Done Deals: Two of Black Lion’s trophy restaurant properties hit the market in Miami, FL

Monday, September 4, 2023

Two of Black Lion’s trophy restaurant properties hit the market in Miami, FL

Robert Rivani

MIAMI, FL – Robert Rivani’s Black Lion announced the company is listing two, market-dominant, triple-net-leased, trophy restaurants located in Miami, Florida.

The 10,916-square-foot GEKKŌ at 8 S.E. 8th Street
is across the street from Brickell City Centre,
a $1 billion landmark mixed-use
development in Miami's
thriving financial district

The coveted properties include GEKKŌ, a Japanese-inspired steakhouse in the Brickell Financial District, and Amara at Paraiso, a waterfront Latin American dining experience located in the Edgewater neighborhood.

The 12,316-square-foot Amara at Paraiso
sits at 3101 N.E. 7^th Avenue in the
vibrant Edgewater neighborhood
just north of Downtown Miami

JLL Capital Markets is co-listing the assets alongside FA Commercial. Anticipated pricing for the properties together is expected to be north of $55 million.

Bad Bunny

“Our vision at Black Lion’s is to acquire and transform properties into trophy assets that redefine the areas where they are located,” said Rivani, president of Black Lion.

David Grutman

“We brought in two world-class restaurant brands that have elevated the luxury hospitality scene and become cornerstones for their respective neighborhoods.

"Passing along the torch for these jewel assets is the natural next step as we move on to bigger projects on the horizon.”

Chef Michael Schwartz
.

Backed by recording artist Bad Bunny and hospitality innovator David Grutman, the 10,916-square-foot GEKKŌ located at 8 S.E. 8th St., opened in August 2022 and quickly gained international popularity.

The property features a luxe steakhouse and late-night entertainment lounge. GEKKŌ is across the street from Brickell City Centre, a $1 billion landmark mixed-use development that is the opulent epicenter of the thriving Brickell Financial District.

Alex Sharrin

The property is also adjacent to Mary Brickell Village, a 200,503-square-foot, grocery-anchored mixed-use center that has been the commercial core of Brickell since 2008. The transit-oriented area is surrounded by 18.4 million square feet of office and 147,000 daytime employees within 10 blocks.

Completed in 2018, the 12,316-square-foot Amara at Paraiso sits at 3101 N.E. 7^th Ave., in the vibrant Edgewater neighborhood just north of Downtown Miami.

The restaurant provides guests with a unique dining experience from The Genuine Hospitality Group, led by James Beard Award-winning chef and restaurateur, Michael Schwartz.

Jeffrey Cicurel

The indoor-outdoor space includes a main dining room and bar seating for 150, floor-to-ceiling windows, Biscayne Bay views and deck seating for 70 on the water.

The property’s location provides exceptional connectivity to all major submarkets in eastern Miami via Biscayne Boulevard, Interstate-195, the Macarthur Causeway, Interstate-95, Interstate-295 and the Dolphin Expressway.

The asset is also within walking distance to major demand drivers, including Wynwood and Design District.

Noel O’Donnell

Both assets have over 15 years of remaining lease term, durable in-place cash flow, superior tenant sales and future densification potential at pricing significantly below replacement cost.

The JLL Capital Markets Investment Sales and Advisory team representing the seller is being led by Senior Managing Director Alex Sharrin, Director Jeffrey Cicurel and Analyst Noel O’Donnell.

“JLL is excited to bring to market two of Miami’s marquee restaurants. With a lack of available space in Brickell and Edgewater, these powerhouse brands have unique staying power further solidified by long-term lease commitments and underlying real estate,” said Sharrin. “We expect private capital both domestic and abroad to flock to this high-profile opportunity.”

Brickell City Centre

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization.