Walgreens' Lincoln Road Deal Rejected by 3rd DCA
By Kluger Kaplan November 12, 2015
By Samantha Joseph, Daily Business Review
It turns out 100 Lincoln Road is not the “corner of happy and healthy” for the Walgreen Co., after an appellate court Wednesday blocked the national retailer’s $28 million real estate deal in Miami Beach.
Walgreens owns four commercial units at Decoplage Condominium, a Miami Beach high-rise on coveted Lincoln Road. Its retail space is part of the large mixed-use project with 625 condos and 42 commercial units on the highly trafficked retail corridor.
That prime space nearly yielded millions for Walgreens in 2014 when the company struck a $28 million deal with 100 Lincoln Rd SB LLC, an affiliate of New York-based private equity group Nightingale Properties.
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