    $13,250,000$13,250,000
    $288 PPSF$288 PPSF
  • Area
    46,000 SF46,000 SF
  • Asset Type
    RetailRetail
  • Parties
    2 Brokers, 1 Agency2 Brokers, 1 Agency

Agents

Devlin Marinoff

Devlin Marinoff

Deals29
Sold$390.4M

Agency

DWNTWN Realty Advisors

DWNTWN Realty Advisors

Agency
Deals99
Volume$924.7M

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Deal Summary

SALE IMAGE: Robert Rivani DATE: 06/07/2021 ADDRESS: 50 NW 24th St MARKET: Miami ASSET TYPE: Retail BUYER: Black Lion Investment Group - Robert Rivani @Robert_Rivani SELLER: East End Capital BROKER: Tony Arellano - Downtown Realty Advisors SALE PRICE: $13,250,000 SF: 23,000 ~ PPSF: $576 NOTE: @Robert_Rivani doubles down on Miami with the purchase of Wynwood Arcade a week after buying Amara at Paraiso from @related_group. The luxury class A property Wynwood Arcade builds upon his impressive portfolio of properties in South Florida now including Amara at Paraiso, the recently renovated Crystal Cove Commons, and Brickell Bay Boardwalk. “We want to have as many high-profile properties as possible in the Miami area," Rivani said.

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50 Northwest 24th Street

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