Jones Lang LaSalle Inc.
12/03/2025 | Press release | Archived content
Premier mixed-use retail destination trades for $131M in Miami
MIAMI, Dec. 3. 2025 - JLL Capital Markets announced today that it has closed the $131 million sale of Esplanade at Aventura, a premier 219,000-square-foot mixed-use project located in Aventura, Florida, one of Miami's most recognized and affluent neighborhoods.
JLL represented the seller, Seritage Growth Properties. The buyer was Boulevard Step Ventures LLC.
Esplanade at Aventura is strategically positioned at 19505 Biscayne Blvd., adjacent to the 2.8 million square foot Aventura Mall, one of the nation's top grossing malls and one of South Florida's most visited destinations. Delivered in 2023, the three-level Esplanade project sits on a 12.3-acre site and features a modern, sleek open-air design with a pedestrian-friendly walkable layout. The center includes 362 surface parking spaces and a self-contained parking garage with 512 spaces.
The existing tenant composition at Esplanade includes top-tier food and beverage concepts including STK, Joey's, Amalfi Llama, North Italia, Pura Vida, Starbucks and Sweetgreen, as well as retail and health and wellness tenants LEGO, Anatomy Fitness, Pure Barre, One Medical and more. The property's office space is occupied by Industrious and other professional service tenants.
JLL Capital Market's Investment Sales and Advisory team representing the seller was led by Senior Managing Directors Danny Finkle and Chris Angelone, Senior Director Jorge Portela and Vice President Kim Flores.
"Esplanade at Aventura represented a unique opportunity to acquire a recently developed mixed-use asset with strong in-place cash flow and outstanding NOI growth potential in one of South Florida's most sought-after submarkets," said Finkle. "The property's exceptional location adjacent to Aventura Mall, combined with its best-in-class design and curated tenant roster, made it an extremely attractive opportunity."
"With over 50,000 square feet of high-impact tenants scheduled to open in the coming months and additional entitlements for future development, this asset offers substantial upside potential" added Portela.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 112,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Seritage Growth Properties
Seritage Growth Properties is principally engaged in the ownership, development, redevelopment, management, sale and leasing of diversified retail and mixed-use properties throughout the United States. As of September 30, 2025, the Company's portfolio consisted of interests in 13 properties comprised of approximately 1.3 million square feet of gross leasable area ("GLA") or build-to-suit leased area and 198 acres of land. The Company's mission is to maximize value for shareholders by repositioning its portfolio through leasing, redevelopment, formation of strategic partnerships and other bespoke solutions.
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