$74.35 million sale of 7-building portfolio of retail space and development site in Naples, Florida, closed by HFF
MIAMI, FL – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $74.35 million sale of a seven-building portfolio on 5th Avenue in Naples, Florida.
HFF marketed the property on behalf of the seller, Naples Fifth Avenue Holdings, LLC, whose principals include Jose Hevia and Trish Blasi. Hoffman Commercial Real Estate purchased the asset free and clear of existing debt. Courtelis Company, which provided leasing and management services for Naples Fifth Avenue Holdings, LLC, assisted HFF in the marketing process.
The seven-building portfolio totals 122,276 square feet and consists of 73,523 square feet of street-level retail space, 48,753 square feet of office space and a 1.1-acre site on one of the wealthiest high-street markets in the country: 5th Avenue in Naples. The 1.1-acre development site is situated at the corner of 4th Avenue and 4th Street and currently serves as a 115-space surface parking lot. The collection of assets benefits from its location along the 5th Avenue corridor as downtown Naples continues to experience intense demand from retail and restaurant users. The buildings are 86.2 percent leased, in aggregate, to tenants including Wells Fargo Bank, TD Bank, TD Ameritrade, Berkshire Hathaway Real Estate, PNC Bank, SunTrust Bank, Starbucks, Tervis Tumbler and Provident Jewelry.
The HFF team representing the seller was led by executive managing director Manuel De Zárraga, senior managing director Daniel Finkle, managing director Luis Castillo and associate director Nat Scarmazzi. Rod Castan, president of Courtelis Leasing and Management, also assisted in representing the seller.
About Hoffman Commercial Real Estate
Hoffmann Commercial Real Estate is headquartered in St. Louis, Missouri, and is an established real estate holding company. The company has repeatedly transformed and maintained properties to a Class “A+” standard, or more commonly known as the “Hoffmann Standard.” The company's portfolio is rapidly growing, consisting of both stabilized and value-add properties in strategic locations throughout the country, with future investments in the United States and abroad. Its reputation represents an unrivaled commitment to excellence and is becoming more widespread with every transaction. For more information, visit www.hoffmanncre.com.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.