The Real Deal Miami

Naples portfolio commands $608 per square foot

HFF represented the seller of seven commercial buildings for $74.35 million.
October 17, 2015 10:00AM

Naples buildings sold by Fifth Avenue Holdings, LLC, to Hoffman Commercial Real Estate.

Naples buildings sold by HFF client Fifth Avenue Holdings.

Brokerage firm Holliday Fenoglio and Fowler L.P. (HFF) announced the sale of seven buildings in Naples for $74.35 million, or about $608 per square foot.

HFF represented the seller, Naples Fifth Avenue Holdings, LLC, and got marketing assistance from Miami-based Courtelis Company, which handled leasing and building management for Fifth Avenue.

The buyer is Hoffman Commercial Real Estate, based in St. Louis, Missouri.

The seven-building portfolio in Naples covers a combined 122,276 square feet, including 73,523 square feet of street-level retail space and 48,753 square feet of office space.

The buildings are clustered on a 1.1-acre site at the corner of 4 Avenue and 4 Street in Naples. They are 86.2 percent leased to tenants including Wells Fargo Bank, TD Bank, TD Ameritrade, Berkshire Hathaway Real Estate, PNC Bank, SunTrust Bank and Starbucks.