Court Won't Lift Claim On $28M Miami Beach Property Deal

By November 9, 2015

law 360
A Florida appeals court refused Wednesday to remove a claim held by a condominium association on a group of highly desirable commercial units in Miami Beach that Walgreen Co. recently sold for $28 million, issuing what the challenger called a bold ruling that provides a roadmap for overturning the deal.
At the very least, the decision from Florida’s Third District Court of Appeal leaves a cloud hanging over the transaction, with the would-be buyer locked in litigation and effectively unable to move on opportunities to flip the property for a substantial profit.
“This is a huge victory. It’s a game-changer in the litigation, in my opinion,” said Alan J. Kluger of Kluger Kaplan Silverman Katzen & Levine, whose client, Daxan 26 (FL) LLC, says it holds a right to first refusal conferred upon it by the building’s condominium association.

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