The well-known real estate investor Robert Rivani has sold the Wynwood Jungle retail building in Miami for $25.7 million, according to property records. The Tabani Group acquired the 39,000 square-foot property, located between 75 and 43 Northwest 23rd Street, west of North Miami Avenue. The purchase price equates to nearly $660 per square foot.
The property houses ground-floor tenants such as Häagen-Dazs and doughnut provider The Salty. The upscale rooftop restaurant Fabel recently closed. According to a current listing, approximately half of the leasable space is still available.
Property Financing and History
Frost Bank provided a $15.7 million mortgage to the Dallas-based buyer, an investor specialising in retail and multifamily asset classes. Rivani acquired the property in 2021 for $13.3 million.
Under Rivani's ownership, Wynwood Jungle was involved in two lawsuits. One concerned a steakhouse by Goat Hospitality owner Derek Gonzalez, which ultimately did not open. Rivani sued this year, claiming he was owed $9.1 million in back rent, as reported by the Business Journals. Furthermore, restaurateur Brian Swanson sued on the grounds that the landlord had provided only 6,158 square feet instead of the 7,751 square feet agreed upon in the lease, as reported by The Real Deal. Rivani countered that the lawsuit was an attempt to terminate the lease.
Rivani's Strategy and Previous Sales
This transaction marks the latest sale for Rivani, who has historically sold retail properties after securing contracts with high-end restaurants. Last year, the investor sold the spaces housing Bad Bunny's Gekko in Brickell, as well as Amara at Paraiso in Edgewater and Catch in Miami Beach, for $86 million.
Representatives for the Tabani Group and Rivani did not immediately respond to a request for comment.
