Laura Layden , email@example.com; 239-263-48189:47 a.m. EST November 23, 2016
Hoffmann Commercial Real Estate didn't wait for Black Friday to go shopping again on Fifth Avenue South.
The real estate holding company said Tuesday that it's continuing its shopping spree on the swanky street in Naples, with plans to buytwo more commercial buildings.
"We are under contract and set to close on them in the early part of 2017," said Greg Hoffmann, a principal in the firm.
The buildings, with different owners, are at 640 Fifth Ave. S. and 649 Fifth Ave. S.
With the two additions, Hoffmann Commercial Real Estate would own 12 properties with Fifth Avenue addresses.
"We've been looking at them for a while," Hoffmann said. "Ever since we made our initial purchase of those first properties on the street, we've always had a high level of interest in getting more."
At 640 Fifth Ave. S., at the corner of Park Street, there is a single-story retail building that is home to Kristoff Jewelers. Property records state it's owned by the John A. Pulling Jr. Revocable Trust.
Across the street, at 649 Fifth Ave. S., there's a two-story building known as Fifth at Park Plaza. The ground floor has stores, and the top floor has offices operating under the name Fifth Avenue Executive Suites. Property records state the owner is Minanis Inc. in Naples.
Improvements are planned for both buildings, similar to what Hoffmann has done for its other properties along the street. The company has been sprucing up façades, putting up statues and adding live music to create more excitement and a better experience for visitors, Hoffmann said.
No tenant changes are planned with the two acquisitions.
"Our goal is to support our existing tenants as much as we can, in any way we can, with all of our properties," Hoffmann said.
The company, which has headquarters in St. Louis, made a grand entrance onto the street when it bought seven buildings and a parking lot for $74.35 million a little over a year ago. Its most recent purchase was the iconic Four Corners building at 898 Fifth Ave. S.
The rapidly growing family-owned business, with a diverse portfolio, has local ties. Its founder, David Hoffmann, and his wife, Jerri, live in Naples.
The company — already the largest owner on Fifth Avenue — will continue to look for opportunities to purchase more property on the street.
"We hope this is not our last two," Hoffmann said.
Owning property on the street has been a great experience, he said.
"We love everyone we have come in contact with — the people, the town, the tenants," Hoffmann said. "Everyone has been a tremendous joy getting to know, and everyone has been very supportive with what we have done with our properties and intend to do. It has been a tremendous project for us all the way around."
At a Glance
Here are the properties Hoffmann Commercial Real Estate owns on Fifth Avenue South:
305 Fifth Ave. S.
365 Fifth Ave. S.
375 Fifth Ave. S.
405 Fifth Ave. S.
625 Fifth Ave. S.
680 Fifth Ave. S.
780 Fifth Ave. S
837 Fifth Ave. S.
898 Fifth Ave. S.
900 Fifth Ave. S.
The firm also owns land at 403 Fourth St. S., where it plans to build residential condominiums.
For more information visit: hoffmanncre.com/properties.