Aventura Mall owners Turnberry and Simon Property Group have acquired the adjacent Esplanade at Aventura, a 219,000-square-foot office and retail complex located at 19505 Biscayne Boulevard. The property, previously owned by Seritage Growth Properties, was sold for $131 million. Bloomberg initially reported the transaction.
The project has been rebranded as the Abbey at Aventura and is situated next to Aventura Mall at 19501 Biscayne Boulevard. When Seritage first considered selling the property in 2022 as part of a broader portfolio disposition plan, commercial brokers estimated it could sell for about $200 million.
Seritage had redeveloped the former Sears store into the Esplanade, attracting 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 recently signed a lease for a gym exceeding 26,000 square feet.
In a statement regarding future plans for the site, Turnberry principal Harrison Soffer said: “The ownership team plans to ‘re-imagine’ the property by enhancing programming and pursuing additional innovative retail and experiential brands.”
Turnberry’s acquisition increases its presence in Aventura. Besides owning Aventura Mall, Turnberry also owns Town Center Aventura and is involved in projects such as SoLé Mia in North Miami and an 800-key hotel connected to the Miami Beach Convention Center.
Simon Property Group operates globally as a retail real estate investment trust with holdings that include malls and mixed-use centers across North America, Europe and Asia.
Seritage has faced construction liens, tenant litigation and delays due to the pandemic at Esplanade before stabilizing leasing activity. The company is currently liquidating assets under a shareholder-approved strategy. In June of this year, Seritage sold another former Sears location at Town Center at Boca Raton to Simon for $23 million.
