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Alo Yoga, the athleisure brand popular among young celebrities and influencers, purchased its store in the Miami Design District.
The Beverly Hills-based apparel company paid $22 million for the single-story building, which it has leased since 2021, property records show. Located at 101 NE 40th Street, the 4,957-square-foot property sits at the intersection of Northeast First Avenue, just north of the Zadig & Voltaire clothing store.
In recent years, Alo has become one of the hottest athleisure brands, seen on models such as Kendall Jenner and Bella Hadid. With revenue climbing to over $1 billion in 2022, Alo’s parent company, Color Image Apparel, is in the market for an investment, which could value the firm at $10 billion, Reuters reported last month.
The property is one of the few Design District buildings not owned by Craig Robins’ Dacra-led joint venture, which transformed the neighborhood into one of Miami’s hottest shopping destinations. Seller ASG Equities bought the building, constructed in 1954, for $10.5 million a decade ago, per records.
ASG hasn’t entirely left the Design District. The New York-based firm, owned by the Gindi family, proposed a $300 million office development in the District in partnership with Helm Equities, according to The Real Deal.
Representatives for Alo and ASG did not immediately respond to requests for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
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