Hoffmann adding to Naples portfolio
Fresh from its $74.3 million purchase of the 5th Avenue Collection last year, St. Louis-based Hoffmann Commercial Real Estate plans to augment its Naples portfolio.
Hoffmann has signed a letter of intent to acquire 898 Fifth Ave. S., a three-story building containing retail space, offices and apartments that is part of the city's famed shopping district.
The current ground-floor tenant is Sushi Thai of Naples.
Greg Hoffmann, a company principal, declined to reveal either the purchase price or when the deal will close. He says following the purchase Hoffmann intends to freshen the building at Fifth Avenue and Tamiami Trail with new paint, awnings and artwork around the property.
“This property serves as the gateway to Fifth Avenue South and will fit nicely with our overall plan for the street,” Hoffmann says.
Among its plans are a series of new statues aimed at aesthetically tying its holdings together.
Hoffmann bought the 5th Avenue Collection, a series of seven three-story retail, office and residential buildings containing more than 122,000 square feet, last October.