Editor’s note: A previous version of this story had an incorrect address for 950 First Ave. N.
Hoffmann Commercial Real Estate’s expansion in downtown Naples continues with the purchase of two new buildings, the company announced.
The St. Louis-based real estate holding company, a division of Osprey Capital, purchased Pettit Square at 292-296 14th Ave. S. and 271 Broad Ave. The group now owns 21 properties valued in excess of $250 million. Most of the property is centered in the south Naples retail area.
The real estate company also has placed four addresses under contract with plans to close by the end of January. They include the Bevy restaurant at 360 12th Ave. S., 990 First Ave. N., 950 First Ave. N. and 80-90 First Ave. N.
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“The addition of these properties is the evolution of our major commitment to Naples,” Greg Hoffmann, CEO of Hoffmann Commercial Real Estate, said in a news release. “These are outstanding properties that complement our existing holdings. We look forward to the opportunity to re-vitalize Third Street South, and link it with our holdings near Fifth Avenue South to position Old Naples as a leading shopping and dining destination.”
The company plans to continue purchasing properties to realize an end goal: “the creation of attractive, welcoming retail neighborhoods where local businesses can flourish,” the release said.
Hoffmann Commercial Real Estate came to Fifth Avenue South in 2015 with seven building purchases for $74.35 million. It has since grown in both the Fifth Avenue and Third Street districts.
The company purchased six buildings in the past year, further showcasing its aggressive expansion intentions. They include 649 Fifth Ave. S., 630 Fifth Ave. S., 375 13th Ave. S. and 393 Broad Ave.
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