Turnberry Associates, a South Florida real estate firm run by a branch of the Soffer family, acquired an open-air retail area adjacent to its massive Aventura Mall. 

The purchase of the 219,000 square-foot area along with partner Simon Property Group was for $131 million and adds outdoor shopping space to an expanding real estate empire. Turnberry expects the ring road surrounding the properties, Abigail Road, will one day resemble Rodeo Drive in Los Angeles as being synonymous with upscale retail, according to Harrison Soffer, a principal at the company.