Alo Yoga founders Danny Harris and Marco DeGeorge expanded their retail portfolio by acquiring a South Beach condominium’s ground-floor retail space.
An entity managed by Delaware corporations tied to Harris and DeGeorge, co-CEOs of Beverly Hills-based Alo Yoga, paid $17.3 million for four commercial units on the first floor of The Decoplage, a 16-story condominium at 100 Lincoln Road in Miami Beach, records and real estate database Vizzda show. The building was completed in 1965.
Harris did not immediately respond to a request for comment about possibly opening an Alo Yoga store at The Decoplage. The company is a yoga and workout clothing retailer.
David Abrams and Eliot Goldschmidt with Masonre represented the buyer, and Michael Grinfeld and Michael Comras with Comras represented the seller.
The seller, an affiliate of LoanCore Capital Credit Real Estate Investment Trust, acquired the 13,480-square-foot commercial units last year after securing a final foreclosure judgment against the previous owner, an entity tied to New York-based Nightingale Group. In 2021, LoanCore sued the Nightingale entity for allegedly defaulting on a $30.6 million mortgage, court records show.
In 2014, Nightingale paid $28 million for The Decoplage’s ground-floor retail space, which was previously leased to Walgreens. The commercial units have been vacant for several years.
The Decoplage purchase marks the second retail acquisition in Miami-Dade County in the past year for Alo Yoga’s founders. In November, an entity managed by Harris paid $22 million for a 5,000-square-foot single-story retail building in the Miami Design District. The seller, an affiliate of the Gindi Family’s New York-based ASG Equities, leased the store to Alo Yoga.
In addition to Alo Yoga, Harris and DeGeorge also own BELLA + CANVAS, a t-shirt manufacturing and wholesale company. Bella Hadid and Kendall Jenner are some of Alo Yoga’s celebrity customers.
In other recent Lincoln Road retail deals, Miami-based Torose Equities acquired a two-story storefront at a discount. In July, Torose paid $10.4 million for the building at 910 Lincoln Road, nearly $6 million less than its previous sale price. The seller, an affiliate of Dallas-based Invesco Real Estate, paid $15.8 million for the property in 2010.
Also in July, a joint venture between Miami-based Tricera Capital and Miami Beach-based real estate investors Scott Robins and Philip Levine bought a single-story retail building at 318-314 Lincoln Road for $13.6 million. The seller, an affiliate of Aby Rosen’s New York-based RFR Realty, also sold the property at a discount. In 2019, RFR paid $20.5 million for it.