Turnberry, Simon Buy Miami Retail Asset for $131M

December 3, 2025

Retail Investment Miami News More Southeast

The property is adjacent to Florida's largest mall.

Turnberry Associates and Simon Property Group have acquired Esplanade at Aventura, a 219,000-square-foot open-air mall in Aventura, Fla., Bloomberg reported. Seritage Growth Properties sold the asset for $131 million.

The retail property is adjacent to Aventura Mall, also owned by the buyers. Turnberry had been in talks to acquire the asset since 2016, according to Bloomberg.

Currently dubbed The Abbey at Aventura, the outdoor shopping center opened in 2023, according to Yardi Matrix. Major retail tenants include LEGO, Bank of America and a fitness center called Anatomy. Dining options include Starbucks, Sweetgreen and Pura Vida.

The Abbey is at 19505 Biscayne Blvd. next to the 2.8 million-square-foot Aventura Mall, the largest such property in Florida. That asset boasts tenants like Macy’s, Nordstrom, Apple, AMC Theatres, JCPenney and numerous luxury fashion brands.

The malls are about 20 miles north of downtown Miami and within walking distance of Brightline’s Aventura station, which provides transit access from Miami and Fort Lauderdale, Fla. Interstate 95 is some 2 miles away.

The state of Miami retail market

Miami had one of the lowest retail vacancy rates in the country through the end of the second quarter of 2025, according to a report from Cushman & Wakefield. The metro’s index clocked in at 3.1 percent, much lower than the national average of 5.8 percent. The area’s vacancy rate rose 40 basis points year-over-year, a change attributed to new construction completions and modest net occupancy losses.

Aventura’s vacancy rate was 4.4 percent at the end of the quarter. The submarket saw an average asking rent of $89.86, significantly higher than the metro’s $49.93 average.

Miami saw $1 billion in retail property sales in the first half of the year, almost double the volume of the same period in 2024. A significant portion of this volume consisted of Simon’s acquisition of the remaining stake in Brickell City Centre for $512 million in June.