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Business Observer Friday, Dec. 8, 2017 11 months ago

Hoffmann buys more Naples buildings

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St. Louis-based Hoffmann Commercial Real Estate last month acquired a pair of downtown Naples office buildings for nearly $14 million, records show.
by: Kevin McQuaid Commercial Real Estate Editor

St. Louis-based Hoffmann Commercial Real Estate last month acquired a pair of downtown Naples office buildings for nearly $14 million, records show.

The purchases of Pettit Square, at 294 14th Ave. S., and 271 Broad Ave. brings to 17 the number of Naples properties Hoffmann has acquired over the past three years.

Pettit Square, an 8,616-square-foot building, was purchased for $7.3 million. Investment Properties Corp.'s David Stevens and Clint Sherwood represented negotiated the transaction.

The building at 271 Broad Ave. S. sold for $6.63 million, according to Collier County property records. Hoffmann acquired that property from Stephen Farrington, records indicate.

“These are outstanding properties that complement our existing holdings,” says Greg Hoffmann, the company's CEO.

In addition to the two most recent additions, Hoffmann also has contracted to acquire four downtown Naples buildings by the end of next month. If completed, the company's total investment in the city will rise to more than $250 million.

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