{"id":1004780060,"date":"2025-12-03T04:37:49","date_gmt":"2025-12-03T12:37:49","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004780060"},"modified":"2025-12-04T00:59:22","modified_gmt":"2025-12-04T08:59:22","slug":"turnberry-simon-buy-miami-retail-asset-for-131m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/turnberry-simon-buy-miami-retail-asset-for-131m\/","title":{"rendered":"Turnberry, Simon Buy Miami Retail Asset for $131M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a4e123d6df79&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1081\" data-attachment-id=\"1004780167\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/turnberry-simon-buy-miami-retail-asset-for-131m\/abbey_at_aventura\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Abbey_at_Aventura.jpg\" data-orig-size=\"1920,1081\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Abbey_at_Aventura\" data-image-description=\"&lt;p&gt;Image came in email from Ainsworth Associates on 12\/3.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The Abbey at Aventura is an open-air mall adjacent to the Aventura Mall. Image courtesy of Turnberry Associates&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Abbey_at_Aventura.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Abbey_at_Aventura.jpg\" alt=\"A photo of The Abbey at Aventura.\" class=\"wp-image-1004780167\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Abbey_at_Aventura.jpg 1920w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Abbey_at_Aventura.jpg?resize=300,169 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Abbey_at_Aventura.jpg?resize=768,432 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Abbey_at_Aventura.jpg?resize=1024,577 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Abbey_at_Aventura.jpg?resize=1536,865 1536w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The Abbey at Aventura is an open-air mall adjacent to the Aventura Mall. <em>Image courtesy of Turnberry<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Turnberry Associates and Simon Property Group have acquired Esplanade at Aventura, a 219,000-square-foot open-air mall in Aventura, Fla., <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2025-12-01\/soffer-family-expands-aventura-bet-with-131-million-retail-deal\" target=\"_blank\" rel=\"noreferrer noopener nofollow\"><em>Bloomberg<\/em> reported<\/a>. Seritage Growth Properties sold the asset for $131 million.<\/p>\n\n\n\n<p>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 <em>Bloomberg<\/em>. &nbsp;<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/top-commercial-real-estate-owners\/\">2025 Top Commercial Real Estate Owners<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>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\u2019s, Nordstrom, Apple, AMC Theatres, JCPenney and numerous luxury fashion brands.<\/p>\n\n\n\n<p>The malls are about 20 miles north of downtown Miami and within walking distance of Brightline\u2019s Aventura station, which provides transit access from Miami and Fort Lauderdale, Fla. Interstate 95 is some 2 miles away.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-state-of-miami-retail-market\">The state of Miami retail market<\/h2>\n\n\n\n<p>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 &amp; Wakefield. The metro\u2019s index clocked in at 3.1 percent, much lower than the national average of 5.8 percent. The area\u2019s vacancy rate rose 40 basis points year-over-year, a change attributed to new construction completions and modest net occupancy losses.<\/p>\n\n\n\n<p>Aventura\u2019s 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\u2019s $49.93 average.<\/p>\n\n\n\n<p>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\u2019s acquisition of the remaining stake in <a href=\"https:\/\/www.commercialsearch.com\/news\/simon-pays-512m-for-remaining-stake-in-miami-mall\/\">Brickell City Centre<\/a> for $512 million in June.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property is adjacent to Florida&#8217;s largest mall.<\/p>\n","protected":false},"author":3810,"featured_media":1004780168,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,1492,21742,21749,32781],"tags":[32799,36770,33301,52746],"class_list":["post-1004780060","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-miami","category-latest","category-retail","category-southeast","tag-cushman-wakefield","tag-seritage-growth-properties","tag-simon-property-group-inc","tag-turnberry-associates"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Turnberry, Simon Buy Miami Retail Asset for $131M - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Turnberry Associates and Simon Property Group acquired Esplanade at Aventura, an open-air mall near Miami, from Seritage Growth Properties.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/turnberry-simon-buy-miami-retail-asset-for-131m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Turnberry, Simon Buy Miami Retail Asset for $131M\" \/>\n<meta property=\"og:description\" content=\"Turnberry Associates and Simon Property Group acquired Esplanade at Aventura, an open-air mall near Miami, from Seritage Growth Properties.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/turnberry-simon-buy-miami-retail-asset-for-131m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-03T12:37:49+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-04T08:59:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Abbey_at_Aventura_Cropped.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"1240\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Matthew Kaufman\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/turnberry-simon-buy-miami-retail-asset-for-131m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/turnberry-simon-buy-miami-retail-asset-for-131m\\\/\"},\"author\":{\"name\":\"Matthew Kaufman\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/63cac94132ceff8b31d189996459d345\"},\"headline\":\"Turnberry, Simon Buy Miami Retail Asset for $131M\",\"datePublished\":\"2025-12-03T12:37:49+00:00\",\"dateModified\":\"2025-12-04T08:59:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/turnberry-simon-buy-miami-retail-asset-for-131m\\\/\"},\"wordCount\":337,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/turnberry-simon-buy-miami-retail-asset-for-131m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2025\\\/12\\\/Abbey_at_Aventura_Cropped.jpg\",\"keywords\":[\"Cushman &amp; 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