Firm pays $74M for upscale property

NAPLES — St. Louis-based Hoffman Commercial Real Estate paid $74.4 million for property on upscale Fifth Avenue in Naples.

Hoffman acquired seven buildings totaling 122,276 square feet on Fifth Avenue and a 1.1-acre lot at the corner of Fourth Avenue and Fourth Street currently used for surface parking, according to Holliday Fenoglio Fowler, the firm representing the seller.

Together, the buildings have 73,523 square feet of street-level shops and 48,753 square feet of office space. Tenants include Starbucks, Wells Fargo Bank and TD Bank. The nearby surface-parking lot offers the possibility of future development.