Aventura Mall owners Turnberry and Simon Property Group have acquired a nearby office and retail complex, previously known as Esplanade at Aventura, for $131 million. The 219,000-square-foot mixed-use property is located at 19505 Biscayne Boulevard and was sold by Seritage Growth Properties, which is based in New York and led by interim CEO Adam Metz. Bloomberg initially reported the transaction.
Turnberry, headquartered in Aventura and led by Jackie Soffer, along with Indianapolis-based Simon Property Group under CEO David Simon, has rebranded the site as the Abbey at Aventura. The property sits adjacent to Aventura Mall at 19501 Biscayne Boulevard.
When Seritage first considered selling the project in 2022 as part of a broader portfolio disposition plan, commercial brokers had estimated its value could reach about $200 million.
Seritage redeveloped the former Sears store into the Esplanade and secured tenants such as Amalfi Llama, Industrious, Jarana, Joey’s Aventura, Lego, North Italia, Pura Vida, Pure Barre, STK Steakhouse, Sweetgreen, Tremble and other service and medical providers. Miami-based fitness club Anatomy also recently signed a lease for a gym exceeding 26,000 square feet.
Turnberry principal Harrison Soffer said in a statement that the ownership team intends to “re-imagine” the property by enhancing programming and pursuing additional innovative retail and experiential brands.
The acquisition increases Turnberry’s local holdings. In addition to Aventura Mall, Turnberry owns Town Center Aventura and is involved in other projects such as the SoLé Mia mixed-use community in North Miami and an 800-key hotel being developed alongside the Miami Beach Convention Center.
Simon Property Group is a global real estate investment trust with properties across North America, Europe and Asia focused on malls and mixed-use centers.
Seritage has faced challenges at Esplanade including construction liens, tenant litigation and pandemic-related delays before stabilizing leasing activity. The company is currently liquidating assets following shareholder approval of this strategy. In June of this year, Seritage sold another shuttered Sears location at Town Center at Boca Raton to Simon for $23 million.
