Rivani pays $32M for South Beach building that formerly housed China Grill
Robert Rivani’s namesake firm added another Miami Beach property to its portfolio, acquiring an office and retail building at the gateway to the South of Fifth neighborhood for $32 million. Rivani purchased the eight-story building at 404 Washington Avenue, which includes 61,000 square feet of leasable office and retail space and a four-level parking garage for a total of 157,000 square feet. The sale price works out to $204 per square foot. Miami-based BridgeInvest provided a $29.5 million acquisition loan to Rivani, which was arranged by Berkadia’s Brad Williamson, Scott Wadler and Michael Basinski, according to the broker. The loan […]This article originally appeared on The Real Deal. Click here to read the full story.
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