The group plans to rent the 11,000 Sq Ft space at 8 SE Eighth Street, formerly home to sushi restaurant Katsuya, to another high-end establishment.
The Related Group and The Allen Morris Company developed the 57-story tower in collaboration with sbe Hotel Group. Settled in the heart of Miami’s business community along Brickell Plaza, the building inaugurated in 2018 and includes 450 apartments as well as 70 hotel rooms.
The purchase marks Black Lion’s third Miami transaction this year, all in retail assets. The L.A. company acquired retail complex Wynwood Arcade for $13.25 million.
In nearby Edgewater, it gained the building housing the upscale Latin American restaurant Amara at Paraiso for $12.1 million.
Across the country, the group’s portfolio mostly includes suburban retail properties, including the 116,625 Sq Ft. Crystal Cove Commons, an outdoor shopping center in North Palm Beach, as well as some urban retail, such as a boutique retail property at 8460 Santa Monica Boulevard in West Hollywood, Calif.