- Turnberry Associates, in partnership with Simon Property Group, purchased the 219K SF Esplanade at Aventura for $131M, expanding their retail footprint near Aventura Mall.
- The newly acquired space will be rebranded as The Abbey at Aventura, with long-term aspirations to transform the surrounding Abigail Road into a luxury shopping corridor akin to Rodeo Drive.
- The Soffer family’s real estate legacy continues to shape Aventura’s upscale landscape, with Turnberry now owning 3.2M SF in the area.
A Strategic Retail Play
Turnberry Associates, led by Jackie and Harrison Soffer, acquired an open-air retail center next to Aventura Mall, reports Bloomberg. The purchase expands their real estate portfolio and fills a gap the family identified: missing outdoor shopping space at Aventura Mall.
Harrison Soffer called it an exciting addition, aiming to turn Abigail Road into a luxury retail spot like Rodeo Drive.
From Swampland To Retail Empire
The acquisition underscores the Soffer family’s lasting influence in Aventura. The city of 40K was originally developed by Don Soffer, who transformed swamp land into a thriving community. It now features condos, a golf course, and a mall that attracts 32M visitors annually.
Turnberry Associates has amassed 3.2M SF of real estate in Aventura, and also holds assets in Miami Beach, Delray Beach, Destin, and Nashville. Jackie’s brother Jeff Soffer runs Fontainebleau Development, which includes the historic Miami Beach hotel and a Las Vegas casino project.
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A Deal Nearly A Decade In The Making
The retail area, previously owned by Seritage Growth Properties and once home to a Sears department store, will now operate under the name The Abbey at Aventura. While it won’t be officially part of the Aventura Mall due to separate ownership, the two properties are deeply linked.
Talks began in 2016, and Soffer said the final price was close to their original offer nearly a decade ago.
Why It Matters
This deal signals continued confidence in luxury and destination retail despite broader retail sector challenges. With the rebranding of the Esplanade and its integration into the Turnberry-Simon ecosystem, the Soffers are positioning Aventura as a premier retail hub in South Florida.
As developers blend luxury retail, outdoor spaces, and branding, The Abbey at Aventura offers a model for future retail growth.
