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| Matt Mitchell |
MIAMI, FL – HFF announced today that it has been exclusively
engaged to market the sale of a 19.15-acre landmark development site in
downtown Naples, Florida.
HFF’s
investment sales group is marketing the $46.7 million foreclosure judgment on
behalf of the lender group.
The
site is located one block off Fifth Avenue South between Tamiami Trial and
Goodlette-Frank Road in downtown Naples.
The property is currently approved for the development of up to 300
residential units and up to 155,000 square feet of commercial space.
Immediately west of
the property, the flagship store for luxury furniture retailer Robb &
Stucky is currently under construction on land that was sold earlier this year
for approximately $1.65 million per acre.
The
HFF team representing the seller is led by executive managing director Manny
de Zárraga and directors Jaret Turkell and Matt Mitchell, and
is supported by analysts Scott Wadler and Maurice Habif.
“This
site is the largest undeveloped parcel in downtown Naples and represents a
unique opportunity to extend the exclusive Fifth Avenue South corridor further
east,” said de Zárraga. “It’s a
main-and-main location in one of the most affluent neighborhoods in the State
of Florida making it a prime location for a combination of retail and
residential, as well as other potential uses.”
HFF’s six-member Florida multi-housing group has closed more
than $808 million of multi-housing transactions for the 12 months ending
October 24, 2012.
Contact:
Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com
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