Tabani buys Rivani's Wynwood Jungle retail for $25.7M

Dallas-based Tabani Group has bought Wynwood Jungle, a 39,000-square-foot retail building in the heart of Miami’s Wynwood district, for $25.7 million — nearly double what seller Robert Rivani paid for it four years ago.

The property at 43-75 Northwest 23rd Street traded at roughly $660 per square foot, with Tabani financing the purchase in part through a $15.7 million mortgage from Frost Bank. Rivani, a Miami investor known for buying and repositioning trophy retail, had acquired the building for $13.3 million in 2021. Ground-floor tenants include Häagen-Dazs and doughnut shop The Salty, though about half the leasable space is currently vacant after the rooftop restaurant Fabel closed.

Why it matters. Wynwood’s transformation from warehouse district to retail-and-dining destination continues to pull out-of-state capital into Miami, even for assets with real leasing work ahead. The roughly $12 million markup over four years underscores how much land and building values have climbed in the neighborhood — and Tabani is buying with meaningful vacancy to fill.

The numbers. The $25.7 million price works out to about $660 per square foot, against the $13.3 million Rivani paid in 2021. The new owner takes on a building that is roughly 50% leased, anchored by Häagen-Dazs and The Salty.

What’s next. Tabani will look to lease up the vacant space, including the former rooftop restaurant, betting that Wynwood’s foot traffic supports rents high enough to justify the price. The purchase also marks a shift in ownership from a hands-on local repositioning specialist to an out-of-state group, a pattern that has played out repeatedly as institutional and regional buyers move into a neighborhood that a decade ago drew mostly graffiti tours rather than nine-figure retail bets. How quickly the building fills back up will test whether Wynwood’s retail rents have caught up to its rising sale prices.