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Naples conglomerate sells 27 properties to Aspen developer in blockbuster deal

The Hoffmann Family of Cos. did not disclose details of the sale but says it remains committed to the city and area.


  • By Louis Llovio
  • | 3:30 p.m. October 13, 2023
  • | 2 Free Articles Remaining!
Jerri and David Hoffmann
Jerri and David Hoffmann
Photo by Stefania Pifferi
  • Charlotte–Lee–Collier
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The Hoffmann Family of Cos. has sold 27 properties in Naples to a Colorado developer.

In a statement issued Friday afternoon, the company said the deal, a “monumental transaction, the largest in HF Companies’ history, is a strategic move for the family equity firm.”

The company did not disclose a sales price or the properties. The buyer is Aspen, Colorado-based M Development.

Robert E. Carroll with Investments Properties Corp. in Naples represented M Development and confirmed the deal includes 12 buildings on Fifth Avenue South, nine on Third Street South and six off U.S. 41 in Naples.

“The buyer should have comments available to the media on Monday,” Carroll wrote in an email.

In its statement, Hoffmann said that it still has large holdings in the area, with more than 30 businesses and 20 properties in its portfolio — including 10 industrial sites, the Hertz Arena, The Old Collier Golf Club and more than 1,000 acres of agricultural growing sites.

“While the time has come to pass the ownership torch on some of our local real estate holdings, we are committed to growing our impact through further investment in Southwest Florida businesses and will continue to maintain the ‘Hoffmann Standard’ across all our holdings,” says Greg Hoffmann, principal and CEO of Hoffmann Commercial Real Estate and co-CEO of the Hoffmann Family of Cos.

The commercial real estate company is a part of the larger company.

The Hoffmann Family of Cos. made its debut in Naples in 2015 with a $75 million purchase of seven properties and a parking lot. It had four employees at the time.

David and Jerrilyn Hoffmann were long-time entrepreneurs and business owners who moved to the city from their homes in Illinois and Colorado. Little by little, the couple began to buy properties in the area and businesses, eventually creating an empire.

In 2021, the Business Observer reported that the family is one of the largest private property owners in Naples, with more than 35 properties worth some $500 million.

News of the sale was first reported Friday afternoon by Gulfshore Business.

 

author

Louis Llovio

Louis Llovio is the commercial real estate editor at the Business Observer. Before going to work at the Observer, the longtime business writer worked at the Richmond Times-Dispatch, Maryland Daily Record and for the Baltimore Sun Media Group. He lives in Tampa.

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