Aventura Mall owners Turnberry and Simon Property Group have acquired the adjacent Esplanade at Aventura, a mixed-use office and retail complex that previously housed a Sears store. The property, located at 19505 Biscayne Boulevard, was sold by Seritage Growth Properties for $131 million. The transaction was first reported by Bloomberg.
The new owners have renamed the site “the Abbey at Aventura.” The complex is situated next to Aventura Mall at 19501 Biscayne Boulevard. When Seritage initially considered selling the property in 2022 as part of its broader asset disposition plan, commercial brokers estimated it could be valued at around $200 million.
Seritage had redeveloped the former Sears location 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. Additionally, Miami-based fitness club Anatomy recently signed a lease for more than 26,000 square feet in the complex.
Turnberry principal Harrison Soffer commented on future plans for the property: “The ownership team plans to ‘re-imagine’ the property by enhancing programming and pursuing additional innovative retail and experiential brands.”
For Turnberry, this acquisition expands its local real estate portfolio. In addition to Aventura Mall and Town Center Aventura, Turnberry is also involved in developing SoLé Mia in North Miami and co-developing an 800-room hotel linked to the Miami Beach Convention Center.
Simon Property Group operates as a global retail real estate investment trust with holdings in malls and mixed-use centers across North America, Europe and Asia.
Seritage has faced challenges including construction liens and tenant litigation before stabilizing leasing at Esplanade. The company has been selling assets as part of a shareholder-approved liquidation process. In June of this year, Seritage sold another former Sears store at Town Center at Boca Raton to Simon for $23 million.
