The Real Deal Miami

New York firm gets Lincoln Road Walgreens for $28M

The Nightingale Group acquires South Beach drug store in sale-leaseback deal

June 25, 2014 10:30AM
By Eric Kalis

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100 Lincoln Road

100 Lincoln Road

Walgreen Co. received $28 million for its Lincoln Road location in a sale-leaseback transaction, The Real Deal has learned.

The drug store chain sold four commercial condominiums totaling 13,480 square feet in the Decoplage building at 100 Lincoln Road, according to Miami-Dade County records. The county recorded the 2,077 per square foot transaction on Tuesday.

New York-based 100 Lincoln RD SB is the buyer. The buying company shares an address with private real estate investment firm The Nightingale Group. It received a $25 million mortgage from Deerfield Funding Corp., which has the same Deerfield, Ill. address as Walgreen Co., for the acquisition.

As part of the deal, Walgreen Co. signed a short-term lease with 100 Lincoln RD SB. The lease expires at the end of July 2015, but the agreement can be extended for another 75 years.

The Nightingale Group acquired another Walgreens-occupied building from the chain in January. It paid $11.2 million for a nearly 59,000-square-foot building in Pompano Beach.

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