Turnberry and Simon Property Group Acquire Aventura Center for $131M

Turnberry and Simon Property Group, co-owners of Aventura Mall, have purchased the neighboring Esplanade Aventura retail center for $131 million. The buyers quickly rebranded the 219,000-square-foot property as The Abbey at Aventura.

Seritage Growth Properties sold the open-air center at 19505 Biscayne Blvd. The site spans 12.3 acres and includes a 512-space parking garage. Bank of America issued a $101.8 million mortgage to finance the acquisition.

Built in 2023, the property replaced a former Sears store. Seritage originally formed to redevelop real estate tied to Sears and Kmart locations.

Turnberry principal Harrison Soffer said the team plans to elevate the customer experience. “Consumers do more than shop — they connect, dine, discover, and experience,” he said. “We will enhance the property and deliver more lifestyle-driven environments.” He added that the group looks forward to working with current tenants and attracting innovative new brands.

JLL brokers Danny Finkle, Chris Angelone, Jorge Portela, and Kim Flores represented the seller.

The Abbey at Aventura features more than 15 tenants, including Amalfi Llama, Industrious, Jarana, Joey’s Aventura, Lego, North Italia, Pura Vida, Pure Barre, STK Steakhouse, Sweetgreen, and Tremble. In the coming months, new arrivals will include a 26,000-square-foot Anatomy Fitness and a Salt & Straw ice cream shop.

Additionally, Portela noted strong upside potential. He highlighted more than 50,000 square feet of incoming tenants and future development rights already in place.

The Macy’s and Bloomingdale’s stores at Aventura Mall remain owned by their respective retailers. However, Turnberry and Simon continue to own the balance of the mall — and now its newly acquired neighbor.

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