A prominent retail space on Lincoln Road in South Beach, Miami, has been sold for $17.32 million following a foreclosure, marking a significant real estate transaction in one of Miami’s prime shopping districts. The property, located at the base of the Decoplage condo at 100 Lincoln Road, was purchased by 100 Lincoln Road LLC, affiliated with Beverly Hills-based Alo Yoga.
Foreclosure and Sale Details
The retail space spans 13,480 square feet and includes Units CU-1, CU-2, CU-39, and CU-40. It was sold by Lincoln Holdings 100 LLC, an affiliate of LoanCore Capital, based in Dover, Delaware. The deal equated to a price of $1,285 per square foot, according to property data firm Vizzda, which confirmed the buyer and seller details.
This sale comes after the property was seized in a foreclosure auction in January 2023. LoanCore Capital had filed a $30.75 million foreclosure lawsuit against the previous owner in 2021, eventually winning a foreclosure judgment. The property had last traded for $28 million in 2014, when it was home to a Walgreens store. Since Walgreens vacated the space, the retail units have remained largely empty.