South Beach Walgreens sold

South Beach Walgreens sold for $28M - South Florida Business Journal: "Walgreen Co. sold its busy store on South Beach’s famed Lincoln Road for $28 million. The drug store isn’t going anywhere, as it signed a lease with the buyer, New York-based 100 Lincoln RD SB LLC. Walgreen affiliate Deerfield Funding Corp. provided a $25 million mortgage in what essentially amounts to seller financing....The store is located on the ground floor of the Decoplage Condominium, near the ocean. It totals 13,480 square feet, so the price equals $2,077 a square foot. Walgreens bought the property for $4.9 million in 1999, so the company came out well ahead on its investment."

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