R
obert Rivani's Black Lion has sold a commercial condo unit in Miami Beach's South of Fifth neighborhood to River Oaks Properties for $28 million. The building, leased to Catch restaurant, was purchased by Black Lion two years ago for $11.5 million and represents a nearly $17 million gain. The property is part of the Continuum on South Beach condominium complex.

    River Oaks, led by President Adam Frank, acquired the 15-year leasehold interest in the building from Black Lion. A JLL team represented Black Lion in the sale, while David Chasin and Daylin Ackerman with Pegasus Investment represented River Oaks.

    Catch restaurant, owned by Tilman Fertitta, Mark Birnbaum, and Eugene Remm, has been operating in the building since May 2022. The sale marks a reduction in Black Lion's commercial condo unit portfolio to four properties, including units leased to RosaNegra, Gekkõ, Amara at Paraiso, and Gaia.

    Black Lion paid $54.6 million for these four units between 2021 and 2023. Two of the properties, Gekkõ and Amara, have been on the market since 2023 with an asking price of over $55 million. The company is currently undertaking a $150 million renovation of a Miami Beach office and retail building at 1691 Michigan Avenue.

    Black Lion also owns a spec beachfront mansion in Malibu, California, which was damaged by recent wildfires.