Court ruling scuttles $44M sale of Walgreens on South Beach’s Lincoln Road
By Kluger Kaplan November 17, 2015
A $43.5 million deal to buy a Walgreens building on South Beach’s trendy Lincoln Road was shot down by an appeals court ruling in favor of a condominium association.
The ruling on Thursday by the 3rd District Court of Appeal clears the way for a trial that could lead to the reversal of the $28 million sale of the commercial condos at 100 Lincoln Road in 2014.
The 13,480-square-foot drug store on the ground floor of the Decoplague Condominium sold in June 2014 to 100 Lincoln RD SB LLC, an affiliate of New York-based Nightingale Properties. Walgreens was the seller. The following month, Daxan 26 LLC filed a lawsuit against both 100 Lincoln RD SB and Walgreens seeking to void the sale.
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