Aventura Mall Owners Buy Retail Center Next Door for $131M
Turnberry and Simon acquired the 219,000-square-foot property near Miami
By Julia Echikson December 1, 2025 3:30 pm
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The prominent owners of the Aventura Mall near Miami are expanding their footprint again after buying the retail center next door.
Turnberry and Simon paid $131 million for a 219,000-square-foot, open-air property from Seritage Growth Properties, the real estate investment trust created by Sears Holdings in 2015, the buyers announced. The deal for the asset at 19505 Biscayne Boulevard is equal to almost $600 per square foot.
Tenants include coworking operator Industrious, boutique fitness studios Pure Barre and Tremble, and food and beverage options STK Steakhouse, Sweetgreen, Pura Vida and North Italia. A 26,000-square-foot Anatomy gym and a Salt & Straw ice cream shop are set to open in the coming months.
Seritage Growth Properties completed the 12-acre property in 2023 on the former sites of the Sears and Kmart department stores that sat adjacent to Aventura Mall. The new owners have rebranded the property from Esplanade Aventura to The Abbey at Aventura.
“Consumers do more than just shop — they connect, they dine, they discover, they experience. Our team will enhance the property and deliver immersive, lifestyle-driven experiences,” said Harrison Soffer, principal at Turnberry and son of Jackie Soffer, chairman and CEO of Turnberry.
The 1.8-million-square-foot Aventura Mall remains one of the most successful retail centers in the country, with a mix of tenants that include Gucci, Prada, Nike and Zara.
The acquisition adds to Simon’s South Florida portfolio, too. In July, the Indianapolis-based REIT purchased the mall at Brickell City Centre for $512 million. It already owns the Sawgrass Mills outlet mall, Town Center at Boca Raton, The Falls and Dadeland Mall.
Meanwhile, Soffer’s Turnberry has its hands full with major projects around South Florida. For example, the development firm is building a 33-story condominium within the SoLé Mia master development in North Miami, as well as an 800-room hotel at the Miami Beach Convention Center with joint venture partner Terra.
A representative for Seritage Growth Properties did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
