Jackie Soffer Of Turnberry Associates And David Simon Of Simon Property Group Acquire Retail Asset For $131M
19505 Biscayne Boulevard
$131,000,000
$598/SF
Building Size
219,000 SF
Asset Type
Retail
Closing
Dec 1, 2025
AI
The property asset involved in the transaction is located at 19505 Biscayne Boulevard in Aventura. This retail asset has a total square footage of 219,000 and was sold for $131,000,000, equating to a price per square foot of $598.
Summary of transation details:
- Property Type: Retail
- Transaction Amount: $131,000,000
- Address: 19505 Biscayne Boulevard
- Market: Aventura
- Square Footage: 219,000
- Price Per Square Foot: $598
- Buyer: Jackie Soffer - Turnberry Associates
- Buyer: David Simon - Simon Property Group
- Seller: Adam Metz - Seritage Growth Properties
Jackie Soffer and David Simon, the buyers, represent Turnberry Associates and Simon Property Group, respectively. They are planning to rebrand the asset as The Abbey at Aventura, enhancing Turnberry’s significant 3.2 million-square-foot footprint in the Aventura area. Adam Metz is the seller, representing Seritage Growth Properties in this transaction.
Players
Miami Retail Market Snapshot
Boundary boundary · Retail · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.12%
Cash-on-Cash
-0.03%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93