Turnberry, Simon Drop $131M On Retail Across From Aventura Mall: The South Florida Deal Sheet
Turnberry and Simon Property Group teamed up to expand their holdings around the Aventura Mall with the purchase of an adjacent retail site.
The pair purchased the 219K SF open-air retail center adjacent to the mall for $131M, a representative for Turnberry confirmed to Bisnow.
Seritage Growth Properties developed the Esplanade Aventura out of a former Sears store and sold the center to Aventura-based Turnberry and Indianapolis-based Simon. The buyers renamed the center The Abbey at Aventura, according to a release.
The property at 19505 Biscayne Blvd. houses more than 15 retail and dining tenants, including The Amalfi Llama, Sweetgreen, Lego and Pura Vida. Anatomy Fitness is expected to open a 26K SF facility this month with an ice cream shop called Salt & Straw. Industrious also operates a coworking facility in the center.
The center is viewed as an extension of Aventura Mall, which was named the best mall in the country by USA Today this year and is owned by a joint venture of Turnberry and Simon.
SALES
JPMorgan Chase Bank bought out the landlord of its Miami Beach office building.
An entity tracing to Dominic Cavagnuolo sold the 25K SF, two-story office building at 1801 Alton Road for $23.5M, according to property records provided by Vizzda.
The previous owner had submitted plans to redevelop the property into a 5K SF office and retail building, according to Vizzda, but they never came to fruition. JPMorgan has $578M in deposits at its Alton Road branch, the South Florida Business Journal reported.
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An entity tracing to Maven Real Estate purchased a 197K SF shopping center in Coral Springs for $40M, according to property records provided by Vizzda.
Maven financed the purchase from Allied District Properties with a $22M loan from BankUnited.
The shopping center, called Atlantic Crossings, is at 750 and 810-938 N. University Drive. The buildings were built between 1993 and 1994. Tenants include Whole Foods and Crunch Fitness, though the Home Depot and Sam’s Club boxes on the site were excluded from the deal.
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An affiliate of Elion Partners sold off a 78K SF warehouse in Deerfield Beach to Wesco Turf for $21M, according to property records provided by Vizzda.
Wesco purchased the two-story building at 1301 NW Third St. with a $10M loan from Northern Trust. The property was built on a 3.5-acre site in 1988.
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Billionaire Larry Ellison purchased the 254-acre Lion Country Safari wildlife sanctuary in Palm Beach County for $30M, according to property records provided by Vizzda.
The park opened in 1967 and has 80 different species, including chimpanzees, giraffes, lions, ostriches, rhinos and zebras, according to its website. Park operations are expected to remain the same, the South Florida Sun Sentinel reported.
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Terranova Corp. sold a handful of buildings in Miami Beach's signature shopping district to Comras Co. for $130M, according to property records provided by Vizzda.
The five retail buildings were built in 1929, 1931 and 2017 and total 11 storefronts at 600, 719-737, 741, 801-821 Lincoln Road and 723 N. Lincoln Lane.
None of the buildings will be torn down, but Comras plans to repurpose them into a "micro-district" with 1,700 linear feet of retail, dining, wellness and lifestyle concepts.
LEASES
Four new tenants have signed 20K SF of leases at Peninsula Plaza in Boca Raton, reducing vacancy at the office building by 12%, according to a release.
The landlord of the 163K SF building at 2424 N. Federal Highway, CDS Realty Investments, was represented by JLL’s Brady Titcomb.
Law firm Poliakoff Backer signed on for 5,430 SF on the fourth floor with representation from CBRE’s John Jaspert. Insurance brokerage Family First Life, with representation from Total Real Estate Consultants’ George Casey, inked a deal for 6,460 SF on the second floor.
An independent Austin-based investment advisory firm is taking 5,390 SF on the third Floor and was represented by Jason Stagman of Stagman Commercial Real Estate Advisors. Group Health Insurance, which was represented by LRM Commercial Real Estate Advisors’ Silvana Benitez, is taking nearly 2K SF on the fourth floor.
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A New York City-based restaurant and nightlife concept signed a 13K SF, three-story lease in West Palm Beach for its first Florida location, according to a release.
Ketchy Shuby plans to open next fall at 114 S. Olive Ave., a historic former bank building that was built in 1923 and renovated in 2016, with a restaurant on the ground floor, a nightclub on the second floor and a rooftop venue. The building was previously occupied by Banko Cantina.
Jamie Mulholland founded Ketchy Shuby in 2023 as a New American restaurant with plant-based options that turns into a lounge at night with local and international DJs. The restaurant operates in Lower Manhattan and Southampton, New York.
Newmark's Mitch Heifetz represented Ketchy Shuby in the transaction, which was the largest retail lease in Palm Beach County this year, according to the brokerage. Colliers' Bastian Schauer and Tom Volini represented the undisclosed landlord.
FINANCING
BH Group and Pebb Enterprises increased their loan balance from City National Bank and Abanca to nearly $90M from $47M for the mixed-use redevelopment of the former Office Depot headquarters, according to a release.
BH Group and Pebb are working on the office and retail components of The Eclipse at 6600 N. Military Trail in Boca Raton. The project spans 405K SF across two office buildings, restaurant space that totals 21K SF, a nearly 37K SF Equinox gym and 500 multifamily units.
