Turnberry & Simon Acquire Esplanade at Aventura With Plans for Rebrand

Key Points:

• Turnberry Associates, in partnership with Simon Property Group, acquires 219,000 sq ft open-air retail space adjacent to Aventura Mall for $131 million.

• The deal adds coveted outdoor shopping to the portfolio, with plans to elevate the area to Rodeo Drive status.

• Bolsters the family's 3.2 million sq ft empire in Aventura, signaling confidence in Miami's suburban retail growth.

Turnberry Associates, led by Jackie Soffer, is doubling down on Aventura's retail dominance with a strategic $131 million acquisition of an open-air shopping area next to its flagship Aventura Mall. This move underscores the potential for high-yield expansions in established markets, offering lessons for investors eyeing similar suburban bets.

Acquisition Details

The 219,000 square-foot property, formerly the Esplanade at Aventura and once a Sears store, was purchased from Seritage Growth Properties. Located 20 miles north of downtown Miami, it will be rebranded as The Abbey at Aventura. Negotiations spanned nearly a decade, with a 2016 attempt at a similar price point, highlighting persistence in securing prime assets amid fluctuating markets.

Family Legacy and Portfolio

Founded by the late Don Soffer, who transformed Aventura's swamplands into a thriving hub with condo towers, a golf course, and the 32-million-visitor Aventura Mall, Turnberry is now helmed by Jackie Soffer and her son Harrison. The firm controls 3.2 million square feet in Aventura alone, plus projects in Delray Beach, Miami Beach, Destin, and Nashville. This acquisition complements their empire, while brother Jeff Soffer's Fontainebleau Development focuses on hospitality ventures.

Future Plans

Harrison Soffer envisions the surrounding Abigail Road evolving into a Rodeo Drive equivalent, emphasizing upscale retail. The outdoor space addresses a gap in Aventura Mall's offerings, promising diversified tenant mixes and enhanced foot traffic without formal mall integration due to ownership structures.

Why This Matters for Investors / Landlords

This deal highlights opportunities in adjacency plays—acquiring complementary properties to boost overall asset value and tenant appeal in high-traffic suburbs. For landlords, it could signal rising rents and occupancy in Aventura's retail sector, with potential spillover to nearby multifamily or mixed-use holdings. Investors should consider partnerships like Turnberry's with Simon Property Group to mitigate risks in large-scale buys, especially in Florida's resilient CRE market.

Retail Powerhouse

The Soffer family's latest move reinforces Aventura as a powerhouse for retail investment, urging landlords to scout undervalued expansions for long-term portfolio growth.