It’s one of the biggest commercial real estate deals in Naples history. How big a deal? Seven buildings and a parking lot on Fifth Avenue South in downtown Naples, Florida, fetched $74.35 million. Hoffmann Commercial Real Estate, an established real estate holding company headquartered in St. Louis, Missouri, purchased the property on Friday, free and clear of its existing debt. The rapidly growing family-owned company, with a diverse portfolio, has local ties. Its founder David Hoffmann, and his wife Jerri, live in Naples. Hoffmann is already eyeing other buildings to purchase on Fifth Avenue. “Our plan is to get as many as we can in that area. We are a big believer in the area,” he said.
The properties that changed hands are: 305 Fifth Avenue S., 365 Fifth Avenue S., 375 Fifth Avenue S., 405 Fifth Avenue S., 625 Fifth Avenue S., 780 Fifth Avenue S. and 900 Fifth Avenue S., along with a lot at Fourth Avenue South and Fourth Street South.