Turnberry and Simon Property Group, owners of Aventura Mall, have acquired an adjacent office and retail complex that previously housed a Sears store.
Turnberry, based in Aventura and led by Jackie Soffer, together with Indianapolis-based Simon Property Group, led by CEO David Simon, purchased the property formerly known as Esplanade at Aventura. The 219,000-square-foot mixed-use development at 19505 Biscayne Boulevard was acquired from New York-based Seritage Growth Properties, led by interim CEO Adam Metz, for $131 million, according to a press release and sources familiar with the transaction. Bloomberg was the first to report the deal.
Following the acquisition, Turnberry and Simon have rebranded the property as the Abbey at Aventura. The complex sits directly next to Aventura Mall at 19501 Biscayne Boulevard.
When Seritage first considered selling the property as part of a larger asset disposition plan in 2022, commercial brokers estimated the mixed-use complex could command as much as $200 million.
Seritage had redeveloped the former Sears site into the Esplanade, bringing in a variety of tenants such as Amalfi Llama, Industrious, Jarana, Joey’s Aventura, Lego, North Italia, Pura Vida, Pure Barre, STK Steakhouse, Sweetgreen, Tremble, and several service and medical providers. According to the release, Miami-based fitness club Anatomy recently signed a lease for a gym exceeding 26,000 square feet.
Turnberry principal Harrison Soffer stated that the ownership group intends to “re-imagine” the Abbey at Aventura by expanding programming and seeking new, innovative retail and experiential brands.
This purchase further expands Turnberry’s footprint in its home market. Alongside Aventura Mall, Turnberry also owns Town Center Aventura, is a partner in the SoLé Mia mixed-use development in North Miami, and is co-developing an 800-room hotel connected to the Miami Beach Convention Center.
Simon, a leading global retail real estate investment trust, owns and operates malls and mixed-use centers throughout North America, Europe, and Asia.
Seritage, which previously faced construction liens, tenant disputes, and pandemic-related delays at the Esplanade before stabilizing leasing, has been gradually liquidating its assets as approved by shareholders.
Earlier in June, Seritage sold a closed Sears store at Town Center at Boca Raton to Simon for $23 million.
