The Hoffmanns are expanding their already visible presence on Fifth Avenue South in downtown Naples.
On Monday, Hoffmann Commercial Real Estate, part of the Hoffmann Family of Cos., announced it has signed a definitive agreement to purchase a prominent mixed-use building on the city’s unofficial main street.
The building – at 465 Fifth Avenue South – is owned by the McCabe family.
It’s part of the larger vision Phil McCabe had for revitalizing the street, an effort he began more than 25 years ago, with the opening of its first hotel, Inn on Fifth, in the 1990s. Last year, he sold the iconic inn to The Pebblebrook Hotel Trust for $156 million, with an eye toward retirement, following a “fast, furious” time of his life as a hotelier and developer.
The Hoffmanns did not disclose the purchase price for their latest acquisition. The building includes high-end retail, a wine bar, and luxury condos, with a rooftop deck and pool.
Phil McCabe couldn’t immediately be reached for comment.
In an email, his son Joseph McCabe, vice president of development for Gulf Coast Commercial Group, said the building is nearly fully leased.
One space remains available, with several tenants interested in taking it, he said.
He neither confirmed, nor denied the sale.
“We still very much own and operate the retail portion of 5th and 5th,” he said in answer to the Hoffmanns’ announcement of a pending transaction.
David Hoffmann, chairman and founder of the Hoffmann Family of Cos., said it’s an honor to purchase a building that represents Phil McCabe’s attention to detail and dedication in furthering his evolving vision for Fifth Avenue South.
“They took a risk investing in the area and that risk has paid off. We’re happy to be part of their continued success,” he said of the McCabe family.
The building’s tenants include Gelato and Co. and the Vine Room. Built in 2018, it has 60,000 square feet of leasable space, according to LoopNet.
In June, the Hoffmanns announced they would soon add Bleu Provence to their dizzying number of acquisitions in Southwest Florida.
Terms of the sale were not disclosed.
The French restaurant is located at 1234 Eighth Street S., near the City Dock, in Old Naples. The sale includes its building.
“We will continue to invest in Naples and grow our portfolio of properties and businesses in Southwest Florida. We’re here for the long haul, Naples is our home,” Hoffmann said.
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Bleu Provence aquisition:Hoffmanns announce plans to purchase the Bleu Provence French eatery in Naples
The Hoffmann Family of Cos. and its affiliates rank as the largest privately held commercial real estate firm in the city of Naples.
The family now owns more than 40 properties in Southwest Florida. That includes agricultural land, industrial buildings, commercial rental properties, event and sports venues, golf courses – and much more.
Hoffmann Commercial Real Estate is one of more than 120 brands within the Hoffmann Family of Cos.
Locally, the family’s holdings include Hertz Arena and the Florida Everblades, The Old Collier Golf Club and Old Corkscrew Golf Club, Stan’s Coffee and Food Service, Naples Transportation & Tours, The Naples Princess, Sunmaster, and Linstol, the world’s largest airline headset manufacturer.
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