A major real estate transaction has shaken up Miami’s trendy Wynwood neighborhood, as investor Robert Rivani has officially sold the iconic Wynwood Jungle retail building for an impressive $25.7 million. The buyer, Dallas-based Tabani Group, acquired the 39,000-square-foot commercial property at a price of nearly $660 per square foot.
The sale represents a significant profit for Rivani, who originally purchased the property back in 2021 for $13.3 million. Located between 75 and 43 Northwest 23rd Street, west of North Miami Avenue, the building currently houses popular tenants including Häagen-Dazs and artisan doughnut shop The Salty on the ground floor. However, the upscale rooftop restaurant Fabel recently closed its doors, and approximately half of the available retail space remains unleased.
The transaction was not without its complications during Rivani’s ownership period. The property became entangled in two separate lawsuits, including one involving a steakhouse from Goat Hospitality owner Derek Gonzalez that never opened, with Rivani claiming $9.1 million in unpaid rent. Another lawsuit from restaurateur Brian Swanson alleged discrepancies in the leased square footage. Frost Bank provided Tabani Group with a $15.7 million mortgage to complete the acquisition.
This sale continues a pattern for Rivani, who has been strategically selling off retail properties after securing leases with high-profile restaurant tenants. Last year alone, he sold the Miami location housing Bad Bunny’s popular restaurant Gekko in Brickell, along with Amara at Paraiso in Edgewater and Catch in Miami Beach, in deals totaling $86 million. Neither Tabani Group nor Rivani’s representatives have commented on the latest transaction.
