Aventura-based Turnberry and Simon Property Group have acquired a neighboring office and retail complex adjacent to Aventura Mall. The property, previously known as Esplanade at Aventura, spans 219,000 square feet and is located at 19505 Biscayne Boulevard. It was sold by New York-based Seritage Growth Properties for $131 million, according to sources. Bloomberg initially reported the transaction.
The new owners have renamed the development the Abbey at Aventura. The site sits next to Aventura Mall at 19501 Biscayne Boulevard.
When Seritage first considered selling the project in 2022 as part of a larger plan to dispose of its assets, commercial brokers estimated it could sell for about $200 million.
Seritage had converted the former Sears store into a mixed-use development and attracted tenants such as Amalfi Llama, Industrious, Jarana, Joey’s Aventura, Lego, North Italia, Pura Vida, Pure Barre, STK Steakhouse, Sweetgreen, Tremble and various service and medical providers. Miami-based fitness club Anatomy also recently agreed to lease over 26,000 square feet for a gym.
In a statement on behalf of Turnberry’s ownership team, principal Harrison Soffer said: “We plan to re-imagine the property by enhancing programming and pursuing additional innovative retail and experiential brands.”
This acquisition increases Turnberry’s local presence; besides owning Aventura Mall, Turnberry holds Town Center Aventura and has interests in other developments including the SoLé Mia community in North Miami and an 800-room hotel under construction near the Miami Beach Convention Center.
Simon Property Group is an international real estate investment trust with holdings primarily focused on malls and mixed-use centers across North America, Europe and Asia.
Seritage faced several challenges with Esplanade before stabilizing leasing activity. These included construction liens, tenant disputes and delays related to the pandemic. The company has been liquidating assets following shareholder approval of this strategy. In June this year, Seritage sold another former Sears location—at Town Center at Boca Raton—to Simon for $23 million.
