Wednesday, October 14, 2015

HFF closes $74.35 million sale of 7-building portfolio of retail space and development site in Naples, FL

5th Avenue Collection, Naples, FL

Manuel de Zarraga
MIAMI, FL –  Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the $74.35 million sale of a seven-building portfolio on 5th Avenue in Naples, Florida.

HFF marketed the property on behalf of the seller, Naples Fifth Avenue Holdings, LLC, whose principals include Jose Hevia and Trish Blasi.  Hoffman Commercial Real Estate purchased the asset free and clear of existing debt. 

Courtelis Company, which provided leasing and management services for Naples Fifth Avenue Holdings, LLC, assisted HFF in the marketing process.           

The seven-building portfolio totals 122,276 square feet and consists of 73,523 square feet of street-level retail space, 48,753 square feet of office space and a 1.1-acre site on one of the wealthiest high-street markets in the country:  5th Avenue in Naples.  The 1.1-acre development site is situated at the corner of 4th Avenue and 4th Street and currently serves as a 115-space surface parking lot. 

The collection of assets benefits from its location along the 5th Avenue corridor as downtown Naples continues to experience intense demand from retail and restaurant users.  The buildings are 86.2 percent leased, in aggregate, to tenants including Wells Fargo Bank, TD Bank, TD Ameritrade, Berkshire Hathaway Real Estate, PNC Bank, SunTrust Bank, Starbucks, Tervis Tumbler and Provident Jewelry.

The HFF team representing the seller was led by executive managing director Manuel De Zárraga, senior managing director Daniel Finkle, managing director Luis Castillo and associate director Nat Scarmazzi.  Rod Castan, president of Courtelis Leasing and Management, also assisted in representing the seller.

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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