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.
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.
